TIBCO recently released the results of its 2018 CXO Innovation Survey and it reportedly indicates that businesses looking to adopt IoT are looking to increase revenue. Of the 600 survey respondents in the 2018 TIBCO CXO Innovation Survey, almost 40 percent identified increased revenue as the primary business driver for their implementation of IoT. Second and third were customer acquisition and retention and increased product quality, the survey reported.
Financial drivers
According to survey respondents, decreasing operational costs is the top financial driver behind implementing IoT at 44.3 percent. Next is better customer service and support at 39.91 percent, and eliminating downtime at 38.18 percent. The responding organizations reportedly said they turn to IoT with the hope that it will save them money, reduce waste, and fix safety issues.
Technical drivers
When it comes to technical drivers, the primary technical reason that organizations implement IoT is to integrate data and applications, making up 56 percent of respondents. Organizations looking to implement IoT to leverage cloud technology for IoT data came in second at 48 percent. The last primary driver behind IoT implementation for organizations is to reduce data security risks with 47.6 percent.