The top 5 expected benefits are:
- Cost savings from operational efficiencies
- New/better streams of data to improve decision-making
- Staff productivity gains
- Better visibility/monitoring of assets throughout the organization
- New/better customer experiences.
While the expected benefits are roughly split between existing operations and new products or revenue streams, a majority of businesses (61%) report having their IoT initiative as “enabling and extending” technology as opposed to regarding it as a separate and distinct activity (37%).
Bain also found high expectations of the potential benefits of the IoT, including improving the quality of products or services, improving the productivity of the workforce, and increasing the reliability of operations.
Are they too optimistic or too pessimistic? 57% of respondents believe their organization is very well equipped or mostly well equipped to manage the security component of IoT. “Given the number of security unknowns with IoT,” says CompITA, “especially in areas that may be beyond the control of the operator, this confidence may be misplaced.” Indeed, Bain found security at the top of the list of concerns about IoT, with 45% of respondents citing it as one of the top three barriers to IoT implementation. Similarly, when Forrester surveyed 232 companies developing IoT products it found that 38% anticipated security to be the biggest challenge to IoT implementation, more than any other issue and 64% cited data and device security as the most important capability for their IoT product. Finally, a Tripwire survey of 220 security professionals found that only 30% felt their organizations were prepared for security threats related to IoT devices.