The increased hype around IoT has resulted in more organisations taking closer stock of its data. A recent Aberdeen report looks at the impact to companies that are frequently using IoT data.
Feeding the Analytical Machine
Poor quality data going into the analytical process will often cause late, flawed analyses. However, richer, more diverse data going into the analytical process carries potential for deeper, more relevant insights on the front end.
Recent Aberdeen research shows that Best-in-Class companies are more likely to use external 3rd party data as well as unstructured text-based data on a regular basis. Just as noticeable is its use of machine-generated or geospatial data from IoT. As can be seen in Figure 1, Best-in Class companies are seven times as likely to use IoT data frequently.
Figure 2 below shows that organisations that use IoT data frequently are committed to creating meaningful insights from their data despite the urgency for fast information.
Those companies using IoT data frequently are more than twice as likely to be happy with the speed of information delivery in their organisations. On the other hand, those rarely using IoT data in analyses have less urgency for data yet are less capable of timeous information delivery. The research shows that in these organisations, critical information is delivered late 40% of the time and only 25% of these companies are satisfied with the speed of information delivery.
The IoT Advantage
Companies that use IoT frequently have a more mature analytical environment and have several internal capabilities and policies in place to support analytics (see sidebar).
These companies are also more likely to use the right analytical technologies, such as predictive analytics and interactive visualisation to empower its users and exploit its IoT data.
These capabilities help IoT users build more stability and efficiency into their decisions (Figure 3).
With the right technologies and policies for data collection and management, IoT users spend more time generating relevant data into actionable insights.
Companies need to rely on data more than ever to drive the business forward, and those using IoT data are regularly obtaining that benefit (Figure 4).
- Data versatility is no longer a ‘nice to have’ – As the landscape of data evolves, so must a company’s ability to analyse and capture it.
- IoT companies face elevated challenges – with machine data streaming into an organisation, the ability to react or predict business-critical changes in that data can drive competitive advantage.
- IoT analytics carries real, tangible business value
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