The key to IoT and its benefits is the data that the devices provide and the ways that this data can be utilized to create efficiencies and other benefits. Recently, Finextra—a research firm based in the UK that focuses the financial technology— published a blog post listing the five things a successful IoT program needs. Their five things relate to the abundance of information that IoT devices provide, which then necessitates having “a plan to efficiently and effectively aggregate, store, and analyze all of the data” to get the most value from it. According to the blog:

 

1. Develop a strategy for why you are collecting the data and what you hope to achieve with it.

2. A business will need a scalable platform to keep up with the data generated by all those devices. If you don’t capture all the data, you’ll “miss key insights and make suboptimal decisions.”

3. Because IoT captures so much data, the business will need advanced analytics to help quickly and accurately analyze all that data, providing “immediate insights and the opportunity to address problems quickly.”

4. Don’t neglect long-term analysis which is necessary for understanding trends based on historical data.

5. Merge IoT data with other data sources to gain a more complete view of the entire business. Incorporating data from CRM and ERP systems, for example, will make the data you have that much more meaningful and provide a more accurate picture.

 

Reference: Marilyn Latham – https://blog.recurly.com/iot-and-the-transformational-power-of-data

Image Source: Thinkstock – https://www.networkworld.com/article/3202767/internet-of-things/the-fight-to-defend-the-internet-of-things.html

Leave a Reply