Company leaders are aware of the Internet of Things (IoT) “almost to the point of being overconfident about their readiness to embrace it,” according to the Accenture report “From Productivity to Outcomes: Using the Internet of Things to Drive Future Business Strategies.”
The survey found that 84% of C-suite executives believe their organizations can grow income streams using IoT, but only 7% have developed a strategy and committed funds to use it. Respondents cited a range of obstacles to developing the technology, with weak information and telecommunications infrastructure and access to capital seen as the biggest constraints, followed closely by poor access to technology, lack of customer demand and weak government support.
“When it comes to the IoT, the data results suggest that most C-suite executives want to follow the trend rather than lead it.” This ultimately means that companies may find themselves “cornered by competitors entering their markets with new operating models and game-changing services,” the study concluded.