SAN JOSE, Calif., April 18, 2017 /PRNewswire/ — Many companies are unprepared for the Industrial Internet of Things (IIoT), but most executives at those companies realize that the future of their business depends on it, according to a new study just released by the Business Performance Innovation (BPI) Network.
The study also suggests that large-scale integrators and other channel partners will be among the biggest IIoT beneficiaries over the next several years. They will likely play a significant role in planning and implementation at many companies due to major internal gaps in the technical skills and management know-how needed to deploy and integrate IoT into operations and new products.
The new report, “The Impact of Connectedness on Competitiveness,” was developed by the BPI Network in partnership with the CMO Council, Penton’s IoT Institute and The Nerdery, a leading digital strategy, software engineering and design firm. The study was based on a global survey of some 350 global executives and interviews with innovation leaders at large global enterprises, including companies such as Airbus, Balfour Beatty, Embraer, Philips Lighting, Whirlpool, LafargeHolcim, TVH, Hitachi and others.
“Executives are telling us that IIoT technologies are about to play a significant role in business and industrial performance, delivering significant improvements in operational efficiency and uptime, as well as growth from new business models, products, services and customer experiences,” said Dave Murray, Head of Thought Leadership for the BPI Network. “Nevertheless, less than 2 percent of large companies say they have a clear vision for how to move forward or have large-scale implementations underway. That dichotomy suggests we are experiencing the lull before the storm of IIoT transformation. This is an opportunity for real competitive differentiation and advancement.”
Among key findings of the IIoT survey:
To download the full report, please visit http://www.bpinetwork.org/industrial-connectedness-report
“For industrial companies, staying competitive requires embracing IIoT. There really is no plan B. Implementing IIoT, however, means not just navigating uncharted waters, but also keeping track of an array of technologies, workforce challenges, security concerns, and unprecedented business considerations,” says Brian Buntz, Editor of IoT Institute.
“The tidal wave that is connectedness and IIoT is building rapidly and it is unavoidable,” said Chris Locher, Vice President of Software Development at The Nerdery. “Companies see massive opportunities to increase efficiency, gather data in new ways and pivot into new business models. The challenge of the IIoT revolution is that it is accompanied by a great deal of white noise and confusion. How will companies capture those opportunities? How do companies avoid the risk of a failing at an IIoT initiative? How do you find employees with the skill to do it? The sheer scale and implications of IIoT can lead to information overload, create analysis paralysis, and confusion for business leaders. The key to moving confidently into this new space is starting with small, focused efforts or bringing experts to start to build the required skills, behaviors, and business models.”