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Industrial Internet of Things: Businesses See IIoT as Path to Future Success
Industrial Internet of Things (IIoT) is expected to have a huge impact on the future operations of many businesses. 81 percent of businesses say that they expect IIoT will be critical to their success in the future, according to a report by Genpact Research, sponsored by GE Digital. A problem is that only 25 percent of those companies say that they have come up with a business plan for moving forward with the technology.
What’s holding businesses back from moving forward with IIoT? The Genpact report cites the following reasons that businesses say are blocking strategies:
- Data security issues and worries (37 percent)
- Lack of technology skills (35 percent)
- Concerns of integration with legacy systems (34 percent)
- Data quality concerns (34 percent)
- Privacy issues (33 percent)
The Genpact report finds that “one of the unique characteristics of digital technologies like IIoT is that reaping all of the benefits requires coordination not just between value-chain partners—which can be immensely challenging on its own but between departments within a company. Successful deployment also requires technical expertise and well-directed investments. Ultimately, companies may have to completely restructure business processes to align with new data transfer protocols, product handoffs, financial transactions and business relationships.”
