Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.
  • 18 January 2018 11:12

ANZ Businesses Ahead of International Peers Designing IoT Programs That Deliver Incremental Revenue, Says New Forbes Study

Security concerns and lack of skills among top challenges for IoT adoption in Australia and New Zealand

SYDNEY – January 18, 2018 – The internet of things (IoT) is heralded as a foundational technology for breakthroughs in artificial intelligence, robotics and other potentially broadly applicable advances. But for frontline decision makers – the executives charged with implementing IoT in their company – it can sometimes feel impossible to separate facts from hype. It can be even more daunting to discern the practical steps required to get started with IoT in their business.

To better understand the current state of IoT, Forbes Insights partnered with Hitachi Vantara to survey more than 500 senior executives around the world, including 220 in Asia Pacific who are leading IoT initiatives within their companies. A new report, “The Internet of Things: From Theory to Reality – How Companies Are Leveraging IoT to Move Their Businesses Forward,” sponsored by Hitachi Vantara, highlights the key findings from this research and addresses the following issues:

• Is IoT still an aspiration or is it becoming an operational reality?

• How is IoT being used within companies?

• What does IoT implementation look like at this early stage?

• Are there companies that are more advanced with using these technologies?

• What are some of the implementation lessons learned?

• What are the practical steps companies can take as they begin their own IoT journey?

“Across the Asia Pacific region, it is clear that executives see the value in IoT initiatives,” said Bruce Rogers, chief insights officer at Forbes Media. “With 70% stating that they see IoT as either important or very important to their business, it is fast becoming a competitive differentiator that will affect almost every industry.”

“The results of the survey demonstrate the clear impact that IoT is having on businesses in our part of the world. ANZ enterprises are more likely to design programs that generate incremental revenue and positively affect the bottom line,” adds Nathan McGregor, vice president and general manager, Hitachi Vantara, Australia and New Zealand. “The Forbes study also showed that to fully reap the rewards of the technical advances in IoT, enterprises need to address real and perceived challenges around IoT security and skills.”

Key findings for Australia and New Zealand:

• 87% of ANZ respondents operate IoT programs designed to generate incremental revenue, as opposed to cost savings or creating operational efficiencies (compared to 60% globally).

• 53% of ANZ respondents ranked artificial intelligence (AI) and machine learning as an important technology initiative in their company (compared to a 44% global average). 67% (42% globally) also placed these among the top priorities for the next five years.

• The most important objectives of IoT efforts in Australia and New Zealand to-date include: enhancing the customer experience (17% vs. 13% globally), increasing productivity (17% vs. 15% globally) and cost reduction (13% vs. 6% globally).

• 70% of ANZ respondents stated that their IoT strategy involved learning from small projects before moving on to larger scale deployments (65% globally).

Challenges for local enterprises: IoT security and skills

• Concerns about keeping IoT secure were nominated as the greatest challenge their company faced in building out its IoT capabilities (ANZ 53% vs. 32% globally)

• 67% believe the consequences of a data breach in IoT presents greater consequences than other technology initiatives (44% globally).

• 43% of ANZ respondents said they do not have the right personnel to manage the data generated by IoT programs (29% globally).

“The findings of Forbes’ executive survey aligns with what we at Hitachi are also hearing from our customers: IoT is increasingly becoming a strategic imperative to effectively compete in the digital economy – and IoT is hard,” said Asim Zaheer, chief marketing officer at Hitachi Vantara. “It is imperative to ensure you have well-defined goals, outcomes and top-down support for your initiative at the outset, and a strong partner to help you drive your desired outcomes.”

About this research

The data in this report is derived from a 2017 Forbes Insights survey of 502 executives who identified themselves as responsible for, or familiar with, the IoT activities of their companies. Respondents were based in Europe, the Americas and Asia Pacific, and represented a range of industries, with not one comprising more than 25% of the total. All respondents were director or above, and came from companies with 500 employees or more. Forbes Insights also conducted interviews with several senior executives to add context to the findings.

About Forbes Insights

Forbes Insights is the strategic research and thought leadership practice of Forbes Media, a global media, branding and technology company whose combined platforms reach nearly 94 million business decision makers worldwide on a monthly basis. By leveraging proprietary databases of senior-level executives in the Forbes community, Forbes Insights conducts research on a wide range of topics to position brands as thought leaders and drive stakeholder engagement. Research findings are delivered through a variety of digital, print and live executions, and amplified across Forbes' social and media platforms.

About Hitachi Vantara

Hitachi Vantara, a wholly owned subsidiary of Hitachi, Ltd., helps data-driven leaders find and use the value in their data to innovate intelligently and reach outcomes that matter for business and society. We combine technology, intellectual property and industry knowledge to deliver data-managing solutions that help enterprises improve their customers' experiences, develop new revenue streams, and lower the costs of business. Only Hitachi Vantara elevates your innovation advantage by combining deep information technology (IT), operational technology (OT) and domain expertise. We work with organisations everywhere to drive data to meaningful outcomes. Visit us at www.HitachiVantara.com.

Brand Post

PC World Evaluation Team Review - MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Most Popular Reviews

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Latest Articles

Resources

PCW Evaluation Team

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?