In the mid 1990’s, the internet gradually started to get recognized. Now it makes everyone’s lives better by giving us advantageous access...
In the mid 1990’s, the internet gradually started to get recognized. Now it makes everyone’s lives better by giving us advantageous access to connectivity, knowledge and speed.
However, with the Internet of Things (IoT) gaining its own momentum there seems to be a huge revolution in the digital tech world, that could greatly affect all aspects of life.
Although that may sound daunting, it is actually quite spectacular. Consider the possibilities of IoT as a huge network of computing devices that connect to the internet. That means devices of all kinds like tablets, mobile phones and laptops all connecting. That’s not so impressive, but now imagine connecting to almost anything with sensors such as cars, jet engines, oil drills etc.
This one simple technology can bring super visibility to almost all the major industries including healthcare, manufacturing, transportation and automotive among so many others. It’s truly a type of technology that can impact almost every industry and in turn our everyday lives.
Even though IoT seems like the ultimate solution for many businesses there is a proper way to plan out an IoT business strategy. Before jumping into the next big thing there are a couple of things to consider when it comes to IoT technology. So, here are the best ways that companies and organizations can take to prepare for the future of IoT.
Once you start working with IoT applications don’t get surprised by the loads of data that comes your way. There’s no way around this because it is important for you to have a sufficient amount of data in order to create a data-driven analytical culture. IoT improvements depend on data generated and analyzed.
For instance, the Finnish Railways had sensors installed for continual observation of the conditions of the trains. The data collected from the sensors allowed it to switch from scheduled maintenance to predictive maintenance in order to take care of the repairs in a timely fashion. However, in order to avail those benefits, the Finnish railway company had to build analytical models to take care of any unexpected failures. Over and above that, the life cycle of the models built need to be managed.
For most businesses this may seem like a strong cultural shift. Especially for service-oriented companies because domain knowledge is necessary. The best way to gain that knowledge and create a shift is through data. Data helps you gain analytical insight which will create opportunities for a greater degree of productivity and efficiency in the long term.
No matter how much data is generated or where it is generated, analyzing the data is incredibly crucial. Otherwise the data is pretty much useless. If the railways hadn’t implemented data into their sensors then they wouldn’t know what parts need maintenance. However, they also wouldn’t know if they hadn’t analyzed the data that is generated by the sensors. Data can only do so much. It is up to you to decide how to observe, model, predict and decide what to do next based on the data generated.
Therefore, for regular maintenance and development of your project, you need to conduct data analysis in a systematic manner. This requires using a sophisticated model, advanced visual and predictive analytics as well as machine learning. All of this will also help you build an analytics infrastructure which will make future IoT based projects easier to manage.
Acting on Data
Once the data is efficiently analyzed, relevant decisions and actions need to be taken. Therefore, your business must know how to handle data at the speed at which it comes. Data tends to expire quickly so you need to act on it even faster.
Just how analyzing data raises value, not acting on it on time can lower value. However, you also need to understand the right time to perform the right type of analytics. Consider the finance industry, for example. If a fraudulent credit card transaction takes place, management would want to know as soon as it happens.
Fast action is required so that these type of unfair practices can be controlled and minimized. But, they can’t act on it as soon as the transaction is done. Management must see the data, analyze it and then act on it at the right time. This type of reactivity is what data analytics can bring to every industry. We can give thanks to IoT for that and every other benefit that will come from it.
Time to Take Action
Get well equipped for the future with Iblesoft. We can help you effectively deal with, implement and operate IoT-enabled business processes. You can even talk to one of our consultants about the best ways to personally implement IoT into your business.