‘Internet of Things’ Implementation Boosts Employee Production by Seven Hours Per Week – Survey
A survey conducted by Equinix found that Irish companies that have utilised the “Internet of Things” (IoT) reported a boost in productivity of seven hours per week per employee. The report, released on Thursday, November 24, also found that 89% of financial services companies and 69% of government and public sector bodies do not deploy IoT at all. The survey was commissioned by Equinix and carried out by TechPro in October 2016 among 145 senior IT professionals and decision-makers in Irish-based businesses.
The “Internet of Things” refers to the trend of everyday objects becoming capable of sensing, sending and receiving data, allowing automatic coordination between buildings, objects and users. Commonly-encountered applications include real-time traffic information, and health monitoring equipment.
The survey also found that 63% of companies currently deploy zero IoT and 31% of businesses don’t plan to increase their deployment of IoT. Almost half (47%) of companies admitted that they don’t have a specific IoT strategy and don’t expect to implement one in next five years. However, an additional 28% of companies don’t currently have an IoT strategy but do plan to implement one by 2021.
“In order to get the most from their IoT strategy, businesses will require interconnection and edge computing, which moves IT resources closer to users and data,” said Equinix Managing Director of Ireland and Emerging Markets Maurice Mortell, “by giving companies the power to react in real time, IOA can deliver up to 300% ROI.
“We are now at the point where companies simply cannot afford not to adopt an IoT strategy. IoT is not an IT fad, it is central to the enterprise of the future and business leaders must make it a priority to educate themselves on the benefits it can bring.”
Currently, 33% of Irish enterprises deploy IoT technology within their business. Leading the way are retail (67%), education (60%) and healthcare (50%).
Asked about the benefits that IoT can bring, more than half (55%) of Irish enterprises listed operational efficiency as the greatest benefit, while 37% cited a reduction in maintenance and operations costs. A further 31% believe it helps businesses become more competitive. Of companies that use IoT, they report an average boost in productivity of seven hours per week per employee.
Asked what they perceive as the biggest barriers to IoT adoption, 34% of enterprises blamed a lack of understanding within their organisation, while 33% said they don’t think it is important enough to the business right now. A further 31% blamed a lack of relevant applications in their industry