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Companies seriously missing out on IoT data

There is a 'clear disconnect' between vision, and the ability to execute that vision, among companies that want to use internet of things (IoT) devices to collect data and act on them to improve product quality.

Those are the results of a new study by LogMeIn's Xively, entitled Simplifying the Complexity of IoT.

It has an interesting point: more than half of surveyed companies are collecting data through their IoT devices, yet a third use it to create ‘actionable insights’, benefiting both themselves and their customers.

On the other hand, almost two thirds (61 per cent) said product monitoring features were ‘key driver’ for creating connected products.

“There are a lot of components of a connected product for manufacturers to think about, but when initially entering the IoT space, their main focus is on connectivity,” according to the Forrester Consulting study.

“When we asked manufacturers that currently have devices available how much time was spent on various product capabilities, connectivity was at the top of their list, representing about 20% of the total effort. However, the reality is that many of the key drivers for IoT can’t be realized by just connecting a device.”

The report says many companies are looking to implement IoT data analytics within the next year or two, but they are still unaware of the ‘breadth of benefits’ the technology has to offer.

“Understanding how a product is being used can afford companies the ability to continually personalize and enhance their customer’s experience, open up the possibility of new revenue streams, and optimize internal processes,” the company says.

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