The Internet of Things – one of those concepts that feels like it’s been around for years now: but how are businesses actually using it, and is it creating value for them? A recent study suggests that a willingness to share data is a crucial factor.
To understand the challenges and opportunities associated with the Internet of Things, a team at MIT Sloan Management Review recently conducted a survey of business executives, managers, and IT professionals from organisations located around the world. They also interviewed subject matter experts from a number of industries and disciplines to understand the practical issues facing organisations today in their use of analytics.
They found that for most organisations, they are not yet clear about how the IoT will translate into value, but are confident that it will in the future (52%). Only 24% reported that they were already clear about the value of the IoT – but most respondents were certain that the IoT was important to their business now and would be in the future.
One of the most interesting findings was that willingness to share data with other organisations was a key factor in making the Internet of Things a valuable asset – sharing with suppliers, customers or even competitors.
The study also contains some interesting case studies demonstrating how companies from General Electric to laundry service providers WASH are starting to use connected devices successfully to improve their services.
If you want to know more about this study, you can download the full text (you need to register), or read a summary of the key findings, or just take a peek at the headlines on their handy infographic.