The Data Pile-Up Problem: How to Capture and Monetize Enterprise IoT
Data streams from connected devices have the potential to deliver new insights that can in turn be used to drive new products and services, and ultimately new revenue streams, for companies that deliver services, sell products or maintain capital assets. However, according to a recent IoT study by Capgemini, 60% of enterprises lack the analytic capability to actually use this data– think of this as the “data pile-up” problem. We’re seeing too much IoT data ending up in silos and not fully utilized, which is an unfortunate sign that companies are neglecting a wealth of knowledge that could revolutionize their business models.
By breaking down these data silos, and creating a flow from data acquisition, through analysis and finally to action, companies can learn what useful knowledge can be extracted from IoT data, and can use this untapped resource to develop a more efficient, competitive organization.
What can IoT-ERP Integration bring to the table? The first step is understanding how to leverage IoT data to improve product or service offerings. Of course, this process varies by industry and business model, but consider how an asset-intensive service operation can benefit from the predictive maintenance insights generated from IoT data. Already, on the plant floor, this data is often used to drive condition-based maintenance and even preventive or predictive maintenance. Driving IoT data to asset performance management or EAM software can help monitor which asset items or components are working properly and provide a 360-degree view of asset readiness and operational capacity.