Only one in five executives say they have the necessary physical access to Internet of Things (IoT) data, according to a poll from rapid app development platform provider KnowledgeKube.
The study, which polled almost 50 attendees of the IoT Show Asia in Singapore last month, found a disparity between accessing data and the importance of the IoT to organisations. 70% of respondents cited the IoT as either ‘important’ or ‘very important’ to their business.
Plenty of research has touched upon the importance of utilising data generated from IoT-enabled devices – in most cases, getting in before your competitors. A recent study from Honeywell Process Solutions found that, in the manufacturing industry, investments in data analytics were being pushed through even at the expense of other areas, while MIT Sloan Management Review noted that companies would be wiser to exchange device data with other businesses – including competitors – to strengthen their options.
This open culture, and a greater ability to utilise data, was noted by Peter Robbins, managing director at KnowledgeKube creator Mercato Solutions. “Being able to access publicly available information, such as intelligent transport data, opens up the possibility of organisations using information in new ways, coming up with solutions that may not have been thought of before,” he said.
“IoT is a data goldmine, but without the ability to gather, or act on it, businesses are no better off,” Robbins added. “To make IoT projects viable, organisations need to be able to manage information by creating bespoke applications faster, and therefore cheaper, than traditional methods.”
Put two and two together and you get, well, KnowledgeKube. The company notes the emergence of low code app development platforms to share data and create value more easily. As sister publication Enterprise AppsTech has written chapter and verse on, the space has been showing signs of maturation in recent months, with some players gaining ground and others falling by the wayside. Yet the KnowledgeKube research argued that almost half of survey respondents “had no process for delivering applications based on their data.”
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.