i3 | November 01, 2017

IoT and Big Data Can Benefit Your Business

Scott Steinberg

Wake up and smell the silicon: A staggering 6.4 billion electronic devices will offer the ability to connect online this year alone.

Haven’t yet embraced the Internet of Things (IoT), which promises to bring connectivity to seemingly endless consumer products and appliances? Wake up and smell the silicon: A staggering 6.4 billion electronic devices will over the ability to connect online this year alone — 5.5 million will arrive each day. This push towards the cloud promises myriad benefits for businesses. If you haven’t yet considered bringing IoT solutions to bear, here are five ways these new advancements can help take your enterprise to the next level.

1. Better Business Intelligence 

Competitive landscapes, consumer trends and buying habits can change virtually anytime. IoT-friendly tools, like analytics software packages, allow leaders to mine data to spot emerging trends and predict market shifts. Using these tools, it’s possible to track users’ behavior, purchasing patterns, and how they interact with devices and technologies to determine which pricing programs, features, and functions most resonate with audiences. Business leaders can more effectively improve hardware or software solutions, better streamline processes and workflows, and anticipate audiences’ changing needs in order to fuel growth and innovation and more effectively build competitive advantage.

2. Enhanced Security and IT Capabilities

Security-related incidents are skyrocketing in volume. IoT solutions and big data tools can help guard more effectively against breaches, and spot and eliminate possible weak links in security systems and network operations before they’re exploited. Using big data tools, business leaders can quickly test for loopholes, glitches, and technical errors and create more effective backup plans and measures to prevent or recover from them. In addition to monitoring and detection capabilities, these high-tech troubleshooting systems can provide vital insights to improve network stability and boost uptime. If leveraged effectively, they can boost organizational performance, IT operations efficiency and security levels.

3. Improved Ability to Innovate

CE industry leaders can safeguard against changing market forces by wielding IoT tools to better listen to customers, whom studies show are the number one most reliable source of innovative ideas. These tools can also give your workforce more opportunities to speak up, share insights into emerging opportunities, and quickly adapt business strategies based on rising changes in the market. IoT solutions can help your organization prepare for unforeseen disruptions, create added avenues for growth, and increase overall flexibility — crucial ingredients for operating a future-proof enterprise.

4. Greater Response Times

IoT solutions can help companies rapidly respond to emerging trends. Many big data tools, technologies and services allow you to capture thousands of data points and scan for signals that shifts in the market or consumer demand may be pending. They also provide platforms to help employees more effectively connect and collaborate to quickly bring new solutions for addressing these changes to bear. These solutions make it possible for intrapreneurs — entrepreneurial thinkers inside the organization — to more quickly and cost-effectively run business prototypes and take concepts to market. Wielded effectively, they can help your business respond to market changes more rapidly and leverage insights and intelligence gained from engaging in various ventures to improve strategies.

5. Superior Performance

Many enterprises have become mobile, virtualized and global in nature. The more you employ IoT devices and solutions to keep tabs on what’s going on in the field, the more effectively you can manage operations. These tools are capable of collecting data on various business functions from supply chain management to sales and CRM operations and can help improve workforce productivity, optimize processes and procedures, identify potential problem areas and enjoy significant cost-savings. IoT and big data solutions can assist with tasks such as accounting, data processing and regulatory compliance. The more you integrate them into your business, the greater the ability you’ll have to cut costs, improve productivity and improve day-to-day operations.

September/October 2017 i3 Cover Issue

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