Real IoT Value Requires a System of Technologies

Our latest enterprise survey revealed that more than 40 percent of large enterprises have already implemented IoT and another 25 percent have piloted IoT use cases and will likely make meaningful investments in the technology in near future. All these enterprises have invariably invested in building an ecosystem of partners, made technological and business process changes, and trained their talent to sustain the investment. However, 75 percent of these enterprises are realizing benefits limited to cost reduction, better visibility at the operational level, and access to more data for better decision making. This, unfortunately, is a massive underestimation and under-utilization of the potential of connected ecosystems. On the other hand, the other 25 percent of the enterprises, we call them "Innovators," are realizing IoT-driven outcomes with substantially greater business impact, such as identifying alternate revenue sources, offering new products and services, and increasing customer intimacy.