Tapping IoT's Bounty, Navigating Its Challenges
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Tapping IoT's Benefits, Navigating Its Challenges
IoT-enabled offerings are helping connected product companies differentiate themselves, but the market is highly complex and capitalizing on the data collected is crucial. -
IoT Offerings Help Companies Distinguish Themselves
62% of respondents said their company is driven to create IoT-enabled connected products in large part because such efforts bring competitive differentiation. -
Expanding Horizons
61% cited the need to enable new product monitoring features as a key IoT product-creation driver, and the same percentage cited the expansion of revenue opportunities from new products and services. -
Customer Service
53% said their organizations are highly driven to get involved with IoT product creation to enhance customer service and support, and 50% said they're seeking to improve or personalize customer experiences. -
IoT Security and Privacy
44% said they highly prioritize user data privacy/security in their connected products, and 41% highly prioritize the collection of data captured by these devices. -
IoT and Data Security
Nearly two-thirds (64%) of respondents said data and device security will be most important for their companies' IoT-enabled connected products in the next year or two. -
Need for Standards
Only 28% of respondents highly prioritize the development of standards to facilitate integration. -
Forward-Thinking
51% said their organizations are storing data captured by IoT-enabled connected products for future use. -
Collective Categorization
34% said they are using IoT-enabled connected product data to profile and segment customers. -
Decision-Making
Only 29% said they are using IoT-enabled products to leverage captured data to make decisions in real time. -
Connectivity Issues
A full 70% said that connectivity capabilities are important for their IoT-enabled products, but 61% admit that it's challenging to deliver this. -
Elusive Insights
While 70% said analytics capabilities play an important role for their IoT-enabled products, 60% said this is a challenge. -
IoT Complexity
IoT-enabled products are complex: 43% cited IoT complexity as a challenge. Meanwhile, 41% said that managing these devices and capabilities at scale poses challenges "as it requires the proper infrastructure and resources that many businesses are not properly equipped for." -
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Most connected product companies are committing to internet of things-enabled offerings to boost their competitive standing, according to a recent survey conducted by Forrester Consulting on behalf of Xively by LogMeIn. A poll of representatives from 230 companies that make connected devices or plan to do so shows that most organizations cite the incorporation of product monitoring features as a key driver for IoT product creation, as well as the expansion of revenue opportunities. Yet challenges, ranging from poor analytics capabilities to security concerns, abound. "Enabling IoT products requires a wide range of capabilities and functions focused on connecting and managing the fragmented array of devices; capturing and analyzing connected product data and transforming this into actionable insight; and transforming the process or engaging with customers," the report reads. Channel players able to handle this complexity stand to benefit. Indeed, many manufacturing firms are relying on third parties "to support and enable processes related to their connected devices, ranging from providing application software development kits to using device data capture and analytics," the report said. Channel Insider looks at key takeaways from the study.
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