Many business are expecting that Internet of Things will create better customer experiences but that’s far from where current IoT initiatives are today. Based on survey of 200 business leaders conducted by TEKsystems, most companies are looking to address IoT needs with internal resources. Although fewer than 4 in 10 rate their level of preparedness in various phases as excellent or very good, based on a new study.
The good news is that companies see customers as the main beneficiaries of their IoT efforts, according to the survey. Here’s how business leaders expect IoT initiatives to impact their businesses in the long term, as in a five-year planning horizon:
- 64% — Create better user and customer experiences
- 56% — Spark innovation
- 52% — Create new and more efficient working practices and business processes
- 50% — Create new revenue streams
- 36% — Increase ROI
- 35% — Create substantial cost savings and operational efficiencies
The not-so-good news is that many companies rate their organisation as not great in their ability to executive using in-house resources.