IFS’ research study of 200 North American executives reveals substantial year-over-year gains in internet of things (IoT) usage in industrial companies. Executives at respondent companies, ranging from manufacturers to trade contractors and oil and gas companies, are collecting more data from connected devices, integrating it with other systems in new ways, and making IoT more central to their businesses.
- Companies collecting IoT data on entire work cells or production lines rather than individual machine components or individual machines has increased by 17 percent. This enables more advanced use cases, which helps explain a 30 percent increase in use of IoT to support asset performance management.
- Respondents using IoT to monitor their customer equipment saw a 10 percent increase, potentially signaling transformational approaches to field service management.
- Despite these advances, the percentage of respondents who have integrated IoT data streams with their enterprise resource planning (ERP) software hovers at 16 percent. This reluctance may represent a barrier to leveraging IoT to deliver net new business models or revenue opportunities.
Need to know more? Then download the “Industrial IoT: Two Year Trendline” study.