A vast majority of business executives (81 per cent) think their company’s success depends on the proper adoption of the Industrial Internet of Things, a new study by the Genpact Research Institute, IndustryWeek, GE and the Industrial Internet Consortium says.
The study includes a poll of 173 C-suite senior executives, managers and other professionals at a variety of businesses, mostly in North America.
The problem with this discovery is that just a quarter (25 per cent) have a strategy on how to actually do it. Nearly half of respondents said they are currently in the process of developing one, but 30 per cent said they will not have a strategy in the next 12 months. Thirteen per cent said they believed their company will never use the new technology.
“The next hurdle for many companies is to develop a clear IIoT strategy, and one that includes protection for sensitive data from cybersecurity attacks. Successful IIoT adoption is expected to have a significant impact on business growth,” said Richard Soley, executive director, Industrial Internet Consortium.
The biggest advantage of the Industrial Internet of Things (IIoT), for 77 per cent of executives, is the opportunity to grow, followed by agility as the top expected benefit (75 per cent).
On the other hand, key obstacles are security and privacy of data created by the devices, a lack of skilled staff, legacy systems and data quality. They also fear having IIoT would make them more susceptible to cyber-attacks.
“The why of Industrial Internet of Things seems clear and solid,” said Gianni Giacomelli, senior vice president and head of the Genpact Research Institute, “but the what and how aren’t. This is not unusual with all new technologies that need interoperability with established operations and systems, and is particularly true where technologies use big data to make operations 'intelligent‘— able to sense, act, and learn, at scale.”
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