Uncovering the Value of IoT Data for Your Business

Myles Gardiner
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On: 9 Feb 2017
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IoT

Depending on how well prepared you are to handle it, data can be a business resource or business liability.

Either way, with the exponential expansion of the Internet of Things, data cannot be ignored. The forthcoming 2017 Dublin Tech Summit will be one place to find out what data can do for your business.

With the 2017 Tech Summit happening in the Convention Centre in Dublin next week, attention is once again focused on Ireland as a hub of innovation. For businesses in Ireland, this is a great opportunity to look at the way data is driving growth in different businesses from around the world. The desire of the business community to become more data focused is motivating investment in data-driven initiatives. In fact, the need to focus on data has been identified in businesses’ order of priorities as second only to improving customer relationships*. Notably, data is a key strategic component for that first priority too.

However, it can be hard to focus when data is coming at you in ever-increasing quantities. There are more than 15 billion devices connected to the Internet of Things today and IDC estimate that number will grow to 80 billion by 2025.** They also predict that by 2025, new devices will be connected at a rate of 152,200 per minute.

As IDC puts it:

“Everything we have of value will be connected to the internet.”

Don’t drown in data

The explosion in connectivity that is the Internet of Things means a tidal wave of data will be heading towards your business. If you don’t want to be drowned, and you’re not content to be swept along out of control, then you need to take steps to ensure that wave carries your business forward. The primary challenge is usually finding the resources and expertise to deal with this deluge of data, which can be generated in real-time from a wide range of sources. Only by gathering and analysing the right data, for the right role, at the right time, can data bring true business value. Getting this approach right will help you to market the right products or services, to the right customers, through the right channels.

Gathering the cupful of useful information from the sea of data can be tricky, but when it’s done effectively it can make it possible for your business to make faster, better informed decisions. The key is in the analysis, and the forthcoming Dublin Tech Summit represents an ideal opportunity to investigate the latest programmes available in the discipline. It’s a great idea to get talking to businesses that are already successfully analysing their data.

Right answers need the right questions

Exactly what data should you be gathering? How easy will it be for you to extract the information you need and analyse it? What value will it bring to your business?

Starting to think about these questions is a great step in the right direction. Asking the right questions is also key when it comes to extracting useful information from your data and analysing it in a meaningful way. Even the most advanced data analytics will only deliver results if you know what it is you need to find out. Simply having the data will not optimise marketing, improve customer relationships, or inform product development and service enhancement decisions. Interpretation, by someone who knows your business and what you are hoping to achieve, is required.

Unlock the potential by thinking about the value you want to get from your data and asking the right questions.

 

*IDG Enterprise 2016 Data & Analytics Research, July 2016. **IDC Annual IoT Review Webcast, August 2016.

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