The Internet of Things (IoT) is poised to offer companies incredibly valuable information. However, a recent survey conducted by technology research firm, Dimensional Research, revealed that many companies that took on IoT projects faced problems collecting and analyzing IoT data.
More than 200 technology and business professionals were surveyed to try understand the impacts of IoT data and its potential.
Diane Hagglund, principal at Dimensional Research said, “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.”
A large percentage of companies that launched IoT projects were interested in business optimization and strategic business investments. However, an astounding 96% of these companies dealt with challenges while conducting their IoT projects.
These challenges ranged from user’s adopting new technologies, business processes and policies, and sensors or devices.
Because of the challenges in data collection and analysis, the full potential of the Internet of Things has not been realized. A mere 8% of companies are collecting full data and analysis from IoT projects in a timely manner.
Since the value of IoT for businesses lies in its data, 86% of companies said that finding a way to get data analysis faster would improve the ROI of IoT investments. And similarly, despite the challenges, 86% of businesses reported that IoT data is important.
ParStream CEO, Peter Jensen said, “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.”
It’s not easy for companies to collect and store the data from IoT devices. 68% of respondents said that if storing additional IoT was free, they would collect and store more data. As the IoT continues to grow, ideally the tools to store and quickly evaluate the wealth of useful data generated from connected devices will grow with it. This information along with field service software and mobile workforce software will help businesses be more productive in the future.
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