Data Sharing and Analytics Drive Success With IoT:Creating business value with the Internet of Thing

By Stephanie Jernigan, Sam Ransbotham, and David Kiron

ABOUT THE RESEARCH: To understand the challenges and opportunities associated with the Internet of Things, MIT Sloan Management Review conducted a survey of business executives, managers, and IT professionals from organizations located around the world. The survey, conducted in the spring of 2016, captured insights from 1,480 respondents from a wide variety of industries, and from organizations of all sizes. The sample was drawn from several sources, including MIT Sloan Management Review subscribers. In addition to these survey results, we interviewed subject matter experts from a number of industries and disciplines to understand the practical issues facing organizations today in their use of analytics. Our interviewees’ insights contributed to a richer understanding of the data. We also drew upon several case studies to illustrate how organizations are using the Internet of Things.

Questions: Please answer the following three questions in 2-3 pages

1. Based on the research and results what are the competitive advantages from IoT?
2. What are the areas of concern for achieving success with IoT?
3. The authors state the following:

“While many factors contribute to successful IoT projects and larger-scale IoT initiatives, managers should consider developing the following three key factors at an early stage of their projects: a strong analytics capability; sharing data; and preparing customers for an ongoing business relationship with their IoT devices. Creating business value from the IoT depends on much more than managing IoT devices, or even managing the data that flows from these devices.”

As a CIO of how would you respond to the above statement and prioritize for success of IoT

*** pleas try to use other reference, thank you

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