Across industries, organizations do spend a lot of time, analyzing the data that is generated on an ongoing basis. Most of this analysis happens post-facto, and not in real time, and decisions made based on the data usually have a significant lag in implementation as well. In this age of the all-consuming IoT (Internet Of Things), what if the data can be available in real time and decisions can be based on powerful analytics and reporting tools, which can save you millions, improve stickiness with the customer by providing better customer experience and enable monetization through new revenue streams.
It is hard to find any piece of equipment that can’t be hooked up to the all-consuming IoT. Several of these devices are low cost and they also add low value, unless organizations find a way to capture and leverage the created data. And these devices, by their sheer number, are generating huge volumes of data. How many organizations will have the required infrastructure to capture or analyze this information? or the people with the skills to determine how best to leverage this data to drive real business value? This IoT enabled data revolution is not just about finding ways to drive business efficiency or improve customer service; it is about creating data streams that underpin new collaborative business models and can be action-ably monetized.
Driving the Data-driven Experience
Of course, many organizations have been capturing machine data for years. Telecom assets, O&M companies, for example, have fault information about their various assets, especially energy assets. Today sensors are helping them to automate corrective maintenance right from placing a call to a technician to monitoring need of resources like Diesel etc This is helping businesses to outperform with respect to the SLAs, that they have with Telecom service providers
Same fault information can further be analyzed and integrated with preventive maintenance plans and schedule to further improve up-time of telecom towers. Predictive analytics by integrating operating conditions, environmental conditions and basic faults logs can deliver better up-time of telecom assets
Current health status of various assets is valuable information to OEMs (Original equipment manufacturer) who are interested in either negotiating AMCs or wanting to replace parts or entire assets. O&M companies can very effectively monetize this data and analytics by establishing business collaboration with such OEMs.
Of course, with so much potential for the IoT driven information and so many different areas to explore, it is tough for companies to priorities and understands how best to drive value from this data. IoT is not a magic bullet; nor is big data analytics. And only a tiny minority of the very largest companies can justify a multi-million-dollar investment in the infrastructure, tools and analytic skills required to understand and prioritize the new business opportunities.
This is why the cloud analytics model is so compelling – from the investment in secured cloud infrastructure globally to the creation of dedicated analytics tools designed specifically to handle and drive value from vast data volumes. Organizations now have the chance to embrace IoT and explore these new data resources with minimal investment – opting for a monthly fee model to gain access to both the technology and data experts required to help prioritize activity and identify new data-driven data streams.
IoT is revolutionary, but not in the way perceived by many organizations today. Organizations that have never considered the chance to monetize their data now have the opportunity to mine these rich new data streams. Indeed, many of what have traditionally been core business processes could soon be superseded in value by the demonetization of IoT provided information.
The challenge for organizations is not about simply slapping sensors on every piece of equipment but to actively look at the new data streams that will be generated and their potential value, both within the business and to third parties. It is those companies that explore cloud analytics, which begin to think differently about the way data is used and actively embrace the new collaborative world that will gain huge potential value of IoT, from new business processes to entire new data-driven revenue streams.
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.