A study by the Business Performance Innovation (BPI) Network, based on a global survey of approximately 350 executives, shows that only 1.5 percent of large companies have a clear vision for Industrial IoT. The report highlights a significant gap between IIoT enthusiasm and actual organizational readiness.
Among key findings of the IIoT survey:
- 52 percent of executives at large enterprises — and 41 percent of executives at all companies — expect IIoT to have a significant or major impact on their industry within three years.
- Some 55 percent of all executives say IIoT is gaining adoption within their industries, including both pilots and larger-scale adoption.
- However, just 1.5 percent of executives at large companies say they have a clear vision with implementation well underway. Another 57 percent are either beginning implementation, have pilots underway or are committed and in the planning stages.
- New products and services lead as the area most companies say they will focus their IoT investments (35%), followed by customer touchpoints (29%), and manufacturing (23%).
- More cost-efficient operations (47%), product and service differentiation (36%), and improved customer engagement and satisfaction (34%) are seen as the top benefits of IIoT.
- Security and data privacy is among top concerns by executives, followed by the cost and complexity of IIoT adoption and the need for new management and workforce skills and training.
How Prepared Were Companies for IIoT Adoption?
A BPI Network survey shows that most large enterprises lack the skills and capabilities needed to deploy the Industrial Internet of Things (IIoT). Some 31 percent of executives report a “major skill gap” in IIoT readiness, and another 31 percent say the talent gap is “large, but improving somewhat.” Only 7 percent believe their organization has most of the required skills in place. Just 12 percent rate their company “excellent” in developing and deploying applications using real-time insights and systems monitoring, while one-third describe their capacity as moderate and improving. According to BPI Network’s Murray, the needed talents are in short supply globally.
The study was based on a global survey of some 350 global executives and interviews with innovation leaders at large global enterprises. Some of them are: Airbus, Balfour Beatty, CNH Industrial, Embraer, Grunenthal, Hitachi, Kennametal, LafargeHolcim, Nidec, Nuon, RB, SCA.
To learn more about the findings of the report and read about other companies who are advancing their IIoT capabilities, download your copy.
