Crucial Elements to Capturing Value from IoT
If one could say what are the few things that gets any IT enterprise hooked, IoT would probably feature in the top of the list. While you may dismiss it as a trend that will soon go away, if you are wise enough, you will understand that only the contrary to it is the truth. While many people are only seeing IoT as a part of smart manufacturing process or a boost to the industry, it has the capacity to do much more than that. In fact, it may well bring a revolution in industrial and production level as has been predicted by many high-profile industrial conferences.
A sudden jump in technology
IoT, as opposed to the popular idea of an evolution from the previous industrial standards, is actually a transformation in every sense. With the data explosion, unthinkable amount of data is being poured in at every single second with supremely increased connectivity. The supply chains are so well integrated to each other that it allows the sensors to track almost anything and everything. Combining that with the big data scenario and the data analytics revolution, IoT is surely going to shake up some fundamental ideas about business.
Using the data properly
A statistics has recently emerged that proclaims that nowadays, every two days produce data worth a thousand previously. That is not only scary but also exciting to some extent. The question is to using so much data becomes hardly feasible and you cannot even store one percent of this seemingly infinite data that is being generated. Such wastage of data needs to be stopped and hence, a smoother integration of IoT is called into business. In fact, the advancement in robotics, artificial intelligence and technologies like 3D printing only boosts hope in favour of IoT.
The first priorities
While there is a general consensus about what good IoT can do, it is important to know how to derive maximum value out of the new idea. Firstly, you need to deftly analyze the whole digital thread through which your workflow goes right from the scratch to the final product. Secondly, rather than focusing on everything, it is better to limit your attention to top billed application s such as real time monitoring or optimization of throughput. Since these factors are the major controlling factors, beginning with them and improving them will only boost confidence.
Rethinking the system
While the internal assessment is necessary, it is even important to get connected with customers, suppliers and partners who are going to become part of this ecosystem very soon with the new turn in technology. IoT is not some personal project; it is all about connections and networks. So, it is best to begin connecting with all kinds of borderline participants to make the most out of it. Since digital ROI requires a clear cut executive strategy, it is time you develop one with module specific observations and boosting of IT infrastructure. In short, your company is not going to be an isolated entity, it will become a part of a bigger, ever-expanding network.