Australian businesses leading the way for IoT
Australian enterprises are utilising the internet of things (IoT) to improve efficiency, according to new research from IDC.
In fact, almost half of large Australian enterprises have deployed IoT systems with many aiming to improve business productivity and efficiency internally as well as for customers.
This is highlighted in IDC's 2019/2020 Global IoT Decision Maker Survey: Australia and New Zealand Insights report, which says that 44% of Australian enterprises have already implemented IoT.
The most common driver to invest in IoT is to improve productivity both internally and for customers, IDC states.
IDC associate market analyst Liam Landon says, “Instead of looking to differentiate products or reach new customer segments, Australian enterprises are most often looking to improve efficiency of their workers.
“Australian organisations are also looking to see how IoT can improve productivity for their customers."
Australian organisations most frequently use productivity gains as a Key Performance Indicator (KPI) to assess the success of IoT.
Landon says, "Customers want to be able to quantify the benefits they receive from IoT. Vendors should be able to demonstrate how IoT and their data analytics solution can improve a customer's efficiency and productivity, ideally with use cases."
IDC research shows that customers aren't interested in deploying IoT technology solutions for the sake of it. Instead they are looking for solutions to specific business problems. In this case, how to improve productivity and efficiency.
Landon says, “Vendors with use cases and experience in verticals should flaunt their use cases to potential customers and how they can be applied specifically.
“Our research shows Australian businesses are looking for vendors with a deep understanding of their vertical, to enable solutions to business problems within specific industries. IoT vendors that can combine technical-know-how with industry expertise have the advantage."
In general, there are two main types of IoT technology, products designed for a specific industry or devices that can be used for all industries. According to Gartner, in 2020 industry specific products will total 3.2 billion units while cross industry devices will reach 4.4 billion units.
As IoT develops, in terms of technology and functionality, businesses are recognising the potential and power of implementing IoT. The benefits of the technology depend on the business and implementation, however efficiency and adaptability are key factors.
For instance, when a business is capturing more data on specific operations business leaders area able to gain more insight into their products and internal systems. From here changes can be made based on the information, potentially saving time and funds.