IoT – there’s money to be made in data
With the rise of IoT, businesses are capturing more data than ever before – but are they missing a trick when it comes to gaining additional value from that data? Great swathes of IoT data alone are not enough – from data context or business model, there is more to delivering value. Peter Ruffley, Chairman at Zizo, explores the opportunities for monetising IoT data.
With the explosion in IoT sensors, companies across virtually every sector have been encouraged to collect and store vast quantities of data. And while some are effectively harnessing that data to improve business operations, there is a growing recognition that this data could have a broader value. Indeed, as companies scrabble to realise a return on the investment in IoT sensors and vast data storage resources, there is a growing push towards leveraging these data resources by selling them to the highest bidder.