What the Industrial IoT Can Do for Business- Valutrics

A clear majority of organizations have a growing or high interest in the industrial internet of things (IIoT), according to a recent survey from the Business Performance Innovation (BPI) Network. The resulting report, “The Impact of Connectedness on Competitiveness,” indicates that these manufacturing-based companies are seeking more efficient operations from their IIoT investment, as well as better product and services differentiation, and improved customer engagement. But there are lingering obstacles to full-scale, successful deployments, including existing skills gaps and a lack of adequate data integration capabilities. “While there is widespread recognition of the value and impact that these technologies and applications will deliver in the next few years alone … most companies are lagging in IoT readiness,” according to the report. “Business leaders are concerned that their organizations are falling behind in the race to keep pace with IIoT. They lack critical competencies, are struggling to reimagine business in a connected world, and largely see themselves as very early in preparing for the changes ahead. These gaps in IoT readiness suggest that there is a significant distance between expectation and execution that must still be overcome.” More than 350 global executives took part in the research.