Did you know that 75 percent of all Internet of Things projects fail?
Because turning raw data into powerful business insights can’t happen on your best intentions alone. With 41 percent of retail banking firms and 37 percent of insurance firms expecting to adopt IoT by 2020, more needs to be done to ensure these projects make it past the proof of concept stage.
41 percent of retail banking firm and 37 percent of insurance firms will adopt IoT by 2020.
To get your data from A to Z - and ultimately benefit your business and customers - you need to build an actionable Internet of Things (IoT) roadmap.
So, without further ado, let’s take a look at the best way to ensure successful Internet of Things implementation in your organisation.
Preparing for your Internet of Things Roadmap
Ensuring you store, process and analyse your data efficiently is vital if you want to harness the best IoT business insights. Follow the best practices below to ensure your IoT roadmap doesn’t stutter at the first hurdle.
1. Develop a Watertight Data Storage Policy
By 2020, there will be roughly three IoT devices for every man, woman and child on the planet; that number will more than double by 2025.
The number of IoT devices will reach 75.44 billion by 2025.
But, with such a huge number of connected devices comes an even bigger storage challenge. With experts expecting these devices to collect a staggering 1.6 zettabytes (1.6 billion terabytes), how do you keep it all in order?
Before planning your Internet of Things roadmap, it’s important to pay close attention to where and how you’ll store your information. After all, the better care you take of your data, the better insights you’ll gain. Here are some top tips for data storage:
Invest in cloud computingservices that allow for greater scalability, elasticity and innovation.
Develop a data retention policy and accept that not all IoT data can be kept. Prioritise the data that drives mission-critical applications, and dispose of data that doesn’t.
Avoid aggregation and tampering. It’s important to keep strategic data in its original state for better analysis.
Create a data hierarchy for IoT use cases. Make sure data that needs processing quickly or in real-time is more readily accessible than less critical datasets.
2. Use the Right Processing and Analysis Tools
Once you start collecting data from your various devices and applications, you’ll need somewhere to process it. By transferring all your data to a central IoT hub, you can start sifting through the telemetry you’ve collected.
At this point, you can begin to turn raw data into structured sets with the help of analytic tools, such as Azure Stream Analytics.
Programs like this use simple SQL-like language and allow you to monitor and scale your data streams easily. Applying machine learning capabilities and algorithmic ‘rules’, makes it possible to automate and prioritise data-driven decisions in real-time. This helps cut-down the need for manual decision making and tedious number-crunching.
Now that your data has been processed, prioritised and analysed, it’s ready to turn into actionable business insights.
3. Visualise your Data Science Insights
People process visuals 60,000 times faster than text alone. As a result, it’s easier (and quicker) to act upon IoT insights if you can actually visualise them.
Investing in data visualisation and IoT analytics software, such as Power BI, can turn both structured and unstructured data into easily digestible graphs, tables and charts.
With the help of these tools, you can begin to turn large pools of data into actionable insights, accelerating and improving business decisions.
Don’t make the Journey Alone
Only 29 percent of businesses are gaining insights from raw data, suggesting that many organisations still struggle to make an impact through Internet of Things roadmap.
It’s important, therefore, that your IoT investments are well supported from the get-go. By partnering with a cloud-ready service provider, you can ensure that your IoT projects remain on track and offer tangible business value.
We’ve helped organisations like yours make the most from of their IoT ambitions. Discover more about our IoT solutionsand find out what successful Internet of Things roadmap looks like for your business.