IoT Implementation Trends

How are businesses adapting to new tech?

The Internet of Things is a catchall term to describe how devices all around us are manufactured with sensors and communicative capabilities which collect data and provide analytics to help businesses improve operations and lower costs. A study by Longview IoT found that companies are optimistic but lack certainty on how to implement IoT solutions. Confusion centers on what hardware to use, which company objectives to focus on, and how to interact with and make decisions based on newly available data.

The Internet of Things is a catchall term to describe how devices all around us are manufactured with sensors and communicative capabilities which collect data and provide analytics to help businesses improve operations and lower costs. A study by Longview IoT found that companies are optimistic but lack certainty on how to implement IoT solutions. Confusion centers on what hardware to use, which company objectives to focus on, and how to interact with and make decisions based on newly available data.

While 84% of companies in the US have implemented IoT technologies or have a plan to do so within the next three years, over half of organizations with some level of IoT implementation rely on in-house tech services instead of taking advantage of third-party IoT providers.

Over half of organizations attempt in-house IoT solutions.

The study found that most organizations and businesses (out of 252 respondents) find it difficult to understand how to integrate the Internet of Things with their operations. More than half of companies which have implemented a solution (54%) have stalled at one or more steps of the process and have failed to deploy a functioning solution. These respondents said that they could use “a lot more research and guidance” and 15% of respondents said they “wouldn’t know where to start” with incorporating IoT technology in their business.

The study found that industries need direction on how IoT devices can provide insightful data to improve operations and efficiency. Most organizations (43%) lack specifics in their realization of an IoT solution.

IoT Business Implementation
Third-party IoT consultants can help you set specific, realistic goals.

Generic Goals Don’t Work in IoT

IoT devices which collect and communicate data to the internet vary substantially in terms of which sensors they contain, their range of communication, their durability, and battery life. In addition, IoT Platforms vary dramatically in functionally and price. According to Longview IoT, businesses are complicating this multi-tier selection process by not having a clear vision of exactly which data points are needed to allow the organization to monitor real-time data and compile analytics on historical data.

When businesses were asked about IoT’s benefits, the study found companies gave generic answers such as “cost savings”, “increased productivity”, “environmental monitoring”, “real-time location tracking”, and “operational efficiency”. Businesses had a vague idea of how to realize an IoT solution and very few mentioned specific and achievable goals such as “predicative maintenance”, “industrial monitoring”, “improving worker safety”, “solving billing issues”, and “equipment tracking”.

The report stated, “The desire to control costs and boost productivity and efficiency is understandable, but that doesn’t just happen. It’s through the capture and use of data that organizations can realize those benefits.” 

https://www.longviewiot.com/

In other words, ideas such as “efficiency” and “productivity” need to be broken down into specific goals such as “automating healing and cooling systems”, “monitoring energy use”, and “monitoring equipment behaviour”. Choosing the right equipment for these specific goals becomes far easier when IoT solution providers know which data points need to be tracked in which environments.

Hiring a third-party IoT solution provider will help businesses overcome the barriers to implementation which the Longview study found to be implementation costs (37% of those polled reported this barrier), security (37%), lack of staff expertise (36%), poor understanding of benefits (35%), concerns over infrastructure and interoperability (30%), and undefined standards (28%).

The depth of market expertise is increasing and finding a partner to manage an IoT solution is becoming easier. An IoT expert can help businesses clarify goals, select hardware and end-user software, and help maintain the fleet of IoT devices.

Outlook

The IDC predicts that global expenditure on IoT with pass $1t dollars within the next 3 years and keep increasing by nearly 13% on a year to year basis. Transportation, discrete manufacturing, and process manufacturing will be the three industries spending the lion’s share on IoT solutions. Overall, these industries are responsible for ⅓ of consumer spending.