How Companies Should be Approaching Big Data & IoT
There can be no argument that IoT is the way of the future for the Industrial World – in an era of increasing costs, heightened safety standards, & fiscal responsibility, industrial firms have led the charge in using Big Data & Analytics to optimize processes & workflows.
But, for all the laudable benefits that IoT tech brings to the fold, a truly masterful IoT-led initiative is a difficult thing to come by.
This article will serve as a simple guide to how Companies Should be Approaching Big Data & IoT.
But first things first…
Why are IoT Initiatives So Difficult to Master?
A lot of this can be attributed to the Internal Silo Effect – that is, multiple business units being given autonomy over what technology can be implemented, working independently of one another to drive digital transformation. While these solutions work in the short term, it frequently leads to duplicate technologies, multiple platform logins, and lack of a cohesive strategy for mass implementation.
To help combat this, firms have taken to developing internal hubs to act as conduits between business units and solutions vendors – if there is a use-case, they will turn to a catalog of available solutions. While this is a preferable option to the Internal Silo Effect, it can be difficult to create buy-in from business units. Moreover, in firms with national or international reach, it can be difficult to maintain efficient control over these initiatives.
How IoT Should be Approached
1. A Single Repository for Data
To help remove the challenges of Siloed business units, you need to start with a single place to centralize & aggregate your data. This will create a common repository for data that can be accessed across all lines of business, breaking down arbitrary communication barriers.
2. Internal Technology Showcases
If a technology has been selected by one business unit, it only makes sense for it to be used by others – however, that isn’t always the case.
That’s why our team recommends an Internal Technology Showcase to highlight successful implementations while developing buy-in from other business units.
3. Create Portfolio Managers
One of the biggest challenges most Industrial firms face when sourcing solutions is the inevitable bottleneck that comes from having one or two people in-charge of finding solutions across all business lines.
We recommend creating internal positions for each business line, made up of experts who understand the specific challenges faced in the field. These experts would source solutions based on their expert knowledge, getting approval from a CTO or CIO.
4. An Ongoing Catalog of Challenges
To help make working with vendors easier, we recommend creating a living list of challenges that need solutions; this list would be curated by the Portfolio Managers.
This list is just a few suggestions on how to manage your IoT Initiatives – there are, of course, multiple scenarios and solutions NOT covered here, but these are some things you may want to implement if you want to truly make the most of your IoT initiative.