Internet of Things critical to industrial firms' success, yet many still unclear on execution strategy.

Position:Research and Studies

Study reveals disconnect between business goals and implementation strategy; Security and legacy systems key concerns.

An overwhelming majority of business executives (81 percent) believe that successful adoption of the Industrial Internet of Things (IIoT) is critical to their company's future success, but only 25 percent have a clear IIoT strategy, according to a study released recently by the Genpact Research Institute and IndustryWeek, in collaboration with GE Digital and the Industrial Internet Consortium.

The Industrial Internet of Things leverages the interconnectivity of machines and systems with sensors, intelligent data, and analytics to provide increased visibility and better insights into the performance of equipment and assets. IIoT transforms the way people and machines interact, with the potential to drive significant process improvements; enhance quality, productivity, and overall operational efficiency; as well as increase growth and profitability in manufacturing and other sectors.

Security the top obstacle; possible cyberattacks also a concern

The key obstacles businesses face when leveraging IIoT technology include data security and privacy concerns (cited as problematic by 37 percent and 33 percent of respondents, respectively), insufficient skills of technology staff (35 percent), use of legacy systems (34 percent), and data quality (34 percent). Additionally, half of the business executives surveyed feel that the IIoT increases their company's susceptibility to cyberattacks.

"This survey shows just how critical the IIoT is for the future success of industries such as medical equipment, consumer packaged goods, manufacturing, and many others," said Richard Soley, executive director, Industrial Internet Consortium. "The next hurdle for many companies is to develop a clear IIoT strategy, and one that includes protection for sensitive data from cybersecurity attacks. Successful IIoT adoption is expected to have a significant impact on business growth."

Growth and agility viewed as primary benefits

The majority of all respondents (77 percent) see the ability to spur growth as the top opportunity from an effective IIoT implementation. Agility is also a top expected benefit from the IIoT, cited by 75 percent of the respondents.

"This study underscores the tremendous potential of the Industrial Internet--GE's Predix platform and partner ecosystem are key elements in helping companies develop smart, practical, and scalable...

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