With the cost of computing, bandwidth and sensors decreasing multifold in recent years, there has been an explosion of embedded devices that can communicate with one another and churn out volumes of data. Smart objects linked through wireless networks that carry information are forming a system called the Internet of Things (IoT), which is challenging business models built on static and rigid information architectures.
The nature of how work gets done today is also evolving with demographic, globalization and technology changes. The composition of today’s workforce is increasingly diverse, with digital-savvy millennials working side-by-side with more experienced knowledge workers.
As IoT technologies further penetrate the workplace, they will create new ways of organizing work and dispersing knowledge across distributed teams. Individually these trends are a force. But together, they are transforming industries and economies. They also create new challenges for business leaders. They can be grouped into technology, business and organizational challenges.
Digitizing operations has become an imperative for the modern industrial corporation. Technological progress in computing, sensing, storage and communications technologies has made it easier, faster and cheaper for organizations to accelerate adoption of Big Data and asset management technologies.
However, with the growing volume of data from assets and operations, there are significant challenges that asset-centric companies need to overcome to reap the benefits of digitization. In this slideshow, Shefali Patel, director of strategy and marketing, GE Digital, discusses the challenges inherent in working with large volumes of data and how to successfully leverage enterprise data.