Retail winners first concentrate IoT efforts on organisational efforts. While a surprising number of retailers announce that they do not know how their operations will be impacted by IoT, retail winners quickly realise that the technology will help with operational excellence.
Fremont, CA: The Internet of Things (IoT) is a technology for retailers that has taken some time to figure out just how it can be used properly, but according to our recent study, it seems that it is now beginning to find some semblance of a home within the industry. The true promise of IoT technologies has always been to generate better data. Retailers tell us in this year's study that they see IoT offering prospects for everything from improving customer care all the way through to maintenance and repair procedures. Many who invest in IoT technologies hope to be compensated to a large degree.
The low-hanging fruit is not taken advantage of by retailers. This year's study indicates that when it comes to IoT, retailers are missing many simple opportunities, and the data shows that many in search of a magic bullet neglect low-hanging fruit. To finance more exotic projects that will drive top-line profits, the cash that can be saved from preventive maintenance, smart HVAC and lighting systems, and general machine status can be used.
In contact between business executives and IT experts, there are huge splits. The study shows that 50 percent of IT professionals claim that they have numerous, mature sensor-related ventures and use them to drive capabilities that separate them from their peers, compared to 29 percent of company managers. This is an indication of a major divide in the strategic vision of IoT in retail organisations.
Retail winners first concentrate IoT efforts on organisational efforts. While a surprising number of retailers announce that they do not know how their operations will be impacted by IoT, retail winners quickly realise that the technology will help with operational excellence. The research found that 40 percent of retail winners said that a top three market challenge driving interest in IoT is the need for speed and agility in their operations.