IoT Advocates Keen On Data analysis, Cognitive BI: Study

by CXOtoday News Desk    Nov 14, 2017

IoT

IoT advocates show the most interest in initiatives including location intelligence, streaming data analysis, and cognitive BI. Also, Business Intelligence Competency Centers (BICC), R&D, Marketing & Sales and Strategic Planning are most likely to see the importance of IoT, said a study by Dresner Advisory Services.  

Dresner Advisory Services published the 2017 Internet of Things (IoT) Intelligence Market Study, part of the Wisdom of Crowds series of research, where IoT is defined as the network of physical objects, or “things,” embedded with electronics, software, sensors, and connectivity to enable objects to collect and exchange data.

The study examines key related technologies such as location intelligence, end-user data preparation, cloud computing, advanced and predictive analytics, and big data analytics.

“Although still early days for IoT, we see this as a defining topic for the industry. IoT Intelligence, the means to understand and leverage IoT data, will likewise grow in importance and will elevate key technologies such as location intelligence, advanced and predictive analytics, and big data,” said Howard Dresner, founder and chief research officer at Dresner Advisory Services. “We expect these areas to continue to drive interest and use of IoT Intelligence going forward.”

Here are some key findings as mentioned by Forbes:

·        Business Intelligence Competency Centers (BICC), R&D, Marketing & Sales and Strategic Planning are most likely to see the importance of IoT. Finance is considered among the least likely departments to see the importance of IoT. The study also found that sales analytics apps are increasingly relying on IoT technologies as foundational components of their core application platforms.

·        Manufacturing, Consulting, Business Services and Distribution/Logistics are IoT industry adoption leaders. Conversely, Federal Government, State & Local Government are least likely to prioritize IoT initiatives as very important or critical. IoT early adopters are most often defining goals with clear revenue and competitive advantages to drive initiatives. Manufacturing, Consulting, Business Services and Distribution/Logistics are challenging, competitive industries where revenue growth is often tough to achieve. IoT initiatives that deliver revenue and competitive strength quickly are the most likely to get funding and support.

·        IoT advocates or early adopters say location intelligence, streaming data analysis, and cognitive BI to deliver the greatest business benefit. Conversely, IoT early adopters aren’t expecting to see as significant of benefits from data warehousing as they are from other technologies. Consistent with previous studies, both the broader respondent base and IoT early adopters place a high priority on reporting and dashboards. IoT early adopters also see the greater importance of visualization and end-user self-service.

·        Business Intelligence Competency Centers (BICC), Manufacturing and Supply Chain are among the most powerful catalysts of BI and IoT adoption in the enterprise. The greater the level of BI adoption across the 12 functional drivers of BI adoption defined in the graphic below, the greater the potential for IoT to deliver differentiated value based on unique needs by area. Marketing, Sales and Strategic Planning are also strong driver areas among IoT advocates or early adopters.