IoT boosts revenue and customer relationships; report
IDC reveals governments and businesses in the MEA will invest over $6.6bn in IoT hardware, software, services and connectivity
Research by LogMeIn found that increased revenue is a direct result of connecting a product, as well as improved business efficiencies and product uptime.
The study sponsored by LogMeIn and conducted by Harbor Research titled, "The Internet of Things Journey", found that nearly all companies to have embarked on a connected-product journey report both financial and customer experience benefits as a result.
As per LogMeIn's study, the biggest reported improvement was in customer insights, where only 25% of all companies surveyed expected customer and product insight improvements when they started their connected product project. However 95% of these manufacturers reported valuable customer insights on customer behaviour, needs and preferred modes of interaction, as a result of connecting a product. Additionally, 93% reported customer support as a business improvement since connecting products, while 88% also cited improved customer relationships.
These benefits do not come without their challenges, however. According to the survey, 44% of companies in both early and active IoT deployment phases say that data management is the biggest challenge when it comes to using IoT data to make better business decisions. Of the organisations that have existing IoT deployments, 43% cited integration with existing business systems as one of their biggest challenges.
Paddy Srinivasan, General Manager, Xively by LogMeIn, said: "The IoT journey is a long and sometimes bumpy road, but one that can completely change a business for the better. The challenges companies face are extremely diverse and often anticipated issues are not the ones that end up holding an IoT project back. Connected product management tools are designed to help companies move beyond the hurdles of connecting and launching a product for those in the early phases of deployment, and scaling, securing and integrating products with existing business systems for those in the later phases.
"The end goal is to create a product that provides value for both the company and the customer. Ensuring that customer and product data is managed properly, is actionable and available to stakeholders is critical to meeting that goal."