The study found that enterprises at different stages of their IoT actualisation journey have realised increasing business benefits as they mature
Several enterprises are already moving beyond the stage of conceptualisation and embarking on their Internet of Things (IoT) deployment. Nearly 40 per cent of the enterprises in the Asia Pacific (APAC) region have already embarked on their IoT journey, said a latest survey by business consulting firm Frost & Sullivan.
The decision makers have to come to the terms that IoT is no longer a futuristic concept. However, it is vital to note that as with all new digital initiatives, the implementation of IoT is a journey, it said.
Improvement in overall business
Commenting on the findings of the study, Spike Choo, Director of Cognitive Industries (IoT and AI), Frost & Sullivan, stated, “Close to 40 per cent of enterprises in Australia, Hong Kong, and Singapore have already embarked on their IoT journey and realised significant gains in their business performance. Our study shows that enterprises surveyed have experienced improvement in overall business metrics of 12.1 per cent after implementing IoT initiatives.”
Spike further said, “The end-user study conducted found that enterprises at different stages of their IoT actualisation journey have realised increasing business benefits as they mature. Across all business outcomes covered in the study, IoT-mature enterprises realised more gains, seeing an average improvement of 16.8 per cent in their business performance.”
Impact on business performance
The aim of the study is to find out the IoT maturity of enterprises and the impact of its adoption on their business performance. It looked at the attitudes and perceptions of the decision makers towards IoT and other technologies, and how the IoT is being deployed in their enterprises.
For the purpose of the study, the IoT Actualisation Quotient (IoT AQ) was formed to assess the digital maturity of enterprises in their IoT journey. The IoT AQ is a framework that charts out the IoT journey of an enterprise and the business value it creates.