Someone once said that data silos are the bane of productive and profitable business, and this new report from HCL Technologies further strengthens that claim.
The report, which was released just this morning, says businesses are having a difficult time getting their IoT solutions off the ground, mostly because of siloed and uncoordinated approach.
Out of 263 European businesses polled for the report, 49 per cent said siloed approach to data was creating headaches. For more than four in ten (43 per cent), customers will suffer as a result.
Almost two thirds (65 per cent) said improving business process efficiency and boosting customer satisfaction were the number one reason why they decided to adopt IoT.
Almost four in ten are using IoT, and 57 per cent said they plan on doing it in the future. More than eight in ten (82 per cent) agreed organisations that embrace IoT are in a better position on the market.
“Many companies have made inroads into the IoT, but when you peel away the layers, very few have embarked on truly transformative programs,” said Sukamal Banerjee, CVP & Global Head of IoT WoRKSTM, HCL Technologies.
“Success depends on an enterprise-wide IoT strategy that centralises a significant portion of the data from connected assets onto a single platform, where it can be used to generate revenues and new opportunities. It is only by doing so that they will reach the ultimate goals of IoT: organisational efficiency, more profitable business models and competitive edge. For example, manufacturers can use sensor data to charge customers based on hours of equipment in operation, or lab equipment providers can detect and automatically replenish supplies.”
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