The global site of the UK's leading magazine for automation, motion engineering and power transmission
19 March, 2024

LinkedIn
Twitter
Twitter link

Only 26% of IoT projects are regarded as a complete success

14 June, 2017

A survey by Cisco has revealed that 60% of IoT (Internet of Things) initiatives stall at the proof-of-concept stage, with only 26% of companies having had an IoT initiative that they considered a complete success, and a third of all completed projects regarded as failures.

The survey quizzed 1,845 IT and business decision-makers in a variety of industries in the US, UK and India. The majority (60%) reported that IoT projects often look good on paper but prove much more difficult to implement than expected. The top five challenges were: time to completion; limited internal expertise; quality of data; integration across teams; and budget overruns.

But, of those who have completed IoT projects, 73% are using data from the projects to improve their business, with the top three benefits cited being improved customer satisfaction (70%), operational efficiencies (67%) and improved product / service quality (66%).

Key factors for successful IoT projects include: collaboration between the IT and business sides (cited by 54 % of respondents); a technology-focused culture (49%); and IoT expertise, whether internal or through external partnerships (48%).

Almost two-thirds (64%) feel that lessons learned from stalled or failed IoT initiatives have helped to accelerate their organisation’s investment in IoT, and 61% believe that they have barely begun to scratch the surface of what IoT technologies could do for their businesses. 




Magazine
  • To view a digital copy of the latest issue of Drives & Controls, click here.

    To visit the digital library of past issues, click here

    To subscribe to the magazine, click here

     

Poll

"Do you think that robots create or destroy jobs?"

Newsletter
Newsletter

Events

Most Read Articles