The Internet of Things will cause a tsunami of data triggered by billions of sensors of all types deployed around the world.
One of the big questions is how marketers will coral and utilize all that consumer activity information.
There already is data from smartphone activity, such as information including location, motion and consumer traffic patterns.
Beacons added another layer into the mix, so that consumer proximity to certain products can be identified.
And with tracking sensors being built into lighting along with data flowing from smart home appliances, the amount of data available will increase exponentially.
But there can be quite a difference between data being available and data being useful.
The top challenge businesses face is managing the massive quantities of data that the Internet of Things creates, based on a new report by BI Intelligence.
There also are some differences in challenges faced by companies in active IoT development compared to those in early IoT development, according to a BII analysis of data from Harbor Research, which surveyed more than 600 companies. Here are the challenges faced by companies in active IoT development, with the percentage of those who are early at the end of each:
- 44% — Data management (44% of those early)
- 43% — Interoperability/integration (36% of those early)
- 35% — Too expensive (24%)
- 31% — Data access (33%)
- 28% — Time efficiency (38%)
- 20% — Skills, talent (29%)
- 17% — Learning, predictive analytics (17%)
- 17% — Cultural challenges (29%)
Interestingly, more than a third (35%) of those well underway with IoT projects find them to be too expensive, while only 24% of those just getting started do. This may be an indicator that projects cost more than initially projected, which could be a good tip for those on the verge of jumping in.
Another difference is in time efficiency, with 28% of those active in IoT projects seeing it as an issue, while more (38%) of those just getting started identify it as a challenge. In this case, those just getting started may still be on a time efficiency learning curve.
Not matter the challenge, the amount of IoT data coming will be massive. Any brands and marketers not gearing up for it may find themselves very much under the wave.
