When it comes to choosing technologies for innovation, organizations typically select technologies based on their needs. Oftentimes, technologies are chosen on the basis of team priority over CXO priority. That being said, teams who are tech-savvy (think digerati or digital fashionistas), often turn to advanced technologies to address their challenges. Based on the survey responses from the 2018 TIBCO CXO Innovation Survey, blockchain, open source, AI/ML, and IoT are the technologies that respondents turn to the most for innovation. In today’s post, we are going to specifically focus on IoT, and how your organization can innovate and disrupt with it.
Support from analytics
If you are planning to implement IoT in your organization, one factor to keep in mind is the importance of having a good analytics infrastructure to support it. IoT is an advanced technology that performs better if your organization has mastered core, foundational technologies (cloud, business intelligence and analytics, and application and data integration). The reason for this is that these advanced technologies build upon the listed fundamental technologies and leverage them for greater success and stronger ROI. In this instance, IoT builds upon analytics and integration, and therefore can’t be successful unless you have powerful systems already put in place.
Use cases vary
With IoT, organizations are finding more and more applicable use cases. CXO survey respondents indicated that supply chain optimization was their most-used use case at 32.3 percent. They indicated that asset tracking was second at 31.86 percent, and facility resource management third at 30.09 percent. Continuous process validation (CPV) came in fourth at 28.76 percent, and predictive parts failure and replacement came in fifth at 28.76 percent. All of these use cases use the highest level of data and the highest level of process quality, both of which are facilitated through IoT.
Technology of the future
IoT is used increasingly across all industries. While IoT-style data is far from new, what has changed is that way it’s being consumed and used by businesses. We’ve shifted from IoT data logged to clipboards or stored in isolated systems to streamed in real time available to drive business decisions. This development has allowed IoT to play a larger part in more areas of our lives and to keep pace with the increasing sophistication of business decisions. But with IoT becoming more relevant, it’s important that the data generated from this technology is as accurate as possible. Accuracy promotes adoption and fuels valuable decision making. Analytics leveraging IoT data will drive insights and actions that drive value for your business.
There are significant business benefits to utilizing IoT as part of your technology stack. For one, it can provide your customers with a better customer experience by predicting when maintenance is required. Along with this, comes optimization for cost savings. When users know their machinery is about to need maintenance, they can proactively address it in a timely manner to reduce costs. They can make sure there is a budget for this repair to make sure it doesn’t severely affect the company. Additionally, this gives organizations peace of mind that their machinery will have little to no downtime when leveraging predictive maintenance.
There is no escaping the utilization of IoT, both on a business and consumer level. IoT’s use cases are continually growing, finding ways to make life easier for its users. If you have the analytics system to support it, consider implementing IoT to drive innovation and disruption in your company.