Industrial Companies Map Data Gap
Eighty-four percent of industrial companies face a disconnect between data from connected devices and strategic decision making and operations, limiting the Internet of Thing's (IoT) digital transformation potential, according to a research study conducted by IFS, a global enterprise applications company. Only 16 percent of survey respondents consume IoT data in enterprise resource planning (ERP) software.
IFS divided survey respondents into groups: IoT leaders and laggards, depending on how well their enterprise software prepared them to consume IoT data, and digital transformation leaders and laggards, depending on how well their enterprise software prepared them for digital transformation. Among the survey's key takeaways:
- IoT is a technology that underpins the loose concept of digital transformation.
- The two leaders groups overlap, with 88 percent of digital transformation leaders also qualifying as IoT leaders.
- Digital transformation leaders make more complete use of IoT data than digital transformation laggards; leaders are almost three times as likely to use IoT data for corporate business intelligence or to monitor performance against service level agreements.
- Digital transformation leaders are more likely than digital transformation laggards to be able to access IoT data in applications used beyond the plant floor. They are more than four times as likely to have access to IoT data in enterprise asset management software, twice as likely than digital transformation laggards to be able to access IoT data in high-value asset performance management software, and almost twice as likely to be able to use IoT data in ERP.
The survey results suggest a real need for more IoT-enabled enterprise applications designed to integrate data from networks of connected devices into the context of the business.