Monetize
The final and most important keystone in the "golden rule" for IoT — and all — data analytics success involves extending access to data beyond the firewall to customers and partners. For partners, this means providing them with insights that help them to better serve your organization and your customers by identifying opportunities to reduce costs, provide new services or streamline operations.
Savvy organizations know that the battle for customer loyalty is won online. Analytics-rich and highly interactive web applications and interactive e-statements will become crucial tools for improving the customer experience. In fact, Gartner predicts that the next three years will see dramatic growth in customer-facing analytics – and for good reasons. Insights on market trends and performance against cohorts are just two examples of how data can fuel new sales, cross-sell or upsell products and services.
Capitalizing on IoT Data: The Golden Rule for Data Success
Capitalizing on IoT Data: The Golden Rule for Data Success
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.
