The constant flow of data that IoT devices generate increases exponentially by the day. As more and more connected devices use internet connections to transmit information and gather data, the volume of data will only increase. And if you're like most organisations today, you are inundated with data. The challenge is to find value in that data.
Big Data is increasingly becoming the most valuable resource of enterprises and businesses today — but what if that data could be turned into profit? How can you make sure you’re capitalising on the big data explosion? In other words, how can you turn your big data into big business?
Businesses that use the Internet of Things (IoT) can gain a major competitive edge by being able to collect, analyse, and act on data that connects devices, systems, and processes together.
However, not all IoT data is created equal. The sheer volume of information generated can be overwhelming, and many companies aren't sure how to collect it most effectively. It's not enough to simply gather data from your various devices and sensors; you need to understand what you're collecting and how it can help your business in concrete ways.
Big Data refers to the very large sets of information that today occur with increasing frequency. “Big” describes the volume or size of the information, the growth of the number of organisations collecting data, and the diversity of data points covered. The defining principles of the digital transformation of large databases are volume, velocity, and variety — called the three V’s.
Big data come from a process called data mining. This data comes into organisations in many forms, and the collections for storage and retrieval of data are loosely called databases.
According to Investopedia, data can either be structured or unstructured. Structured data is information that an organisation has managed and placed into databases and spreadsheets. Structured data can be retrieved using software and other database management systems. Unstructured data is not organised, and it does not fit into a standard model or form.
Data comes from many sources and collection devices. Organisations collect data from a wide range of sources, such as:
IoT and big data have a lot in common. They are at a point of intersection where technologies are converging to create a bigger impact than ever before. By capturing massive amounts of data, we can make reliable predictions and uncover hidden insights that can be used to improve business operations. The question is no longer whether or not you need IoT — it’s how you’re going to use it to improve business decision-making.
The Internet of Things shares the characteristics of the three v’s with big databases and comprises three essential parts: the Internet, semantic-oriented approach, and things. Sensors, actuators, and wearable devices are growing in numbers and complexity (volume). These sensory parts can transmit information at high speeds (velocity) and from an ever-expanding range of locations and functions (Variety).
In the modern corporation, every function can benefit from data analysis. Information technology (IT), sales, marketing, and human resources can all make better decisions based upon improved information. In a commercial setting, a company’s goals may be to develop and bring a product to market in the shortest time possible. Using database analytics, a company can shorten the time needed to test markets, engage target audiences, distribute the product, and measure customer satisfaction.
Databases can become a profit-producing product that can sometimes rival a company’s main line of business. The task of converting massive amounts of information into understandable formats requires expertise. Assessments by data analysts can convert massive amounts of information into information that companies can act upon.
Forbes lists popular devices that are becoming increasingly important as Internet data sources. The Forbes list has the expected items like smart phones, and wearable smart watches, and voice assistants in the leading operating systems.
Among the more surprising and revealing sources are:
Analytics can use powerful tools to find veracity and value. Added to volume, velocity, and variety, Big Data stands on these strong pillars when combined with the resources of IoT data collection and processing. Decision-making becomes more precise and productive when amplified by the insights and values of these database analytics, and decision makers have tools which help predict the action or results on any specific subject.
The business potential of IoT doesn’t just stop at improving efficiencies — it also allows companies to create new products and services that they can offer customers based on the information collected from the devices they deploy.
Recent events and technological advancements offer vivid proof of the need for greater efficiency and resilience in business and other types of organisations. The disruptions of COVID-19 pandemic and global supply chain issues demonstrate tremendous challenges. And IoT technology offers opportunities to build stronger organisations and increased resilience.
For example, IoT-based applications may be well suited to work with data analytics to add planning and resilience to global supply chains. Precise and detailed levels of tracking can enable maximum degrees of notice to create alternatives to efficiencies and contingencies. And IoT solutions can prepare organisations to react to disruptions and sudden shifts.
Estimates are that in 2022 there will be more than 21 billion connected devices in the globe of which 19 billion devices will be connected things. IoT promises to deliver a deeper understanding and awareness of our surroundings. It's driving the emergence of a new data economy, one where our ability to capture and analyze data in real time is opening up entirely new business models. This new data economy will continue offer massive opportunities for businesses to grow, become more efficient, and generate more revenues.
The Internet of Things offers an ongoing stream of data that will produce truthful and valuable data insights. Businesses and other organisations that collect and store data through the main or subsidiary activities may have unrealised and valuable assets. The benefits of IoT applications and big data go beyond unrealised assets; the improved use of information makes for better decision-making at all levels of organisational planning and strategic efforts.
A digital transformation is underway using IoT applications, IoT solutions, and IoT platforms. And businesses that invest in connected technology expect to make a profit within three years from their IoT projects.
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