IoT initiatives offer enormous opportunities for companies to adapt and remain resilient in a rapidly evolving operating environment, like the one we are currently experiencing. However, many IoT initiatives are trapped in the innovation basement, while it should really be an enterprise matter. Learn more in this whitepaper.
At many organizations, IoT initiatives exist in silos: They are introduced and tested but, even if successful, they often are not implemented at scale. We often say such initiatives are “trapped in the innovation basement.” This must change. IoT cannot be a localized effort. It must be an enterprise strategy.
Earlier in 2020, we commissioned Forrester Consulting to study what factors are most important to enable companies to build IoT initiatives. We sought to identify what impedes the IoT capability and identify critical success factors for overcoming challenges that might hinder implementing IoT. The study includes more than 550 C-level respondents across the U.S. and Europe.
The findings? Most respondents are committed to leveraging IoT across the enterprise. IoT investments will continue to grow with analytics and process improvement as the top drivers. Yet, 55% of respondents say their organizations have struggled to deliver business value from IoT projects. Many witness that they lack a coherent strategy to deploy their initiatives enterprisewide.
The summary of our key findings also includes ten real-world examples of how we have delivered IoT at enterprise scale to help organizations leverage data and analytics to modernize their business models and drive new revenue. These stories span many industries, including industrial manufacturing, real estate portfolio management, automotive, rail infrastructure, utilities and consumer products.
How serious are industrial companies about moving forward with IoT and what do their IoT roadmaps look like? This study set out to explore how European industrial companies are approaching IoT initiatives from an investment, implementation and strategy perspective.