The use of IoT powered devices is growing rampantly across industries, and so is the quantum of data that is generated from these devices. The important question to address though is – How is your enterprise getting ready to leverage this enormous amount of data that is being generated on a daily basis.
All of us accept that the Internet of Things (IoT), and the amount of data from connected devices is in the early stages of tremendous growth over the next few years. A recent report from a leading analyst firm estimates its potential economic impact could be up to $11.1 trillion by 2025. The impact of this projected growth is already making its way into the operations of many enterprises. While this number is staggering in its implications, enterprises have a lot of work ahead to create real value from the IoT systems/devices and the resulting wave of IoT system data.
How many different connected devices or IoT systems are you using in your production facilities right now? It is quite likely that data that is being generated from these devices would be close to several gigabytes. But the important question to ask is, how much of this data is really being used to speed and improve business decisions. It is common to see across several organizations, that over 95 percent of connected device data is not currently being used or used sub-optimally.
It is necessary to have a clear strategy and framework for the usage of this data in business decision making. The right analytic tools in combination with solutions in big data aggregation and an overall enterprise application integration strategy is critical.
It’s fairly straightforward to connect device data from one IoT system to one data service provider for analysis and reporting. The challenge comes in aggregating data from multiple IoT systems to be processed by multiple best-in-class data service providers to get the most out of your data. This is where the need for interoperability becomes very important. It’s difficult to scale your solution to its maximum potential when limited by closed systems or locked data.
There is a technical prowess required to make IoT solutions work together, enterprises that once tried to consolidate their systems with one all-encompassing vendor are now embracing the interoperability of many specialty vendors to provide the best operational efficiency and accelerated deliverables. Before IoT Systems integration requirements, many successful enterprises were already utilizing a mix of on-premises EAI platforms and cloud-based solutions for Enterprise System integration.
If your enterprise wants to become a part of the IoT landscape, you need to have good answers to how you’re going to integrate multiple IoT platforms and create actionable results from IoT data. The power, in the true sense, is in the information & decisions that you can derive from the data and not in the data itself.
At Pratiti, we have been involved in several projects, where we have been driving the IoT strategy as well as execution for our clients and helping them realize true business value. We would be happy to engage in discussions with you, as well, to help you achieve your objectives, leveraging IoT.
Recently we have launched Industrial Grade, Multipurpose and Cross-Industry Device: Pragate – IoT Gateway Device, know more
After successful 5 years stint in a corporate role, Nitin is back to what he enjoys most – conceptualizing new software solutions to solve business problems. Nitin is postgraduate from IIT, Mumbai, India and in his 19 years of career, has played key roles in building a desktop as well as enterprise solutions right from idealization to launch which are adopted by many Fortune 500 companies. As a Founder member of Pratiti Technologies, he is committed to applying his management learning as well as the passion for building new solutions to realize your innovation with certainty.