The data is all around us, and it’s here to stay. From smartphones and tablets to appliances and sensors, the Internet of Things (IoT) is becoming increasingly common in our daily lives. Most people aren’t paying attention that IoT – a massive data collection – isn’t only being used for those applications.
Right now, organizations across various disciplines focus their energy on leveraging IoT data to drive innovations, solve complex issues, and ultimately increase their operational efficiencies to reach new heights.
So how can leveraging IoT data can give you a competitive edge? Here are three quick points to help you get there.
IoT Can Turn Data into Valuable Insight
It’s estimated that 1.7MB of data is created every second – for every person on earth. Let that sink in for a second (or 1.7MB). There are also more than 50 Billion devices connected to the internet. That’s almost seven times the amount of people alive today!
Within the data that is captured from these devices, there is one important key – that key is insight. IoT data is being used to enhance user experiences, control profile databases, suggest related products or topics, and control communication flow to end users with a click of a button or a few taps on a smartphone.
Organizations are utilizing existing personnel, or training new personnel, to identify competitive advantages that will allow them to take control of user journeys while offering better products and services to their customers and clients.
Leveraging IoT Data Can Increase Operational Efficiencies
IoT data provides us with the insight needed to identify issues before they occur. In industries where sensors are utilized, having access to real-time data increases companies’ ability to assess future needs proactively.
For example, in the oil & gas industry, sensors and other smart devices have been installed to measure tank levels and oil pressure, identify downtime for machinery, and alert drillers of hazardous circumstances during the drilling process.
With these triggers in place, companies in the industry are seeing increases in efficiency and profitability – so much in fact that according to General Electric (GE), it’s believed that even a 1% increase in efficiency could lead to $90 billion in savings in oil & gas exploration industry-wide.
IoT Data Can Help You Gain Foresight on Future Trends
As organizations turn valuable data into increased efficiencies, the ability to identify future trends is becoming more common. Making sense of existing data makes room for the opportunity to be ahead of the curve and identify the next big thing.
By analyzing existing IoT data, organizations can creatively introduce opportunities for new revenue streams, improve productivity, decrease costs and improve the overall quality of life for their customers, clients, and employees.
With IoT data as a driving force in making impactful decisions, we are all experiencing the benefits of organizations integrating IoT solutions into their daily mix.
How are you implementing IoT into yours?
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