Forbes recently released a report under their ‘Forbes Insights’ banner compiled in association with Hitachi titled ‘The  Internet of Things: From Theory to Reality – How Companies Are Leveraging the IoT to Move Their Businesses Forward.’

It makes very interesting reading. Below is just a small extract of the 24 page report: –

“The Internet of Things (IoT) is one of the most defining technologies of the fourth industrial revolution.  It can transform how organisations design, produce and sell their products and services, as well as how they become part of a larger ecosystem both physical and digital.  While the bottom line benefits of IoT are clear, higher revenue, reduced costs and improved efficiencies – the path to successfully leveraging these technologies is not.”

It went on, “Of all the emerging technologies, the Internet of Things (IoT) is projected to have the greatest impact on the industrial economy. Up to $11 trillion in annual savings and revenues are forecasted for 2025, and IoT is projected to boost corporate profits by 21% by 2022. Even more important, the IoT is heralded as the foundational technology for breakthroughs in artificial intelligence, robotics and other potentially broadly applicable advances. But IoT could also be the most overhyped of new wave technologies. For the frontline decision makers—the executives who are charged with implementing IoT in their company—it can sometimes be impossible to separate the hype from reality. It can be even more difficult to discern the practical steps needed to build this reality.”
“The Internet of Things (IoT) is defined as the interconnection of machines and devices through the internet, enabling the creation of data that can yield analytical insights and support new operations. For brevity and in keeping with current usage, Forbes refers to major technology categories such as IoT, artificial intelligence or robotics as technologies. It is recognized that each of the technology categories comprises multiple technologies and capabilities. For example, IoT is dependent upon sensors, wireless communications, networks, cloud, storage, etc.”

“This report focuses on commercial and industrial enterprises and not on on consumer applications such as wearables and smart appliances, as they operate in distinctly different markets.”

Some of the key findings were as follows; –

The IoT impacts business: Almost two-thirds (64%) of companies believe the IoT is important to their current business, and over 90% believe it will be important to the future of their business. •

IoT is the most important emerging technology: Of all emerging technologies, executives believe IoT will be the most important, ranking it above others such as artificial intelligence or robotics. •

Companies are embracing IoT: More than half of respondents—51%—say their company has significant IoT programs in operation or that these programs are a major contributor to their business. The other 49% remain in the early stages of IoT planning or are operating pilot programs. •

Implementing IoT-based solutions can be challenging: When building out IoT capabilities, companies say their greatest challenges are the inability to present a compelling return on investment (32%), keeping the IoT secure (32%), cross-department cooperation (31%), integration of disparate data (30%) and availability of skilled staff (29%). •

There are best practices to implementing IoT-based solutions: By examining companies whose IoT initiatives are meeting or exceeding expectations, we’ve identified a few practices they follow to ensure success: • Their IoT efforts are typically championed by the CIO (53%) • 66% include external vendors on their IoT planning team • 81% use a third-party platform as the basis for their IoT operations

The full report can be downloaded from the Forbes website.