New research from Cisco has explored the pay-off required between value and trust for the Internet of Things (IoT); consumers recognise the value they provide, but are less sure about how their data is being managed and used.
The survey, which polled 3000 consumers, argues that while users are willing to trade value for trust, it is being done increasingly reluctantly – and companies who can solve the transparency issue are set to be welcomed with open arms.
When it comes to value, more than half (53%) of those polled say the IoT makes their lives more convenient, while efficiency (47%) and safety (34%) were also popular responses. On the flip side, only 9% of respondents say they completely trusted that their data was secure when collected and shared through IoT. A similarly meagre number (14%) added that companies do a good job of informing them about their data collecting habits.
Cisco argues that organisations should take three steps if they are concerned: establish a clear, concise data policy and share it with users; take granular control of data; and create accountability throughout the IoT value chain.
“As more companies build their businesses around IoT services, they need to first understand the importance of educating customers on how they are using their data to deliver new, valuable services that will enhance their lives,” said Macario Namie, Cisco head of IoT strategy in a statement. “Consumers are asking for more visibility into IoT data practices, and to increase transparency around your IoT data governance and management, you first need to be able to determine who gets what data, where and when.
“Today’s IoT platforms solve this problem and can give you the ability to enhance consumer confidence and trust, which can lead to greater adoption of your IoT services,” added Namie.
The research also gave interesting insights into consumers’ perceptions of the Internet of Things (IoT). While many in the industry will be aware of how street lighting and traffic systems will – if all goes to plan – be connected with each other, only 27% of respondents in the Cisco survey knew this; a number which pales compared to the 63% who were able to identify personal devices, such as wearables and home security systems, as IoT-related.
You can find out more about the study here (email required).