Up until now Internet of Things (IoT), as it is known in English, has been relatively new and untested in many sectors. Despite this, several companies are in the process of integrating this as a part of their operation. SAS Institute has spoken with 75 of these companies in order to get acquainted with their experiences.
Known IoT examples that have flourished up until now are often the obvious, such as a sensor in the pot plant that notifies you when there is a need for a splash of water. Our research shows that there are many exciting happenings and smart connected cars, cities and factories are adding new value to society and businesses.
It is important to stay abreast in a world where tomorrow’s possibilities are mere guess work and the digital economy is growing rapidly. In order to keep up, you cannot just follow, you must be willing to test something new. To become better than you are today, you must do something different tomorrow.
To the companies that we have spoken with, the motivation for the IoT projects is to remainin the forefront, to be more effective and to provide better customer experiences. By far the greatest focus is on customers; they want to offer technology that provides good customer service. Thought process designand development of the best customer experiences are important to obtain results. The two most important results by using IoT, according to respondents, are improved operational efficiency (40 %) and a better user experience (36 %).
Our research shows that IoT technology is being distributed over a wide range of industries. It is used to improve the customers’ experiences within both the retail sector and in healthcare. IoT is also used to improve processes, through auto-diagnostics, asset tracking and technology in transport and vehicles, and to track and check whether people are safe in environments with high risks. A green and lush pot plant is all very well, but it is when we talk about areas like smart connected cars, towns and factories that we really add value to societies and businesses.
A culture shift is needed
Real-time analysis of data (21 %), data security (21 %) and today’s culture (20 %) are seen as the biggest challenges among respondents. Proper management of data and a culture shift is required in order to exploit the value of IoT to the greatest extent possible. Using data as evidence is important for decision support. Data security must be ensured, and the customers must be comfortable with the way in which their data is used. The companies we have spoken to recommended to start small, and rather scale up when you see a need and opportunity for it. It is also easier to get the rest of the company on board by demonstrating “quick wins”.
SAS institute’s conversations with the 75 companies that use IoT show that investments in both leadership and time are required. But it will be worth it; many of them believe that IoT will change the world as we know it. And then, when the train leaves, they dare not be left behind at the station.