According to Inmarsat, very few companies derive full benefit from the Internet of Things (IoT) data they collect. Instead, most companies nowadays only share IoT data within their own organizations, with security and privacy concerns preventing them from spreading it to other organizations in their broader supply chains. Additionally, the study shows that infrequent data collection and a lack of an IoT data strategy make it difficult for numerous companies surveyed to extract the full value of their IoT data. A more strategic, ambitious and open approach to collecting and sharing non-sensitive data could bring substantial benefits to companies struggling to get the most out of IoT projects.
Collecting and sharing the correct data at the correct time enables companies and their partners to make better, more proactive decisions across the value chain to optimize operations as soon as a problem occurs, or even anticipate and mitigate it before it happens. This data-driven perception can help companies reduce waste, increase productivity, improve customer service and run more sustainable operations.
According to the study, based on interviews with 450 respondents from around the world in the agriculture, electric utilities, mining, oil and gas, and transportation and logistics sectors, 86% of respondents admit that your association is not using the data collected in IoT projects as effectively as it could. This is despite high levels of IoT adoption in general. The most frequent obstacles are related to data security and privacy, cited as a barrier by more than half (54%) of all respondents, followed by the gap between data collection and availability (46 %) and lack of an IoT data strategy (33%).
The acceleration of IoT adoption over the course of the Covid-19 pandemic has highlighted the fact that many companies’ data sharing strategies are still not as advanced as they should be. Currently, only 20% of organizations make non-sensitive IoT data available for anyone in their association, and their partners, to access and use. By contrast, nearly two in five (39%) limit the use of IoT data to certain departments involved in their IoT projects. Notwithstanding, this is about to change, as a greater proportion of organizations (38%) are moving to share data with their broader supply chain and far fewer (20%) plan to limit IoT data to departments. particular. This shift is occurring as more businesses understand that responsible and secure sharing of IoT data is a essential step in unlocking the full value of that data.
The research revealed that having a formal IoT data strategy in place is a vital step in reaping the optimal benefits of the technology, ensuring that data is produced, shared and analyzed between the correct parties at the correct time. Organizations with a formal IoT strategy are much more likely to gather data points on their IoT projects in real time (48% of respondents, versus just 16% among organizations without an IoT strategy).
There are also notable differences in how companies approach the use of their IoT data depending on the region in which they operate and the size of their organizations. While only 23% of North American companies struggle to use IoT data effectively due to a lack of an IoT data strategy, this number rises to 54% of organizations in Latin America and 55% in Russia and the Netherlands. Similarly, while 20% of larger organizations (with 5,000+ employees) struggle with a lack of an IoT data strategy, 40% of smaller companies (with less than 500 employees) cite this as a barrier to the effective use of IoT data.
Commenting on the results, Mike Carter, President of Inmarsat Enterprise, said “While our latest research shows that the majority of organizations today are collecting IoT data, there is still much more companies need to do to get the most out of it. benefit of them. The final degree of success for an IoT project is how well it improves the performance of a business and its ecosystem of partners. This largely depends on the type of data being mined and how it is shared and turned into practical, actionable business insights in a well timed manner.
“It is clear from our results that many companies still need to employ an IoT data strategy as part of their overall IoT strategy, to ensure that their data gets where it needs to go within the organization, not to mention elsewhere. of the supply chain. Four out of five companies currently share the data created from their IoT projects only within their organization, due to concerns around security or privacy, limiting their ability to extract real business value from this data . Notwithstanding, it is encouraging that companies intend to change this situation, as organizations are more and more open to sharing non-sensitive IoT data with their partners, increasing productive supply chains.
“Without a consistent IoT data strategy, companies will struggle to develop the culture of open and responsible data sharing and collaboration essential to ensure the success of their IoT projects.” Inmarsat’s enterprise business is focused on providing IoT connectivity to business-critical applications and remote locations, providing vital access to valuable data points across global supply chains.”
The study can be downloaded from the Inmarsat site . Requires registration.