There are riches in your switches.
But how can you mine them?
Turns out that for most companies it’s kind of like the story about the man who stopped 3 feet from gold.
Don’t let this be you.
First of all, it’s not like all IoT projects fail. We wouldn’t be in this business if that was the case.
However, many companies do struggle to see a good ROI on their investment to IoT. Here’s what we believe to be the number one cause for that:
Treating IoT as a technology project, instead of a business process.
Technology is obviously crucial part of the equation, no sane person argues with that.
Focusing solely on technology turns the entire focus into something that should not be the crown, but enabler in the process.
So, here’s the writer-downer for the day: technology is AN enabler.
With this one out of the way…
First, you need to take stock of what you’ve got device-wise.
What are all the machines, processes and workflows we can derive data from?
Where might we have data pockets, or devices with data lying around with no demand for business benefits?
Try to think outside the box, as it is very likely that your company has way more data in store than you even thought.
So, is a device with sensors automatically an asset? Well, yes and no. It is obviously an asset as it pertains to the said device being able to do its intended function.
But data-wise? No.
It is a liability until the data is collected, combined with other data in the network, and analysed.
So, let’s say you now have all the available data in one place. Then what?
You have essentially 2 alternative strategies.
1) Questions First
2) Data First
With the Questions first strategy you start the process by asking intelligent questions, like “how can we decrease the downtime of this machine by 1%?”
Then you dive into the data and look for answers. This strategy is good if you already know what you’re looking for business-wise.
In the Data First strategy, you start by simply taking stock of ALL of the data you have. Then you put on your investigator hat and simply open your mind to whatever the data tells you. This strategy is the innovators preferred way because of the opportunity for tremendous amount of iterations.
It’s typical of larger industrial companies to start with the “we need an answer to question X” strategy. Then, once they begin to see the gold in their data, they move into the strategy of endless iterations and the innovations they tend to generate.
We can go with both. Think of Discovery Analytics Service as your partner in skipping the technological hurdles, and getting directly to what actually matters, regardless of the path you want to travel.
If you would like to talk about which strategy is right for you, and how to implement it, contact us and let’s have a look.
In closing, remember these words of wisdom from Gartners Alfonso Velosa, “IoT is a first and foremost a business project”
COO, Service Delivery
+358 40 550 2524
Keilaranta 17, C-talo