At the Mobile World Congress in Barcelona 2015, a US-based IoT analytics company called ParStream, released findings from an independent IoT survey, detailing on the current state of Internet of Things (IoT) projects – enterprise – all over the world.
A key take of the survey shows that 53 % of the interviewed described their IoT investments as optimising existing business, increasing employee productivity, improving customer experience or reducing operation costs and the rest characterised their IoT projects as pure “strategic business investment”.
The Goal Of The IoT Survey
The surveyed IoT projects varied widely but faced similar challenges most of them relating to the collection and analysis of the IoT data. The IoT survey conducted by Dimensional Research queried over 200 technology and business professionals responsible for IoT projects, in their companies.
The goal of the survey was to understand the experiences and the impact of using the data captured by these devices that make up the Internet of Things and focus on the untapped potential of IoT data.
“The intersection of IoT and Big Data is creating tremendous business opportunity, but the reality of today’s projects is that this potential has yet to be fully tapped. The research goal was to understand the experience and impact, from the IoT stakeholder point of view, of using the data generated by the devices that make up the Internet of Things.” Diane Hagglund, principal at Dimensional Research.
Summary Of Key Findings
- 53 % are using IoT projects to optimise existing businesses and 47 % as a strategic business investment
- Target audiences for IoT solutions include consumers (42 %), business (54 %) and internal use by employees (51 %)
- 96 % have faced challenges with their IoT projects
- Only 8 % are fully capturing and analysing IoT data in a timely fashion
- 86 % of stakeholders in business roles say data is important to their IoT project
- 94 % face challenges collecting and analysing IoT data
Better IoT Data Collection And Analytics
70 % agreed that they would make better, more meaningful decisions with improved data and 86 % report that faster and more flexible analytics would increase the ROI of their IoT investments
The research does not only focus on the ongoing challenges in IoT but also details on the potential behind better analytics for increased ROI.
“While a massive amount of data is being produced by IoT devices and applications, improving the speed and flexibility of data capture and analytics would help to identify actionable outcomes more quickly and thereby invigorate IoT projects.” ParStream CEO, Peter Jensen.