Gartner survey: 47% of organizations will increase IoT investments despite COVID-19 impacts - Supply Chain 24/7

Despite the disruptive impacts of COVID-19, 47% of organizations plan to increase their investments in the Internet of Things (IoT), according to a recent survey from analyst company Gartner. Following the COVID-19 lockdown, the survey found that 35% of organizations reduced their investments in IoT while a larger number of organizations are planning to invest more in IoT implementations to reduce costs. One reason behind the increase is that while companies have a limited history with IoT, IoT implementers produce a predictable ROI within a specified timeframe. "They use key performance indicators (KPIs) to track their business outcomes and for most of them they also specify a time frame for financial payback of their IoT investments, which is on the average three years," said Benoit Lheureux, research VP at Gartner. In addition, as IoT investments are relatively new, most companies have plenty of "low hanging fruit" cost-saving opportunities to pursue, such as predictive-maintenance on commercial and industrial assets like elevators or turbines, and optimization of processes such as increasing manufacturing yield.