According to a survey undertaken by Vodafone for the Americas region, IoT remains a top business focus, as 74% of companies view IoT as critical for the future success of their organization. As a result, companies are focusing on how they invest in IoT, rather than if they should. It says that 55% of IoT adopters in the Americas have seen revenue growth by greater than 20% following IoT implementation. In fact, 86% of survey respondents in the region have increased their IoT spend in the past 12 months.
The fourth annual 'Internet of Things' (IoT) Barometer Report found that 60% of companies have consistently given employees access to IoT data on their mobile devices, and that employee access has been a component in the increased staff productivity seen by the 49% of adopters in the Americas that have implemented IoT.
The survey which was conducted by Circle Research also found that companies in the Americas are creating new ecosystems through IoT -- a third of IoT adopters in the Americas are using the technology to connect multiple organizations and/or industries.
IoT is now attracting a greater share of overall IT spending as it accounts for 24% of the average IT budget -- equivalent to IT spending on cloud computing or data analytics. 56% of organizations have integrated IoT data into their existing core business systems such as ERP, cloud hosting platforms, analytics tools, and mobile applications.
This year's research also revealed that IoT is playing a major role in helping companies redefine their business in order to meet the rapidly changing demands of today's customers. For example, IoT data is informing business strategy in new ways, as 64% of businesses consistently use big data and analytics platforms to support decision-making. Additionally, 48% of companies globally are using IoT to support large scale business transformations such as helping to change a manufacturing business into a service company.
Andrew Morawski, Vodafone's Head of IoT for the Americas
This year's report shows that we've moved from simply adopting Internet of Things technologies to realizing the true business value that IoT can bring to organizations. Whether it's connected supply chains for manufacturers, smart office capabilities for employees, or a connected home for consumers, businesses are seeing significant results from their IoT deployments, changing the way they do business, and even facilitating new partnerships to serve customers in new ways.
