Nearly nine in 10 businesses see return on investment in IoT
The advent of Covid-19 has increased business’ prioritisation of IoT adoption, according to new research from Vodafone Business.
The operator’s 2020 IoT Spotlight surveyed 1,639 businesses worldwide (over 100 of which are from the UK) about their views on the technology.
More than three quarters (78 per cent) said that the technology was key to maintaining business continuity throughout disruptions caused by the pandemic, with 69 per cent now viewing integration of IoT devices with workers as a higher priority.
67 per cent of businesses that are considering IoT have said that the pandemic will accelerate their adoption plans, while 74 per cent said their core business strategy has improved as a result of adopting IoT.
Nearly nine in 10 (87 per cent) say they have seen a return on their investment in IoT and just over half (51 per cent) have seen operating costs decrease by an average of 19 per cent.
“IoT has grown up. It’s no longer just about increasing return on investment or providing cost savings to businesses: it’s changing the way they think and operate,” said Vodafone Business Internet of Things director Erik Brenneis.
“And it’s giving them an opportunity to re-design their operations and future-proof their business model. This research proves IoT is an essential technology for businesses that want to be resilient, more flexible and quicker to adapt and react to change.”
Looking ahead, 62 per cent of the businesses surveyed said that organisations who fail to embrace IoT will have fallen behind developmentally within five years.