Due to financial restraints and reluctance, as well as to economic differences, the way in which organizations worldwide implement and approach new tech (from the digitization, automation, Big Data, analytics, connectivity, IoT, etc. group) is inconsistent.
For example, we took a look at the random user intercept site survey fielded on ZDNet and TechRepublic, based on European users having voluntarily answered tech-related questions. The results in its first phase (responses in October 2018, coming from 142 qualified users) show very low active IoT initiatives and a low budget allocation for this sector.
Meanwhile, the mainstream experts note that investing in new tech is no longer a luxury, but “essential to keeping your business’s costs down, your profitability up, and your company thriving”.
A glimpse at the IoT-related situation in the European field
Back to the study mentioned above, let’s see a couple of figures:
*42% of the respondents say they have an interest in IoT, but have no active initiatives;
24% of them say they have a limited number of IoT-related functions in operation;
*1-9% of the respondents mention that 36% of their budget is directly related to their IoT-based initiatives;
10% say that over 50% or more of their budget is directly related to their IoT-based initiatives
*a maximum of 18% of the respondents list IoT as a top priority in their organization, for various lucrative purposes
*a maximum of 49% of the respondents list IoT as a top 3 priority in their organization (figures vary, depending on purpose)
*51% of the respondents list ensuring the security of IoT network/devices as the top challenge in using IoT in their company, followed by integrating IoT into their proprietary networks and by the learning curves related to the new technology
For those of us who work in B2B it should be easy to compare these with the situation in the field as we know it. Although this study so far provides only partial unrefined results, it clearly shows polarization around certain issues.
A few recommendations for the organizations caught in transition
For those who are interested in new tech, but still are indecisive whether to see it as a luxury or a necessity, the article we found on ReadWrite provides a schematic guidance. Such organizations should consider the following:
- Quality software should always be the choice, and furthermore the companies should spend money to ensure they have the best technology expertise. Going for doubtful software and no experts is simply self-sabotage.
- New tech in streamlining business processes is the way to go, since it levels the playing field with your peers, as well as your customers. Predictive maintenance and reducing errors via technology is so this age, that those who are top in their field can’t even conceive functioning without it.
- A strong relationship with the modern customer means new tech, which makes sure the customer experience is within the modern, expected parameters in the industry.
For more details on how businesses should “integrate new tech into (their) business in a way that cuts (…) costs, increases revenue, or provides more value to (…) customers”, see the source article here.