New research has highlighted the benefits businesses applying Internet of Things (IoT) are experiencing, and points out the overall lack of businesses deploying IoT solutions in the first place.
Cut through: How the Internet of Things is sharpening Australia’s competitive edge, conducted by Telsyte on behalf of Microsoft Australia, revealed 65 per cent of businesses that have deployed IoT report a 28 per cent saving in operational costs.
53 per cent of Australian businesses to embrace IoT report a 29 per cent increase in productivity and efficiency, which Lee Hickin, Microsoft Australia’s Internet of Things Group Lead, says points to a growth in businesses understanding the potential of the concept.
“There are clear signs that organisations are beginning to realise the power of the Internet of Things. The research tells us that two thirds of IT and business leaders have seen at least a five-fold increase in connected devices in their organisation over the past five years with that trajectory set to continue into the near future,” Mr Hickin says.
“The challenge for Australian businesses will be to integrate those devices in a meaningful way and harness the power of the generated data.”
Regardless of the returns IoT can bring, it appears that there are plenty of Australian businesses unwilling to take the plunge.
The research, sourced from the survey of 306 Australian business decision makers, found only 26 per cent had deployed IoT solutions. Almost half (48 per cent) said they had no immediate plans to deploy.
Foad Fadaghi, Telsyte Managing Director, said businesses need to tackle IoT if they want to stay competitive in this era.
“Australian organisations are faced with a massive increase in Internet-connected devices that will give unprecedented insights into their operations,” Mr Fadaghi said.
“The real-time data generated from IoT devices will usher in a new era of productivity that will be critical for Australian companies looking at staying internationally competitive regardless of industry segment.”
Telsyte’s tips for businesses considering implementing IoT technology include:
– Starting small: Embrace more IoT technology as the business grows. Small businesses in their first stages can be bogged down when jumping the gun and tackling unfamiliar technologies.
– Use the cloud: Explore IoT cloud services or managed solutions to help with reducing risks and accelerating deployments.
– Partner up accordingly: Joining a vendor partner with experience in the same areas can reduce risk, leverage skills and help with applying tried and tested vertical solutions.
– Ensure data proximity: Try to keep data with an on-shore cloud service or with a local managed-service provider. Engaging with the right IoT solution provider helps in this department.