Many businesses are embracing the Internet of Things (IoT) for the inherent value it can provide for their analytics. In fact, the vast majority of participants from Ventana Research’s recent IoT benchmark report said they view IoT as very important to speed the flow of information and improve responsiveness within business processes. Nearly half are already leveraging IoT data in their analytics and business intelligence functions.
Businesses Expect IoT Data to Provide Business Benefits
Not surprisingly, businesses expect a range of benefits from IoT with nearly half anticipating that IoT deployments will enable them to develop new products and services (48%) or business models (47%). A similar percentage expect that IoT will help optimize business processes (46%) such as customer service, operations or sales. In addition, organizations are also expecting IoT to help manage risk (46%), reduce costs (45%) and improve financial results (42%).
Whatever the motivation, organizations are applying IoT analytics across supply chain, manufacturing, research, development, and workforce management functions to meet service-levels and reduce the time taken to respond to both business opportunities and disruptions.
Real-time Data from IoT is Essential to Businesses
While IoT applications deliver many benefits, they also pose many data-related challenges. The most common involve the quality and consistency of data (48%) and preparing data for analysis (32%). Other common issues, each cited by more than 30% of respondents, are incomplete data sources, difficulty in managing external data and too many data sources.
More than half (58%) of organizations collect and process event data from more than 10 sources as part of their IoT applications. In addition, survey participants said they also lacked IoT-related resources, experience and education.
To learn more, download Ventana Research’s audio ebook and listen Ventana analysts explain their findings on the state of IoT adoption, the latest IoT trends, and best practices for integrating IoT data to maximize the value of your IoT deployments.