May The Firm With The Best (Not Most) Data Win

At a conceptual level, companies understand the potential impact the Internet of Things (IoT) can have on their business. Not only can IoT help companies cut costs and operate more efficiently, but the insights gleaned from IoT data can also help develop innovative products and services that feed entirely new revenue streams. IoT execution, however, is another matter. Companies can learn a lot from "small data". Forbes Insights and Hitachi Vantara recently conducted research on the state of IoT, and while more than 90% of the 502 executives surveyed said IoT would be important to the future of their business, only half had significant IoT programs in place, and a large portion of those were still in the early planning stages. Even among those who had IoT programs in place, only 42% said those initiatives were meeting or exceeding expectations.