The Internet of Things is impacting every business in one way or another and results are starting to be seen.
Results range from return on investments to improved customer experiences, based on a new study.
Across the globe, the average return on investment from Internet of Things projects was 34%, according the report by Hewlett Packard.
The study comprised a survey of 3,100 business and technology professionals from 20 countries.
More than a quarter (27%) of those surveyed said their return on investment was 40% and one in 10 pegged it at 60%.
The Internet of Things is about transformation. Here are the impacts being felt, according to the survey:
- 82% — Increased business efficiency
- 81% — More efficient IT
- 78% — Improved customer experience
- 77% — Improved visibility of processes
- 73% — Cost savings
- 72% — Increase in profitability
For the future, business leaders expect the Internet of Things to increase workplace productivity (56%), reduce downtime (40%) and create new business models through analytics-driven services (36%).
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Interestingly, those who already have deployed IoT have a different view of the returns, with those who have deployed consistently higher than the estimates of those who are yet to get started.
While a majority (72%) of executives who are planning to adopt IoT believe it will increase business efficiency, most (82%) of those who already have adopted it already are seeing improved efficiency.
Outside of efficiency, the Internet of Things is being tapped to improve customer experiences. For marketers, that’s the home run location for the Internet of Things.
