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Capitalizing on IoT Data: The Golden Rule for Data Success

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

    Visualize

    An organization with harmonized data doesn't reap measurable benefits until they can "see" what it's revealing about the business. Organizations should visualize their data, empowering users to identify trends, risks and opportunities. Data visualizations enable end users with limited experience in analytics to process and take action on information – a key driver for the rise in self-service analytics.

    Software is becoming smarter, helping front-line employees gain insights from data without dependence on highly skilled data scientists for reporting requirements. This is particularly valuable for smaller organizations that may not have the budget for an in-house data scientist. It's crucial, however, that IT collaborate with the various user groups and their respective departments to create strong data analytics and governance policies.

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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-4

    Visualize

    An organization with harmonized data doesn't reap measurable benefits until they can "see" what it's revealing about the business. Organizations should visualize their data, empowering users to identify trends, risks and opportunities. Data visualizations enable end users with limited experience in analytics to process and take action on information – a key driver for the rise in self-service analytics.

    Software is becoming smarter, helping front-line employees gain insights from data without dependence on highly skilled data scientists for reporting requirements. This is particularly valuable for smaller organizations that may not have the budget for an in-house data scientist. It's crucial, however, that IT collaborate with the various user groups and their respective departments to create strong data analytics and governance policies.

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.