Why Companies Struggle With IoT Data
Two-Tiered Benefits
53% of survey participants said the primary driver for IoT projects is to optimize existing business, and 47% said it’s to improve strategic business investment.
Untapped Asset
While 77% said data collection and analysis is important to IoT projects, nearly three out of five said they do “some” of this, but they want to do better. Another 17% said they capture and store IoT project data, but don’t analyze it.
Formidable Barriers, Part I
61% said it’s either too difficult to capture useful IoT project data or that the data is not captured in a reliable way, and 44% said too much data is out there to be analyzed effectively.
Formidable Barriers, Part II
26% said IoT project data is analyzed too slowly to be actionable, and 27% admit that they’re “not sure what questions to ask” to benefit from the data.
Shelf Life
47% said their organizations store IoT project-related data for more than a year.
Deciding Factors
70% said their organizations would make better, more meaningful decisions with faster and more cost effective capture and storage of IoT project data, and 53% said they’d make decisions more quickly.
Biggest Challenges of IoT Projects
Navigating business processes/policies, such as those impacting privacy: 58%, Getting users to adopt new tech: 51%, Collecting and analyzing data in a timely manner: 41%
Targeted Users for IoT Projects
Other businesses: 54%, Internal parties, such as employees or partners: 51%, Consumers: 42%
Muddled Math
Only one-third said their companies have quantifiable metrics to track the success of IoT projects. Another 29% have documented goals, but they are “difficult to quantify.”
Educational Opportunity
38% said they are mainly exploring IoT options, so the process of learning accounts for business success.