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Prepping Your Business for the Internet of Things
June 26th, 2017

Prepping Your Business for the Internet of Things

Virginia Fair

Are you one of those business owners who is saying “Wow! We didn’t see that coming.” when it comes to the Internet of Things? If so keep reading.

Have you noticed how many people are wearing fitness trackers? Or using a smart TV? How about all those smart appliances and thermostats? It looks like we’ve reached the frontier of the Internet of things.

Hopefully, you’re not one of those business owners who are saying “Wow! We didn’t see that coming.” Surely you know one or two. They’re the people who heard all the talk surrounding life when IoT arrived and dismissed it as hype.

Now they’re reading about how valuable the data can be to their businesses, and they’re scrambling to catch up. Fortunately, it’s not too late for them (or for you). While it’s still impossible to predict all the ways IoT will affect us, we do know…..

The Internet of Things mean business will never be the same

Gartner analysts predict there will be 16.5 billion things connected to the internet by 2020. This explosive growth will represent both consumer-facing devices and those governing business operations. The IoT is already impacting how we live, now get ready for it to revolutionize how we conduct business. If you rely on data to make strategic decisions, the IoT will deliver it in real-time, and in-depth. Leverage it properly, and you’ll be able to operate more efficiently, thus reducing your costs.

The IoT will provide actionable information. For example, if you run a retail operation, it will offer insight into customer behavior and purchasing habits. You can them use this to manage a just in time inventory ordering policy. Meanwhile, in the warehouse, IoT sensors will allow for a more streamlined ordering process and a more accurate inventory.  In order to leverage all this data, you will need to go shopping for

  • Big data analytics to extract insight from the data.
  • Agile business intelligence tools to transform IoT data into customized and easily digestible reports and dashboards.
  • A scalable cloud-based business intelligence (BI) architecture to put the analyzed data to use

Harnessing the data

Data will multiply quicker than most people can even begin to imagine. Whether it’s smart utility meters, self-driving cars, or fitness trackers, their sensors will gather mountains of data. Data means nothing until it is analyzed. So, ask yourself what you want it to reveal, and then ask yourself the following questions.

Do you have the expertise necessary to handle the data you’ll be gathering?

Will you need to act on it in real-time?

What data will you need to retain, and how much memory will that require?

Where will you store it? In a centralized hub or at the source.

What happens when you’re faced with 100 sensors or devices? 1,000? 10,000? 1,000,000?

A word before you go

Now is the time to plan and prepare, while the Internet of things is still in its infancy. But don’t dawdle, the IoT will soon be experiencing growing pains. And when it does, so will you. Don’t be taken unawares when data masses begin to accumulate. Don’t be among those who didn’t see it coming.

 

 


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