• by Chuck Martin , Staff Writer, February 22, 2017

The Internet of Things is having an impact on overall business and driving innovation leading to new insights.

Those are among the findings of a new worldwide study attempting to benchmark IoT progress in business.

The study, funded by IBM and ARM, comprised a survey of 825 business leaders, 400 of whom were C-level executives representing 10 industries around the world. Those surveyed were split evenly between companies with revenue of more than $500 million and small to mid-sized businesses.

The majority (73%) of executives said the Internet of Things has had at least some impact on business, with 21% saying it has had a major impact.

The number one impact is the sparking of a new wave of innovation thanks to data that provides better insights.

This doesn’t mean all is rosy in IoT land, since there are a number of roadblocks ahead.

Among obstacles to businesses adopting IoT technologies are the cost and concerns about security and privacy. Here are the chief obstacles:

• 29% -- High cost of required investment
• 26% -- Concerns about security and privacy
• 23% -- Lack of senior management knowledge/commitment
• 16% -- Weakness or organization’s technology
• 12% -- Regulation
• 10% -- Immaturity of industry standards
• 10% -- Products or services do not have an obvious IoT element to them
• 8% - General economic uncertainty
• 6% -- Undeveloped consumer awareness
• 5% -- Absence of business case

Obstacles aside, the longer-term benefits of consumer insights can be felt throughout an organization