3 Steps to Get the Full Value from Your IoT Data

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In today’s highly digitized world, “Internet of Things” holds the potential to change the world. The journey of IoT has evolved over the last several years. With the rise of economical sensors, ever-present connectivity, and huge data volumes, the Internet of Things (IoT) is already changing the way we work. But unfortunately, the true potential of IoT is not fully utilized by organizations collecting data.

If you’re collecting big data and want to grasp the true potential of IoT, you need to triumph over the data challenges. Most businesses gathering data often fail to derive insight from that collected data. Let’s take an example to understand this better. Suppose you connect the lights of your building to the Internet of Things so that they can be turned on and off via their sensors. This will ease your efforts but this is not the end. The IoT connected lighting system of your facilities can also help you manage energy consumption. This can be done only if you gather data from your devices and use those insights to manage energy usage.

The companies that are not using big data are actually wasting a valuable resource that they already have. They have not realized the possibilities of a big data solution because they fail to derive useful information from the gathered data to explore ways of using it.

So, if you want to ensure that your IoT analytics reach their full potential, you need to keep a few things in mind. Let’s look at the three steps every organization should take to realize value from their IoT efforts.

  1. Maintain complete data inventory

To begin with, a business that wants to starts a big data project should collect the data from their devices into a usable format. You need to take a look at the data you’re currently collecting and what more is needed. It’s important to gather data from multiple sources such as from sensors, CRM or sales systems or inventory management systems. To efficiently derive insight from the collected data, maintain an inventory on all your systems.

  1. Uncover and envisage patterns

Once the data from all sources is in your hands, it’s time to dive into it to see how this data and information can be potentially used throughout the business. The insights on how to use the data more efficiently and effectively can be of immense use for a big data solution. If you carefully review this data, it can tell you a lot about your customer’s shopping habits or issues on your manufacturing floor or how to prevent accidents. Let’s again consider the example of a facility lighting system that we took earlier. If you analyze the data, you may find out that there are some areas that don’t have to be lit at certain times. By cutting down your lights usage you can save cost on energy bills. A clear understanding of your data patterns can help you integrate it with your business operations to make better budgeting decisions. By making use of data analytics, you can visualize the patterns of device failure, make predictions, and adopt new practices that can help you avoid potential problems.

  1. Make use of Artificial Intelligence

Obviously, you will feel overwhelmed by the amount of data collected. All the data you’ve collected is not important and you need to spot what data should be kept safe and what should be discarded. This is where Artificial Intelligence comes into the scene. AI will also help you undertake more sophisticated tasks and identify new opportunities with ease.

In a nutshell, to get the most value of your IoT data, you need to extract data from devices and remote platforms and interpret data analytics to drive productivity and maximum performance.

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