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How IoT adopters can make efficient use of their data

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The adoption of IoT technology can provide companies with unprecedented opportunities to reduce operating costs, increase productivity and tap into new markets previously inaccessible. But that won’t happen when IoT data gathers dust in the cloud.

According to research by McKinsey Global Institute, of the IoT industry’s forecasted yearly value of $11.1 trillion by 2025, 60 percent is predicated on the ability to correctly integrate and analyze data. However, the research further finds that most of the IoT data being collected by companies is not being used, and the data that is being used is not fully exploited.

McKinsey’s findings are corroborated by those of other organizations, including a recent Forrester study and a global survey by the research firm Strategy Analytics.

With more and more firms and manufacturers climbing on the IoT bandwagon at a steadily increasing pace, and millions of new devices being connected to the internet every day, it’s time we change our perspective toward what we can do with all the IoT data that we’re producing and collecting.

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