IoT making impact on business but barriers remain

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The IBM/ARM sponsored ‘Economist Intelligence Unit IoT Business Index 2017‘ involved 825 business leaders, of whom 400 were C-level executives. It found that nearly three-quarters (73%) feel that the Internet of Things has had at least some impact on their business.

One in five (21%) said that the Internet of Things has had a major positive impact, the main impact being the boost in innovation due to better data insights. Another 22% said it has unlocked new revenue opportunities from existing products or services, while 20% said it changed their business model or strategy.

However, the survey also revealed that a quarter (24%) “strongly agree” that their organization’s progress with the Internet of Things has not happened as quickly as they had anticipated, and 33% said they “somewhat agree”.

Multiple obstacles to Internet of Things adoption were uncovered by the survey, the top three being the high cost of investment (29%), security and privacy concerns (26%) and a lack of knowledge and/or commitment among senior management (23%). Other factors cited as a barrier to Internet of Things adoption include regulation, immaturity of industry standards and the absence of a business case.

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ABOUT THE AUTHOR

Kristina Knight-1
Kristina Knight, Journalist , BA
Content Writer & Editor
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Kristina Knight is a freelance writer with more than 15 years of experience writing on varied topics. Kristina’s focus for the past 10 years has been the small business, online marketing, and banking sectors, however, she keeps things interesting by writing about her experiences as an adoptive mom, parenting, and education issues. Kristina’s work has appeared with BizReport.com, NBC News, Soaps.com, DisasterNewsNetwork, and many more publications.