Kick Start Your Next IoT Analytics Initiative Quickly with 7 Key Questions

Kick Start Your Next IoT Analytics Initiative Quickly with 7 Key Questions

It is not uncommon for organizations starting their journey with IoT to become overwhelmed. There are millions of connected things today, and that number is growing rapidly. The sheer volume of options means it could take months or even years to complete a comprehensive business case analysis. The examination of all the many use cases, application options and potential enhancements is itself a complex project.

So how do you kick start your next IoT Analytics Initiative quickly?

Start by setting up a project that can help drive short-term results while simultaneously setting the stage for successful projects and implementations in the future.

The key is to think primarily in terms of smaller more discrete projects where setting goals around the business value is easy. These goals should be measurable and attainable in a specific time-frame. For example:

Operations teams in manufacturing companies know which specific machine on their manufacturing assembly line is the crucial link for the high value manufacturing process and the associated business value. By formulating their next IoT Analytics initiative to utilize sensor data from those critical machines, they can both improve efficiency and work to avoid unnecessary costs and risks. This analysis enables quick movement by leveraging existing knowledge, data, and systems.

What if those machines do not have sensors or data streams? External sensors that can be added-on to existing machines is one option, another is retrofitting. Retrofitting of hardware sensors is becoming common – Relayr is a great example and others are emerging in various market segments and niches.

 

KEY QUESTIONS TO ASK

Here are some key questions to identify your IoT Analytics project possibilities:

  1. What business processes with significant economic value could use fresh information from things/physical objects in your operational environment?
  2. Are there small/discrete pieces of information that could help you predict events that enable you to save significant money or capitalize on specific business opportunities?
    (The ability to predict small events can often hold great value – think of the example of hazardous events or potential breakdowns of critical equipment.)
  3. Is there data you are already collecting today that you are under-utilizing or not utilizing at all?
  4. Is there any simple addition of data from external or internal sources that would be of great value?
  5. Is there data from things or devices you could integrate with business systems, (e.g. ERP and CRM) that could help drive cost savings or new revenue opportunities?
  6. Are there thing-based processes or systems where rapid or timely automated action based on analytics could create value? For example, are there actions we would take it we knew a particular good or bad event happens?
  7. Is there technology already in place – either internally or available from commercial vendors that can accelerate implementation of IoT Analytics?
    (Buying or leveraging technology is often the best path vs. building from scratch.)

 

These are only some of the questions and ideas to help formulate your next IoT Analytics Initiatives. The key is to not think of IoT Analytics as a monolithic endeavor, but instead a rich portfolio of possible value-added ways to get new business information and decisions moving quickly. The pervasiveness of IoT provides many targets for finding value.

Avoid the Analysis paralysis and let business and operations teams see the actionable items that doing IoT analysis can provide in the way of process improvements, maintenance improvements and improved customer experience.

 

ADD VITRIA TO YOUR NEXT IOT ANALYTICS PROJECT PLAN

If you are designing your IoT Analytics project plan and want to ensure that your team can take real-time action on your IoT data, an IoT Analytics platform will be a key part of your road-map. Taking appropriate action on IoT data in real-time is the key to generating business value.

Vitria’s IoT Analytics Platform is capable of leveraging the IoT data from all your sensors and networks to maximize business value by delivering powerful insights in real-time to help you take timely intelligent actions. A command center full of powerful self-service tools and comprehensive dashboards allow you to review and act on fast analytics in real-time across all types of analytics (i.e. streaming, historical, predictive, and prescriptive). Test it out today!

 





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