A new survey has revealed that Internet of Things (IoT) data security is considered a lower priority as many brands currently believe that analytics is the main area which needs to be improved.
MIT Sloan Management Review has released its 2016 Global Executive Study, sponsored by Teradata, which surveyed 1,500 business executives across various industries.
According to the study, organisations rate general data security and the security of data from sensors as the two lowest areas that require improvement in the Internet of Things, with 68 per cent of organisations of the belief that they do not need to improve their overall data security and 76 per cent claiming that the security of data received from sensors is not in need of improvement.
The top area that requires the attention of 58 per cent of these organisations is improving their analytics capabilities with 52 per cent of the opinion that they need to improve their analytics talent in order to take advantage of the value of the Internet of Things.
A number of brands have now opted to take a more data-driven approach. GoPro is an excellent example of this as it has just recently started to collect data from its devices and is quickly becoming an organisation driven for the main part by its data. According to its manager of product analytics, Jules Malin, GoPro has expanded its internal efforts to focus on analytics which is a direct result of the company's products and services becoming more connected.
At the Internet of Things Summit in Boston, Malin made the argument that there is a difference between collecting data and analysing that data to uncover actionable insights. However, MIT's research has shown that the market has embraced analytics as a means of learning more about customers and how they use products.
66 per cent of organisations that are currently working on IoT projects have admitted that they do in fact collect data from their customers, suppliers and even their competitors. Although these organisations are also just as likely to send data to customers, suppliers and competitors.
Almost a quarter (24 per cent) are of the belief that the Internet of Things can be leveraged to provide value and a competitive advantage for their organisations today with 52 per cent believing that this will certainly be the case within the next three years.
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