73% Of Execs See Internet Of Things Impact On Business

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
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