Feb 10, 2018,  by Allianz Partners Business Insights

The Internet of Things – the most important technology in the business world

According to a new study from Forbes Insights, the Internet of Things now represents a strategic imperative for the competitiveness of any business.

A new Forbes Insights study, carried out in conjunction with Hitachi Vantara on over 500 directors across the world who implement IoT strategies in their companies, attempts to respond to various questions regarding the arrival of IoT in businesses.

Entitled "The Internet of Things: from theory to reality – How companies are leveraging IoT to move their businesses forward", the study summarises the answers in five key points, from which it emerges that IoT is now "considered to be the number-one priority in terms of technology by heads of companies" and "a discriminating factor which will soon be a difference-maker in all industrial sectors", according to Bruce Rogers, Chief Insights Officer at Forbes Media.


1) The impact of IoT on business


The study reveals that almost two-thirds of companies consider that IoT plays a significant part in their business, and 90% of these firms think that it will continue to play the same role in the future.


2) The most important of the new technologies


Most company directors believe that IoT is the most important of the current new technologies, ranking it ahead of artificial intelligence and robotics.


3) IoT taken up by most companies


Over half of those surveyed (51%) declared that a wide-scale programme linked to IoT was currently being implemented in their company, or that it had already made significant gains from IoT. The remaining 49% of directors said that their companies were implementing pilot programmes or planning to do so.


4) Implementation can often be difficult


The difficulties encountered by businesses when they come to implement IoT solutions include: inability to demonstrate an attractive return on investment (32%), making IoT secure (32%), harmonisation between the different departments (31%), the integration of disparate types of data (30%), and finally a lack of trained staff (29%).


5) The best methods for implementing IoT solutions


The study highlighted a certain number of "best practices", including implementation carried out by the CIO (53%), use of external service-providers (66%), and of a third-party platform as a basis for IoT operations (81%).

As Asim Zaheer, head of marketing at Hitachi Vantara, points out, the Forbes study demonstrates that IoT has become "a strategic challenge in order to be competitive in the digital economy", and one that needs to have clearly-defined objectives from the beginning, as well as the support of solid partners.


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