New BPI Report Says Companies Lag in IIoT Readiness

According to a report recently released by the Business Performance Innovation (BPI) Network, many companies are unprepared for the Industrial Internet of Things (IIoT), but it goes on to indicate that most executives at those companies realize that the future of their business depends on it.

The study also suggests that large-scale integrators and other channel partners will be among the biggest IIoT beneficiaries over the next several years. They will likely play a significant role in planning and implementation at many companies due to major internal gaps in the technical skills and management know-how needed to deploy and integrate IoT into operations and new products, the study said.

The new report, “The Impact of Connectedness on Competitiveness,” was developed by the BPI Network in partnership with the CMO Council, the IoT Institute and The Nerdery, a digital strategy, software engineering and design firm. The study was based on a global survey of about 350 global executives and interviews with innovation leaders at global enterprises, including Airbus, Balfour Beatty, Embraer, Philips Lighting, Whirlpool, LafargeHolcim, TVH, Hitachi and others.

“Executives are telling us that IIoT technologies are about to play a significant role in business and industrial performance, delivering significant improvements in operational efficiency and uptime, as well as growth from new business models, products, services and customer experiences,” said Dave Murray, Head of Thought Leadership, BPI Network. “Nevertheless, less than 2 percent of large companies say they have a clear vision for how to move forward or have large-scale implementations underway. That dichotomy suggests we are experiencing the lull before the storm of IIoT transformation. This is an opportunity for real competitive differentiation and advancement.”

For a complete discussion with Murray about the report, listen to the most recent episode of the IoT Time podcast, on which he was the guest.