Executive Perspectives on the Internet of Everything
The Internet of Everything (IoE) represents a massive opportunity for businesses around the world to improve profitability from the increased connectedness between people, data, processes, and things. The results of the IoE Value Index shed light on executive sentiments about the trends, drivers, benefits and challenges inherent in their efforts to realize the maximum value of the IoE.
Pervasiveness of the Internet of Everything
Respondents noted a marked rise in IoE pervasiveness over the past three years in both the amount of data generated and the level of connectedness within their firms. They anticipate increased pervasiveness over the next three years as well.
Positive Influences of the Internet of Everything
A majority of global executives believe the IoE will increase wage levels in their firms and allow for better information security over the next three years as increased connectedness enables them to embed security more comprehensively throughout their networks.
Technology Trends Driving the Internet of Everything
Respondents viewed a proliferation of new types of connected devices, the emergence of big data, and the rise of the cloud as the most important technology drivers of the Internet of Everything.
Business Objectives Driving the Internet of Everything
The most important business objectives driving the Internet of Everything according to respondents include fueling faster innovation, improving customer experiences and satisfaction, and the need to automate business processes.
Top Perceived Downsides of the Internet of Everything
While respondents believe their ability to secure information will improve as the IoE continues to emerge, they also believe that security threats will be the biggest downside of increased connectedness, followed by rapid IT obsolescence resulting from fast pace of change and innovation.
Top Perceived Challenges in Realizing the Value of the Internet of Everything
Global executives view the ability to invest in new technologies – and effectively integrate them with legacy systems in order to harness their benefits – as the top challenges they face in their efforts to capture value in the Internet of Everything.
Business Benefits of the Internet of Everything
The business benefits global executives believe the Internet of Everything will positively impact the most include increasing operational efficiency, improving customer service, and facilitating better collaboration within their firms.
Leading value indicators of the Internet of Everything
It’s clear from the survey results that having an effective technology infrastructure is the leading indicator of a firm’s ability to realize value in the IoE; it’s the fundamental element firms must have in place in order to compete. But the next four leading indicators, accounting for more than half of the value realized in the IoE, involve how effectively firms adapt their management practices and business processes to maximize their ability to take advantage of increased connectedness. It’s how effectively firms address these people and process factors that will differentiate their ability to create value as the IoE continues to emerge.