Are You Ready for the Industrial Age of IoT?
Are You Ready for the Industrial Age of IoT?
The industrial internet of things is appealing to a range of industries, as it focuses on improving operational efficiencies while reducing costs.
Precarious Position
Only 31% of survey respondents are either “very” or “extremely” confident that their current tools and solutions can accommodate the scale and scope of data integration needs over the next 12 to 24 months.
Factory Job
57% said their organization is either considering or planning an industrial internet of things (IIoT) initiative, and 31% said their company is already either piloting or implementing such a project.
Smooth Operator
50% said IIoT tech has the potential to improve operational efficiencies, and 39% said it could reduce operational costs.
Brave, New World
32% said IIoT tech has the potential to create new revenue streams through new products and services, and the same percentage said it can spark innovation.
Biggest IIoT Barriers
Challenges associated with integrating data from disparate sources and systems: 39%. Inability to get concise and actionable details from the vast amount of “noise” received from connected devices and operational systems: 33%. Complexities of industrial data: 32%
Strategic Failure: Lost Cause
47% said that, without a data management strategy to support IIoT efforts, they will face “lost data” risks that will result in missed opportunities to make strategic business decisions based upon rich data insights.
Strategic Failure: Information Overload
40% said that a lack of data management strategy for IIoT will cause their company to get overwhelmed by the data it generates.
Strategic Failure: Over Exposed
34% said that, without this strategy, unmanaged data will increase security concerns.
Strategic Failure: Bit Part
33% said that the absence of such a strategy will cause their company to become marginalized – or disappear entirely.
Strategic Failure: Operations Halt
33% said that, without this strategy, systems will breakdown due to a lack of cohesive integration for unstructured and structured data.
Strategic Failure: Intellectual Decline
32% said that a lack of such a strategy will result in “brain drain,” with a massive loss off knowledge and competencies when waves of workers retire.
