Two recent surveys from Capgemini reveal that while businesses understand the potential, most are a long way from achieving any benefit from the IOT.
The IOT: Are organizations ready for a multi-trillion dollar prize? estimates that less than a third currently generate any revenue from their connected products, mainly due to lack of infrastructure or technical skills to turn Big Data into something practical.
More worryingly, Securing the Internet of Things Opportunity: Putting Cyber Security at the heart of the IOT also reveals that too many businesses developing IOT products are prioritizing speed to market over keeping themselves and their customers safe. Eight out of 10 of the devices surveyed didn’t require a password stronger than 1234, with home automation and medical devices the least resilient to crime.
Just under half of these organizations also fail to provide any privacy related information regarding their IOT products. Consumer nervousness over how personal information may be used threatens to undermine the impact of Big Data, because mistrust makes us less willing to buy connected products.
Both reports highlight that companies are failing to ensure that they have specialized teams with the right skills in place to see through their IOT strategy or development processes from the start, be it a security team, data analysts to translate code into readable insight or an external operator to create the platforms on which to manage the data.
Capgemini’s recommendation is that most are going to need help from expert and vertical partnerships to achieve the necessary change in mindset internally and externally to successfully monetize the IOT.