McKinsey report below highlights the challenges.
My own blog dwells on "The Reality of IoT" and the fact early adoption will be in the background rather than fanciful smart kitchens, homes and highways.
BI and Analytics needs embedding in these background IoT sensors and machine learning
The transition from a traditional enterprise IT architecture to one optimized for the Internet of Things will not be easy. Elements of companies’ current technology stacks may need to be redesigned so they can support billions of interdependent processing events per year from millions of products, devices, and applications. Because networked devices are always on, companies must be able to react to customer and system requests in real time; agile software development and delivery will therefore become a critical competency. Seamless connectivity will also become a must-have, as will collaboration across IT and business units, which have traditionally been siloed. Moreover, companies must be able to securely and efficiently collect, analyze, and store the data emerging from these refined IT architectures.