Author: Whitney Craven
The number of “connected” devices is slated to increase 7-10 times by 2020.1 Don’t let these “smart” devices outsmart you. The Internet of Things (IoT) refers to the proliferation of these connected devices – it’s essentially a system of machines or objects outfitted with data-collecting technologies so that those objects can communicate with one another. The machine-to-machine (M2M) data that is generated has a wide range of uses. 2
The market for IoT is expected to be an $8.9 trillion market in 2020, with 212 billion connected things.3 With the number of smart devices flooding the market growing at an exponential rate, what will you do? Are you prepared to actually use that data and know that it’s accurate and up-to-date?
Where the Internet of Things applies
Is not just about consumers with smart refrigerators, cars and watches. There will be huge implications for businesses as well. External pressure to provide more information will drive increased investment in sensor, location and supplier data. New technologies and nascent solutions will give you more data than you know what to do with, yet you’ll still be expected to report on these new investments and data domains. How will you route information through workflows and store it in a single repository? Will there be automation?
So, what does this all really mean? It means that you need to take control of this huge influx of data before it controls you.
Governing your data
If you haven’t already done so, start building your data governance strategy. Designate owners and stay on top of your data. With the increasing number of data domains, it’s more important than ever to also have strong, scalable tools that can easily assimilate and cleanse new data. You can drive business value while building on existing technology assets, devices and data if you utilize a scalable, multidomain Master Data Management (MDM) tool.
Playing nice with other systems
Instead of buying a new tool for every new data/information problem, reduce your overall investment in IT, software and day-to-day management by ensuring that your data management solution is multidomain. It’s not just the time and dollars invested; it’s the challenges and headache of managing different software release updates, APIs, customization and troubleshooting that eats away at your resources and productivity.
Reducing the burden on IT
Aside from managing your systems, you’ll need to reduce the strain on your IT department. They will already be burdened with deploying new technology. Business users need to be able to easily establish workflows that fit their needs, like automation for approvals in bringing products to market. A simple, easy-to-use interface that doesn’t require IT support will keep the business moving and allow business users to leverage the increased amount of data to improve operations and enhance informed decision making.
Tackling the Internet of Things boils down to process optimization, optimized resource planning and automation. If you have your data governance plan in place with a business user-friendly and scalable tool, you’re on your way to using your new “things” to make things happen.