50pc of organizations in the US & Europe lag in IoT adoption: HCL study

The Internet of Things (IoT) is a 'goldmine' of opportunities and possibilities. And companies, which include many tech giants, are taking advantage of this insight. However, half of the organisations in the US and Europe are still lagging behind in IoT adoption, according to HCL Technologies.

HCL released findings of a first-of-its-kind survey of senior business and technology decision–makers on the Internet of Things (IoT) in the major global enterprises.

The research – based on a Vanson Bourne survey of 263 organisations in Europe and the U.S., found that 50 percent of respondents said their organisations are already "behind the curve on IoT", while 43 percent said their customers would suffer from their organisation’s failure to utilise IoT entirely.

“Many companies have made inroads into the IoT, but when you peel away the layers, very few have embarked on truly transformative programs,” said Sukamal Banerjee, CVP & Global Head of IoT WoRKSTM, HCL Technologies.

According to HCL, 49 percent of organisations are still struggling to get off the ground with IoT, "due to an uncoordinated and siloed approach." The majority, 82 percent, said that those embracing the IoT are likely to be in a stronger position in the marketplace. As per 65 percent of respondents, the primary drivers for adopting the IoT are improving business process efficiency and better customer satisfaction.

According to the survey, 38 percent of respondents agree that the biggest barrier to IoT adoption is security concerns.

The findings also note the inefficient process of utilising the data from the IoT devices. On average, only 48 percent of data collected from the IoT is analysed, while IoT adapters take five days to turn data into insight; as opposed to ten days for those that have not accepted IoT. "The time required to analyse, whether an IoT adapter or not is too long, which is why effective data analytics tool needs to be integrated into more business operations," the report said.

Banerjee said, “With a lot of aggressive technology selling going on in the name of IoT, it’s tough for businesses to see a clear and rapid path to realise full value, but this is no time to sit on the sidelines.”

“In capital intensive industries, the digital economy will force the gap between innovators and followers to the ability to create intelligent insights from a full range of IoT assets. This process can be incredibly daunting, so next–generation service offerings will play a crucial role in guiding organisations and helping them discover new types of value and a new, more effective way to compete.”

The research findings indicate that the solution to the challenges that are holding businesses back from committing more fully to the IoT, are dependent on selecting the right IoT platform.

In fact, in response to these challenges and to avoid falling behind, almost 73 percent of respondents said they plan to enlist the support of a specialist IoT service provider.