The rise of IoT in recent years, have captured attention of many enterprises. The IoT’s innovations by combining sensor data and sophisticated analytical algorithm has enable companies to have better overview of business, increase productivity and capacity. Nevertheless questions always surround on their utility and impact, since most companies still in the early stage of adaptation. With inadequate proof of bottom-line impact, only few have embarked on large-scale initiatives designed to transform their operation.
A survey for McKinsey & company by Michael Chui, Vasanth Ganesan, and Mark Patel, shows that most of the executives have identified the items below as their top priority strategy as in the image below.
Regardless the optimism in IoT’s potential in bring companies more benefit, the challenges persist in enterprise IoT.
Extract from Taking the pulse of enterprise IoT
Respondents agreed that information from IoT sensors was valuable, with 60 percent stating that it provides significant insights, such as data on customer demographics or shopping patterns. But an almost equal number—54 percent—claimed that companies used 10 percent or less of this information.
Below are the list of challenges show in the survey.
To address these capability gaps maybe challenging as such project often start with single pilot project. Without clear vision of its potential capability, it’s difficult to have the support on continuously building the capability of IoT and incorporate into daily operations. As the benefit of enterprise IoT will be gradually significant, along with its integration with existing business workflow. In a successful embracement of enterprise IoT project, executives will give them more prominence during capability-building programs and when planning work flows. Just like any fruitful transformation, it requires consistency and time.