Bit Stew Systems recently released the findings of a Quick Pulse survey by IDG Research of senior IT executives. The purpose of the survey is to better understand how industrial organizations are being impacted by the Industrial IoT – the steps being taken to prepare for it, the potential benefits the IIoT offers, and the challenges encountered along the way.
Most Compelling Benefits of the IIoT
The IDG CIO Survey confirmed the opportunity and potential the Industrial IoT presents is real and poses significant benefits for businesses. According to the survey, 80% of senior IT executives view reducing operating costs, increasing operational efficiency and improving uptime as the top benefits the IIoT will bring their business. Other benefits identified include improved asset performance management and knowledge transfer in the workplace.
“Data is at the very heart of the Industrial Internet of Things,” says Dr. Richard Soley, Executive Director of the Industrial Internet Consortium (IIC). “When data is integrated and fully leveraged, industrial companies have the power to improve operational efficiency and create new revenue streams. This new way of thinking puts data first with an eye on automation and predictive analytics.”
CIOs on IIoT Maturity & Preparedness
The research confirms that many organizations are struggling to effectively manage the complexity of data generated by the IIoT, often with no data management strategy in place. The majority of senior IT executives reported that they are not prepared to handle the volume, velocity and variety of data being generated by the Industrial Internet. 70% have not implemented an IIoT strategy because they are either not prepared, and are currently struggling to effectively manage their data and are still in the “consideration” or “early discussions” or “planning” phase. 30% are early adopters; either in the “piloting” or “implementation phase” with projects well underway.
When IIoT Maturity Goes Up – Confidence Goes Down
The survey finds that less than 1/3 of senior IT executives are confident in their current ability to accommodate the scale and scope of the industrial data integration challenge. The IDG study also confirmed that as IIoT maturity goes up, senior IT executives’ confidence in current data integration tools decline by half. CIOs are not confident their current data integration tools can accommodate IIoT as it matures.
Data Integration is the Top Barrier to IIoT Adoption
The survey research showed that senior IT executives feel that data integration is the #1 barrier inhibiting IIoT adoption in their organizations. 64% say integrating data from disparate sources/formats and extracting business value from that data is the biggest challenge the Industrial IoT presents.
“We have seen first-hand, how the data integration problem has challenged IT and OT teams for decades and now the advent of IIoT adoption is compounding the problem,” says Jeremiah Stone, General Manager Asset Performance Management at GE Digital. “To extract meaning and value from industrial data, new systems are required to handle the challenges posed by the volume, velocity and variety of these data sets.”
Most Concerning Risks of Not Having a Data Intelligence Strategy
As cited by the survey, senior IT executives say the biggest risk of not having an IIoT strategy in place is losing valuable data insights that will significantly cost their business. 87% state the most concerning risks of not have a data management strategy is they will be overwhelmed by the volume and veracity of data being generated, and they will lose valuable business insights as a result. In addition, 33% say they are afraid that businesses that don’t adopt a data management strategy will become marginalized, obsolete or disappear.
The Solution: What CIOs Look for in a Data Intelligence Platform
Executives have several capabilities they look for when evaluating a data intelligence platform which reflects the challenges they identified through the research. 70% of executives look for a platform that is designed to correlate data from any source, both internal and external, legacy and proprietary, into a common data model.
Franco Castaldini, VP of Marketing at Bit Stew says, “The challenges facing IT and OT teams require a new approach to data integration. Getting operational value out of IIoT requires a technology that’s capable of gaining a contextual understanding of data across multiple and disparate sources in real time.”
Bit Stew’s data intelligence platform has been proven to solve the data integration challenge 6x faster than traditional ETL methods, enabling 90% more in cost savings.
“The MIx Core™ platform removes the significant time and costs associated with data wrangling and quickly integrates data sources by leveraging sophisticated machine intelligence to manage data in a scalable and flexible framework. By solving the data integration problem first, IT leaders are able to deliver actionable data intelligence to enable analytics and bring faster time to value,” adds Franco.
About Bit Stew Systems
Bit Stew provides the premier platform for handling complex data integration, data analysis, and predictive automation for connected devices on the Industrial Internet of Things (IIoT). Purpose-built for the IIoT, Bit Stew’s MIx Core™ platform solves the data integration challenge at scale for complex industrial data environments. Bit Stew has earned global recognition by being named to Gartner’s Cool Vendors List and as Frost & Sullivan’s Entrepreneurial Company of the Year – North American Service Solutions. In 2015, Bit Stew was ranked as one of the Top 100 Analytics Companies and Top 100 IoT Startups by Forbes. Incorporated in 2009, Bit Stew is a venture-backed private company that is headquartered in Canada with offices in the USA, Australia and Europe.