Capitalizing on IoT Data: The Golden Rule for Data Success

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Harmonize

Organizations need to harmonize all critical data assets, including Big Data from sensors and other IoT devices, to ensure that the business has simplified access to trusted data. The first step is to put a system in place to integrate data and ensure its integrity. Take stock of data and where it's stored, including customer data warehouses, CRM platforms, financial systems, public internet data, etc. And, don't forget to include unstructured data sources such as social media, location, mobile and machine generated/IoT data. (An estimated two-thirds of unstructured data sources are not being used for strategic decisions making.) Ultimately, this data should then be brought together physically or virtually and be cleansed to ensure accuracy and completeness.

The holy grail of harmonizing data, however, is developing a master data management (MDM) strategy. MDM extends beyond tactical data quality to ensure consistency of data values as well as allow the organization to get a 360-degree view of their customers, partners, and operations.

Gartner estimates that by 2020 more than 50 percent of major new business processes and systems will incorporate the IoT and that there will be more than 35 billion things connected to the internet. The connected enterprise has tremendous business potential; by mining IoT data, organizations can identify new ways to drive operational efficiencies, capture new revenue opportunities and improve the customer experience. However, companies must ensure that their information management strategy can support the data deluge fueled in part by the IoT and other emerging innovations.

The ramifications of an incomplete or poorly executed business intelligence program can cripple even the most successful of organizations – running the gamut from inadequate customer care and inaccurate operational insights, to business-critical errors impacting the C-suite.

The key to truly capitalizing on IoT data is a well-established, integrated information management strategy. In this slideshow, Information Builders shares four considerations underpinning the "golden rule" for data analytics success – harmonize, visualize, operationalize and monetize – as well as tips for avoiding common missteps.

 

Related Topics : Blade Servers, Business Integration, Ethernet, LAN, Network Protocols

 
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