New Vodafone Research shows IoT enabled Business Continuity during COVID-19

The majority (79%) of Irish businesses who have adopted Internet of Things (IoT) have reported that the technology was key to maintaining business continuity during the pandemic, according to a new report from Vodafone Business.  

Nearly three in four (73%) of businesses now view the integration of IoT devices with workers as a higher priority than before. Separately, nearly eight in 10 (78%) are now considering implementing this technology and agree the pandemic will accelerate their adoption of it. 

Completed for Vodafone Business’ new global 2020 IoT Spotlight Report, the research focuses on the impact IoT is having on businesses by investigating the relationship between IoT and business strategy, resilience and success. The responses gathered in May 2020, in the midst of the restrictions, from 1,639 businesses in 13 countries, including 70 in Ireland, explored how they are using IoT, now and into the future. 

The study found that the benefits of IoT range from improving operational efficiency to creating new connected products and services. Moreover, it found that Irish companies who invest in IoT technology have recorded a 44% increase in employee productivity and a 52% increase in improved customer experience.   

IoT making a difference through COVID-19 

IoT and maintenance of business continuity and resilience during the pandemic is evident in the research, with 64% of Irish adopters increasing the pace of IoT projects during this time. Globally, this figure was 77%.   

Embracing digital  

The value of the data that IoT generates was a standout in this year’s report, with many businesses seeing this data as essential to shaping strategy and offering tailored services for customers. Nearly eight in 10 (79%) of adopters in Ireland thanked IoT for being able to do things they couldn’t before, while the same number credited IoT data with helping their businesses meet their sustainability goals.  

Globally, 86% of respondents said IoT has changed the way they approach analytics and the value of data, with 87% agreeing their core business strategy has changed for the better, after adopting IoT. The data from IoT provides businesses with the capability, control and confidence to make better-informed decisions, which is crucial in navigating business in the current environment.  

Marc Daly, Interim IoT Country Manager, Vodafone Ireland said: “IoT has grown up. It is no longer just about increasing return on investment or providing cost savings to businesses: it is changing the way they think and operate.  In addition, it is giving them an opportunity to redesign their operations and future-proof their business model.  

In just two years, Vodafone Ireland’s IoT connections have grown by more than 50% and there are over 100 million IoT connections on the Vodafone network, globally. This rapid growth shows the appetite for IoT technologies and this report clearly shows how IoT as an essential technology for businesses that want to resilient, more flexible and quicker to adapt and react to change. In the current climate, it is more important than ever for businesses to become agile and flexible. This is what IoT can offer.” 

Improving business performance  

In supporting business performance and creating additional revenue streams, the report reveals that 81% of adopters in Ireland are achieving a return on investment, with 47% recording an 18% operating cost reduction when incorporating IoT technology.  

Barriers to IoT adoption  

While cybersecurity continues to be a worry for businesses and was a notable barrier to IoT adoption in the past, the findings show a significant reduction in cybersecurity concerns, with only 22% of Irish businesses now classing it as one of the top three barriers to IoT implementation.  

In addition, the report also highlighted that 84% of respondents globally view security as a challenge to overcome rather than as an obstacle to innovation. With 43% of global adopters believing the opportunities IoT offers business greatly outweigh any implementation challenge.  

Read more here https://explore.vodafone.com/iot-spotlight-report-2020 

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