LINKÖPING, Sweden, September 27, 2017 /PRNewswire/ --
IFS, the global enterprise applications company, has released a primary research study on how the Internet of Things (IoT) affects readiness for digital transformation in industrial companies. According to survey of 200 IoT decision makers at industrial companies in North America, only 16 percent of respondents consume IoT data in enterprise resource planning (ERP) software. That means 84 percent of industrial companies face a disconnect between data from connected devices and strategic decision making and operations, limiting the digital transformation potential of IoT.
The study posed questions about companies' degree of IoT sophistication. The study also explores how well their enterprise resource planning (ERP), enterprise asset management (EAM) or field service management (FSM) software prepares them for digital transformation and to consume IoT data within enterprise software.
Respondents were divided into groups including IoT Leaders and IoT Laggards, depending on how well their enterprise software prepared them to consume IoT data—as well as Digital Transformation Leaders and Digital Transformation Laggards depending on how well their enterprise software prepared them for digital transformation.
In reviewing the findings, IFS Chief Technology Officer for North America, Rick Veague, commented, "Are your planning and maintenance systems robust enough to make real time decisions using IoT-sourced data? Many are facing the reality of having to answer 'no.' We have seen examples of companies coming to us because their incumbent software is not able to administer and use IoT data to achieve the gains they want to realize."
Steve Andrew, IFS Vice President of Marketing for North America added, "Long before the term IoT was coined, IFS was committed to introducing machine data into enterprise applications. With the release of the IFS IoT Business Connector, we are in a better position than ever to help our customers operationalize their IoT data. These study data shows this technology is required to connect IoT with strategic data from around their organization. This in turn lets businesses use IoT not just for cost avoidance strategies like condition-based maintenance, but to add new or enhanced product or service lines, increase enterprise agility and realize the growth and revenue benefits of digital transformation."
"Study data suggest that the most common use case for IoT in these industrial settings is condition-based maintenance. The benefits go beyond operational improvements and maintenance cost avoidance," said Ralph Rio, Vice President of Enterprise Software at ARC Advisory Group. "It increases uptime that provides additional capacity for increased revenue. It also avoids unplanned downtime that interrupts production schedules causing missed shipment dates and customer satisfaction issues. When married to demand and scheduling systems in ERP, IoT becomes a revenue-enhancement tool improving the top line."
Download the Industrial IoT and Digital Transformation Study.
Laura Zadravetz, Director of Marketing Communications, IFS North America. Phone: +1-(262)-717-6591, firstname.lastname@example.org
Chuck Rathmann, Senior Marketing Communications Analyst, IFS North America.Phone: +1-(262)-317-7419, email@example.com
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