Decision makers must come to terms that the Internet of Things (IoT) is no longer a futuristic concept, Frost & Sullivan says in a recent release.
Many enterprises are already progressing beyond the conceptualisation stage and embarking on their IoT deployment.
However, it is important to understand that as with all new digital initiatives, IoT implementation is a journey.
Frost & Sullivan's latest survey, conducted in collaboration with Singtel, comprised 300 respondents in Australia, Hong Kong, and Singapore, and sought to understand the IoT maturity of enterprises and the impact of IoT adoption on business performance.
The study also looked at respondents' attitudes and perceptions towards IoT and other enabling technologies, and how IoT is being implemented in their organisations.
"Close to 40% of enterprises in Australia, Hong Kong, and Singapore have already embarked on their IoT journey and realised significant gains in their business performance," says Frost & Sullivan director of cognitive industries (IoT and AI) Spike Choo.
"Our study shows that enterprises surveyed have experienced improvement in overall business metrics of 12.1% after implementing IoT initiatives."
As a result of the study, the Internet of Things Actualisation Quotient (IoT AQ) was created to quantify enterprises' digital maturity in their IoT journey.
The IoT AQ is a framework that maps an enterprise's IoT journey and the business value it creates.
The quotient measures IoT maturity and links this maturity to business outcomes.
"The end-user study conducted found that enterprises at different stages of their IoT actualisation journey have realised increasing business benefits as they mature,” says Choo.
“Across all business outcomes covered in the study, IoT-mature enterprises realised more gains, seeing an average improvement of 16.8% in their business performance.”