Capturing value from your IoT network will require an effective data management strategy that prioritizes actionable insights and top-tier security.
The Internet of Things (IoT) could add over $1 trillion of economic value to the industrial economy — but only if it can implement data management strategies that make the most of this technology’s overall potential. This, according to a recent report from McKinsey, underscores what’s at stake for businesses that want to get their IoT networks right.
Network professionals are well aware of the promise of IoT. From boosting efficiency on factory floors to mapping out productive workflows across enterprises, this new paradigm is changing the way organizations collect information, analyze proprietary data, and draw actionable insights from networked assets.
IoT is all about insights. And these insights are derived from data. However, we can’t analyze this data properly if it’s not managed well. Generating value from your IoT devices rests on the foundation of good data management and strong networks.
This is why IoT data needs to be collected with deliberate purpose and care — and it has to be stored, organized, prioritized, and secured accordingly. Without a data management strategy in place that does so, organizations won’t be able to locate the insights they need to take the actions that will help them succeed in beating back the competition.
While innovation is the lifeblood of any successful company, investing in the latest technology without a clear idea of why you need it or how you’ll use it won’t do you any favors. Instead, it pays to understand precisely what obstacles your business is facing, what information you need to surmount them, and how best to gather that information.
When it comes to IoT, this means that you need a plan for what data you’re aiming to collect. Being particular about this will help in a number of ways. First, you’ll be harvesting information that bears down directly on the challenges your enterprise faces. If you’re dealing with consistent bottlenecks along your assembly line, for instance, gathering data from relevant stages of production and from the assets involved will be critical.
Second, you won’t be harvesting information you don’t need. The value of this can’t be understated. Over-collecting data doesn’t just make it more difficult for data analytics software to sift through your business’s information, it means you’ll be spending more money on storage and on security than you need to. For lean organizations that are looking to boost ROI, paying only for what you need is essential.
Organizing your IoT data with an eye towards action will help determine how much value you can derive from it. After all, the most relevant information on your core business functions won’t be useful if it’s not stored in a way that makes it available for retrieval and analysis.
To that end, consider how you and your team can invest in network technologies and systems (i.e. edge computing) that help prioritize and store data for optimal speed and ease of access. With a data management framework like HPE’s, for example, information can be sorted into tiers that are coded for service level and speed requirements based on your needs.
Ultimately, the benefits of IoT will only go so far as your ability to glean key insights into your business. By organizing your information in a way that makes sense, you can do more than collect good data — you can act on it.
The rise of cloud and edge computing has opened up exciting capabilities for businesses across key industries. However, these technologies have also made data security more challenging — and more critical — than ever.
Centrally stored and conveniently organized data will be a prime target for cybercriminals, especially if it contains sensitive consumer or proprietary information. By working with security experts to safeguard proprietary data stored and accessed via the internet, you and your team will be able to more confidently rely on your IoT network, and avoid the exorbitant costs of data breaches.
Despite the trend toward storing data with third-party services like the Cloud, many businesses still store information on premises — and for good reason. Accordingly, teams with edge and on-premise storage systems will need contingency plans in case of accidental deletion, fire, or natural disaster. Data management and backup policies that plan for such incidents can make it as seamless as possible to resume normal functions in the event of a worst-case scenario.
IoT-enabled systems have the potential to transform how enterprises do business, but only if the networks that support them are structured in a way that makes actionable insights possible.
Figuring out how to install and manage cutting-edge IoT implementations is challenging enough, let alone understanding how to deploy data management solutions and networks capable of supporting these advanced technologies.
The best way to make sure you’re managing your IoT data in a way that enables your business to take action is to partner with a skilled data management expert who understands how to support your IoT platform with a purpose-built data management solution.
At Turn-key Technologies (TTI), we have decades of experience helping enterprises install and manage networks that bring next-generation technology solutions to life. With a network assessment, our experts can assess the effectiveness of your current data management systems — then help design solutions to handle any deficiencies we may find.
And with 24/7 managed services from TTI, you can be confident that your network will be able to handle your enterprise’s current and future IoT needs, stay ahead of the curve, and capture the value we all know is out there.
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