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Capitalizing on IoT Data: The Golden Rule for Data Success

  • Capitalizing on IoT Data: The Golden Rule for Data Success-

    Why Harmonize?

    Nearly 60 percent of organizations consider their data to be unreliable, which doesn't bode well for extracting any value from BI and analytics. As trite as the saying may be: junk in, junk out.

    If data isn't integrated, various departments operate in a vacuum, drawing conclusions based on incomplete or different data. Have you or your cohorts ever presented different answers to the same question at a meeting, then spent hours trying to justify your information? If information is harmonized across the organization, business leaders can eliminate hours of data reconciliation and tracking data lineage and, instead, focus on executing strategic initiatives.  

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Capitalizing on IoT Data: The Golden Rule for Data Success

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  • Capitalizing on IoT Data: The Golden Rule for Data Success-3

    Why Harmonize?

    Nearly 60 percent of organizations consider their data to be unreliable, which doesn't bode well for extracting any value from BI and analytics. As trite as the saying may be: junk in, junk out.

    If data isn't integrated, various departments operate in a vacuum, drawing conclusions based on incomplete or different data. Have you or your cohorts ever presented different answers to the same question at a meeting, then spent hours trying to justify your information? If information is harmonized across the organization, business leaders can eliminate hours of data reconciliation and tracking data lineage and, instead, focus on executing strategic initiatives.  

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.