Catching up on the Latest 2019 Trends in IoT with Forbes

by | Jan 20, 2020

The Dresner Advisory Associates’ 2019 Edition of IoT Intelligence Market Study was Dresner’s 5th year of performing an IoT-focused enterprise study. The Dresner report has become one of the most influential for enterprises and executives to keep a finger on the pulse of the IoT industry. Below the key findings of the research report are summarized:

The departments that view IoT as the most critical to their success are (a) R&D, and (b) Marketing & Sales.

That means these departments are placing more priority on IoT than the Operations and IT departments. It may come across as a surprise to some that R&D and Marketing & Sales are topping the charts, but here’s why: the economy is hot right now and companies are seeking ways to grow their top line. Investments in R&D allow companies to utilize R&D to create new and defensible revenue streams. Similarly, utilizing IoT to collect more data on customers allows the marketing and sales department to increase their conversion rates and LTVs, further boosting the top line. In contrast, IT and operations are departments that are responsible for creating efficiencies and conserving the bottom line. Important, yes, but while the economy remains hot, enterprises are going to expand into new revenue as quickly as they can and IoT is an effective tool to get there.

Operations IoT is most important to companies in the (a) Manufacturing and (b) Financial Services & Insurance sectors

Even though on average R&D and Marketing & Sales are getting the most IoT emphasis, organizations in Manufacturing and Financials Services & Insurance sectors are using IoT to drive efficiencies rather than boost profits. The key IoT influencers for these organizations are in the operations departments.

The larger the enterprise, the more importance is placed on IoT as a strategic imperative

In organizations with over 10,000 employees, 54% of executives see IoT as important for their success. In contrast, in organizations from 100 - 1,000 employees, only 40% of executives see IoT as important for their success. Larger organizations have a greater number of products and services (and operations to connect everything up). The efficiency and new revenue gains for these large organizations can be significant, and they have the resources to allocate more staff to IoT initiatives than their smaller counterparts.

Location Intelligence is becoming the hottest specific sector in IoT

From the operations team to the executive office, everyone seems to care about quite a bit about the location of key assets. Location intelligence of critical assets enables (a) better understanding visualization/mapping of key data, (b) more effective geomarketing to customers, and (c) optimized territory management. In 2016 about 50% of enterprise executives were placing importance on location intelligence through IoT. In 2019 this figure has risen to above 80%.
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