Every fifth business is planning on adopting the Internet of Things (IoT) to help address customer demand, and improve engagement. This is according to a new report by analytics firm SAS.
These companies are mostly focused on improving front-end processes and efficiency. Only after tackling these issues will they focus on internal processes. Just under one fifth (17 per cent) said the main benefit of IoT was improved customer services, as well as an enhanced digital offering. For a third (30 per cent), applying design thinking (designing through user experience) was very important. More than a third (36 per cent) thinks IoT will improve end-user experience, and just under a third (29 per cent) thinks it will help them build better hardware and services.
“With each consumer expected to own up to four devices by 2018, there is a huge opportunity for companies to use the IoT to get even smarter in attracting their attention,” explained Peter Pugh-Jones, Head of Streaming Analytics at SAS UK & Ireland.
“Investments in IoT are very much a commercial decision and pay-offs in terms of customer operational efficiency are vital. Throughout 2017, a strong customer focus will continue to drive developments in IoT as organisations recognise the need to provide tailored, just-in-time services to stay relevant to consumers.”
The biggest issue in implementing IoT was real-time analytics, as well as security (20 per cent). The issue of skills shortage is usually addressed by partnering up with technology vendors, while willingness to learn new skills is perceived as crucial for success.