Why Companies Struggle With IoT Data

 
 
By Dennis McCafferty  |  Posted 03-12-2015 Email
 
 
 
 
 
 
 
 
 
  • Previous
    Two-Tiered Benefits
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    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.
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    Untapped Asset
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    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.
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    Formidable Barriers, Part I
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    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.
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    Formidable Barriers, Part II
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    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.
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    Shelf Life
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    Shelf Life

    47% said their organizations store IoT project-related data for more than a year.
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    Deciding Factors
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    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.
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    Biggest Challenges of IoT Projects
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    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%
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    Targeted Users for IoT Projects
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    Targeted Users for IoT Projects

    Other businesses: 54%, Internal parties, such as employees or partners: 51%, Consumers: 42%
  • Previous
    Muddled Math
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    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."
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    Educational Opportunity
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    Educational Opportunity

    38% said they are mainly exploring IoT options, so the process of learning accounts for business success.
 

With the Internet of things poised to grow into a nearly $9 billion market by 2020, organizations are only beginning to tap into its potential. And, like any relatively new technology, they're running into obstacles in attempting to translate tech investment into business-benefiting results. For starters, a great deal of companies struggle to collect and analyze IoT project data in a timely and effective manner, according to a recent survey from ParStream. The report, titled "Internet of Things (IoT) Meets Big Data and Analytics," reveals that the majority of survey participants believe IoT project data is too difficult to capture. A notable share said there's too much of it to deal with, while others admit that they analyze it too slowly to do anything meaningful with it. Once these hurdles are overcome, however, the potential for IoT is seemingly limitless. "When any device has the potential to be connected, the possibility for impact is immense," according to the report. "Opportunities to deliver business value range from truly innovative devices that create completely new markets and business models, to the more mundane but high-value solutions that deliver cost and efficiency benefits by simplifying existing processes." More than 200 organizational tech and business stakeholders with responsibility over IoT projects took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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