In just a few short years, the internet of things has revolutionized the way many organizations do business, and the results are starting to show: McKinsey has estimated that by 2025, the economic impact of IoT applications could be as high as $11 trillion per year.
Every minute of every day, valuable data from IoT devices — ranging from smartphones to equipment sensors to “smart” shelves in retail stores — zooms its way into our servers to be ingested, warehoused, analyzed and (ideally) leveraged as a strategic asset. You can almost hear the shouts of victory from elated C-suiters as they watch the real-time data flowing in, thinking to themselves, “With this data and these insights, our competitors don’t stand a chance.”
But here’s the problem: Far too many organizations stop there. Yes, the data collected by smart devices is powerful in itself, but it pales in comparison to what is possible when it’s integrated with your overall analytics infrastructure. Instead of an “IoT data strategy,” what organizations really need is a comprehensive analytics strategy that harnesses the power of their IoT data.
Integration in action: A case study
Let’s look at a real-world example. A company that monitors restaurant equipment had installed smart sensors to track the performance of its customers’ refrigerators, ovens and other kitchen assets. In assessing the performance of its customers’ equipment, the company noticed that the ice makers at some restaurants were failing faster than expected.
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