How to Use IoT and Big Data to Be a Future-ready Business

March 1, 2020 By 0 Comments

How to Use IoT & Big Data to Be a Future-ready Business

Introduction

How to Use IoT & Big Data to Be a Future-ready Business.   The volume of data now being generated is beyond comprehension. About 2.5 exabytes of data are being created globally daily.

Just being able to collect data is of no use for a business, though. It is the use of data that makes it a make-or-break factor for having a thriving business.

Is your business future-ready? Are you prepared to use the exciting combination of technology to empower your business making you untouchable by your competition?

Companies are now realizing the value of data utilisation and how they are connected through the Internet of Things (IoT).

Frost & Sullivan research calculates that the market for big data analytics will grow from $8.7 billion in 2017 to over $40 billion by 2023.

What are companies planning to do?

The three top future plans for companies already using or those that were considering implementation of IoT, Big Data, and artificial intelligence were:

  • “update our implementation to take advantage of new or improved technology,”
  • “ utilise the cloud/off-premises solutions”
  • “tie it into automation.”

Despite the growth, acceptance, and benefits, most companies still struggle to bring in technology to work for their businesses.

For example, manufacturing accounted for 6.2% of the market in 2017, despite accounting for 15% of the global economy.

Clearly, there’s a lot of wiggle room for growth in the industry to build innovation in processes inside and outside of factories.

For businesses, these innovations can help them become more efficient and create new value-added revenue streams.

We are already at an inflection point for companies across all industries to become “future-forward” innovators in their space.

It’s also about connected experiences

Using technology holistically (Analytics, IoT, and Machine Learning) to  give you an immediate edge to differentiate yourself from the competition.

On top of How to Use IoT & Big Data to Be a Future-ready Business you also get to provide “connected experiences”. Frost & Sullivan suggests that connected experiences could look like this:

Image Credits: Frost & Sullivan Whitepaper, In Partnership with IBM [https://www.ibm.com/downloads/cas/V2KO8RGW]

So, why is the rest of the industry lagging? What’s stopping several businesses from taking the plunge?

The most common IoT/big data problems or drawbacks respondents identified were:

  • “complexity of our environment has grown,”
  • “cost has exceeded our expectations,”
  • “staff has not had sufficient training/expertise”
  • “unable to find or build the right support”

Stop talking and start doing

If businesses could take the leap into IoT transformation, a variety of new layers can be introduced.  The trick is not to sub optimise the opportunity by selectively choosing one technology. By using a combination of Big Data, Artificial Intelligence, IoT, and Machine Learning transformational results are achieved.

That welcomes the change in the way you do business. Through using the right combination of technologies, you can achieve

  • Personalisation or customisation of marketing or sales processes
  • IoT-enabled production
  • AI-based enhanced product or service delivery
  • Technology-driven decision-making

and so much more.

Image Credits: Frost & Sullivan Whitepaper, In Partnership with IBM [https://www.ibm.com/downloads/cas/V2KO8RGW]

Don’t sub Optimise – Transform

Or you could decide to undertake a transformative change and look at your entire operating to identify the transformative business case that overcomes the cost/benefit challenges that the above model brings.

Most organisations start their IoT journey with an IoT proof of concept (PoC).  These PoC’s inevitably fail because:

  1. There is more than one vendor involved. Each one is battling other trying to impress instead of collaborating to help their client.
  2. Silo mentality exists within the organisation. This leads to single unit or site adoptions sub-optimising a compelling business case for widescale adoption.
  3. Not deploying “IoT holistically”. Deploying machine learning in one area and robotic process automation in another. Working in isolation and sub optimising the opportunity.

IoT can be truly transformational delivering significant and sustained bottom line growth.  Organisations that succeed with IoT transformation understand the transformational business case that underpins the work in detail. They understand how extreme collaboration. Where the sum of the parts is greater than whole. Companies who are prepared to invest heavily in their teams and technology will make it work.

Is this you? or are you still running proof of concepts?

People development is a core competence not to be overlooked

You also need several competencies to ensure that you hold your ground in the competitive marketplace you are likely to find yourself in.  Transforming an entire business requires subject matter expertise in the business, in new technologies and more importantly finding teams that are adaptable and emotionally resilient to deliver your ambitions.

As an example you need the following:

  • Continuously strive to improve customer experience by bringing together people, companies, technologies, and products.
  • Establish and retain a dynamic response team with an IoT transformative mindset and the right set of collective skills needed for IoT transformation.
  • Technology, automation and constant change is the default state of your business
  • Problem-solving with technology (continuously strive to find technical solutions that can address challenges around efficiency, safety, accuracy or other human-centric issues as related to your business).
  • Not just competing but seeking to stay ahead. Use IoT transformation to maintain a business’s edge.
  • As a business, your business also gets better access to customer insights and connections, further strengthening its foundation against the competition.

For most companies, it will be impossible to develop these connected experiences on their own.

However, with the right partner, companies can transition from smart solutions to truly connected, industry-leading ones that provide a significant advantage.

Providing customers, partners, and even tangential markets with connected experience-driven solutions can help elevate a company from being merely IoT proficient to be a future-forward enterprise.

We, at Global IoT Solutions [https://globaliotsolutions.co.uk/], are the experts at making transformation possible for your business. Want to find out how to put IoT enabled data analysis to power your business? Or would you like to find out how to take your business management or business processes to the next level?

Get in touch with us [https://globaliotsolutions.co.uk/contact/].