The Internet of Things Journey, a new study sponsored by LogMeIn and conducted by Harbor Research, has found that nearly all companies that have opted for IoT implementation have reported both financial and customer experience benefits as a result. The research, which surveyed 600 product companies in various stages of deployment, found that 87% have seen increased revenue, and over 90% have seen improvements in business efficiencies and product uptime.
As per the study, the biggest reported improvement was in customer insights. Only 25% of all the companies that took part in the survey expected customer and product insight improvements at the beginning, yet 95% of the participants reported valuable customer insights on customer behavior, needs and preferred modes of interaction. 93% reported customer support as a business improvement since the implementation, while 88% also cited improved customer relationships.
“The IoT journey is a long and sometimes bumpy road, but one that can completely change a business for the better,” said Paddy Srinivasan, General Manager, Xively by LogMeIn. “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.”
The other key findings include, business efficiencies and not the revenue are the key project driver, that the companies underestimate the complexity of security, and Interoperability is a design and early deployment headaches.
