Discover the latest trends in IoT
Small businesses are unready for Internet of Things security.
Organizations of all sizes are split on whether IoT is primarily a cost saver or revenue generator.
And nearly two-thirds of IoT implementations are not standalone, but instead integrated with existing business processes.
These are some of the findings of an Internet of Things report recently released by CompTIA. It’s based on the IT trade association’s new survey of 506 U.S. companies, which asked about their current and future IoT plans. (CompTIA says the report has a margin of error of plus or minus 4.4%.)
Here’s your tech provider’s update on CompTIA’s findings:
Small biz, insecure IoT: Small businesses are unprepared for IoT security. When asked how ready they are to handle IoT security, only 14% of small businesses say they’re very well-equipped, compared with about a quarter (24%) of medium organizations and about the same percentage (26%) of large organizations.
Similarly, only about one in five (22%) small business say they’re mostly well equipped for IoT security, compared with more than a third of medium and large businesses (38% and 39%, respectively).
Biz benes: Organizations implementing IoT expect to gain important business benefits. These include cost savings (43%), new and improved data streams for decision-making (38%), gains in productivity (36%), and an improved customer experience (also 36%).
Potential financial impact of IoT: Organizations were evenly split. About a third (35%) see IoT primarily as a way to save costs. Another third (31%) see IoT as a way to generate revenue. And a final third (34%) see the technology as a mix of both cost-cutter and revenue-generator.
IoT ROI: Earning a return on investment in IoT is a challenge that nearly 60% of organizations expect will be moderately to very difficult.
Challenges: The top potential hurdles of implementing IoT are upfront costs (43%), new cybersecurity risks (41%), a lack of skilled workers (35%), and ongoing costs (34%).
Standalone vs. integrated: Nearly two-thirds (63%) of organizations incorporate IoT tech into existing business processes. Only about a third (34%) use IoT mainly in standalone IT projects.
Funding for IoT: The top sources of IoT funding are new budget allocations (37%), existing discretionary IT budgets (26%), a combination of different budgets (19%), and funding repurposed from cost-savings elsewhere (15%).
Necessary resources: To make progress with IoT, organizations say they need new staff with specific IoT skills (44%), existing IT staff (42%), new vendors with specific IoT skills (38%), and new solution providers with specific IoT skills (also 38%).
Solution providers: A majority of organizations doing IoT get help from solution providers. Top areas for outside help are software (83%), hardware (68%), services (55%) and rules (42%).
Tech connections: IoT implementations tend to be either moderately or strongly connected with several other technologies. These other technologies include cloud computing (94%), mobile devices (93%), AI (80%), and virtual reality (69%).
Leading practices: About a quarter (24%) of organizations describe their own IoT implementations as cutting edge. What is this small, select group doing right? They enjoy support from senior leadership (68%), use reliable tech (53%), and quickly identify and implement innovations (52%).