IoT: Using Data to Make Smarter Decisions

The number of connected devices is now in the tens of billions.

And things aren’t slowing down.

If we had to guess, you’re already utilizing IoT and connected devices to some capacity, which means you’re already experiencing a deluge of data like never before. But what do you do with it? Collect it? Analyze it maybe? But how are you using it?

If you’re like most businesses, you have more data than you know what to do with. And if you have implemented IoT practices into your organization, chances are, there’s no real strategy in place when it comes to analyzing the data and applying it to the decision-making process.

IoT has brought welcome opportunities, as well as its share of challenges.

What are the opportunities? For one, the barriers that once stood between decision-makers and the data they need is being lifted; these leaders now have better access to the software and systems they need for deeper analysis. This makes analyzing data easier than ever before, minimizing the risk of missed opportunities. Now, we have access to real-time, predictive data that can improve decision-making.

Other benefits of IoT include:

  • Technical assistance for managing equipment & activities
  • Improved results
  • New opportunities
  • Better understanding of customers
  • Better support for sales (and all departments)

Okay, so what about the challenges? When it comes to the data gleaned from IoT, the greatest challenges facing businesses have to do with the fact that, while most businesses are collecting this data, few are using it, and even fewer have a real strategy in place. Because there is no real strategy in place, this means that there is also no IoT-specific security in place that would protect the network and data.

Top fears associated with IoT include:

  • Security fears
  • Missed opportunities
  • Lack of analytical employees
  • Budget constraints

Data from connected devices can be used to report on what can happen, rather than what did happen.

The majority of businesses are collecting IoT data, with no real strategy in mind.

If you’re a decision-maker in your organization, it’s up to you to explore better ways to analyze and use data. One way is to put an increased focus on hiring and training individuals with analytical skills and experience to help you better manage the data. Even for those who consider IoT to be an emerging trend, it’s growing by such leaps and bounds that it’s up to organizational decision makers to keep up and act fact; not doing so could negatively impact ROI.

If you don’t have a strategy now for handling the data, what will you do when it doubles? Triples?

Most of the data organizations collect isn’t even analyzed, let alone applied to make better decisions. This is because, in many cases, the time and resources simply aren’t available, and hiring individuals with the necessary skills or experience to analyze IoT data hasn’t always been a priority. On top of that, because departments are often treated as separate entities, data isn’t being used to its fullest potential.

What can you do?

  • Make hiring individuals with the necessary analytical experience a priority.
  • Invest the appropriate security measures, and IoT-specific strategies for network security and data privacy.
  • Encourage collaboration among department analysts and decision makers.
  • Get the tools you need, before you really need them.

Interested in learning more about the value an IoT-specific strategy and process can bring to your organization? Contact us today.

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