19 August 2017
Mary Defilippe

Commodity Trading News

Mary Defilippe - Eka

8Posts 33,921Views 0Comments
Finextra community

Business Knowledge for IT

This community aims to provide links, resources, book suggestions, tips and insights to facilitate learning and development of IT professionals in financial services, and to develop a forum for IT professionals to exchange views on various related items.

Five Tips for a Successful IoT Program

09 May 2017  |  4427 views  |  0

The Internet of things (IoT) is the connection of physical devices – including vehicles, machinery, and buildings – embedded with electronics, software, sensors, actuators, and network connectivity to collect and exchange data. To get the most value from the abundance of information collected, you need a plan to efficiently and effectively aggregate, store, and analyze all of the data.

  1. Develop an IoT strategy. Why are you collecting all of this data? What are you trying to achieve? Can IoT data help you improve efficiency, evaluate productivity, grow your business, improve customer service?
  2. Choose a scalable platform. The number of IoT devices is increasing rapidly, and your business needs to scale quickly to keep up. Solutions that aren’t scalable won’t capture all of the available data, and you could miss key insights and make suboptimal decisions.
  3. Invest in advanced analytics. IoT enables you to collect data on raw materials, inventory, operations, and products, but manually evaluating so much data is too cumbersome. Real-time data loses its value if it takes days or weeks to analyze. Advanced analytics solutions analyze data in minutes, providing immediate insight and the opportunity to address problems quickly.
  4. Don’t neglect long-term analyses. Real-time analysis of data provides tremendous value, but you can gain additional insight by analyzing historical data to understand long term trends. Make sure your analytics solution can do both.
  5. Merge IoT data with other data sources. IoT data does not capture the entire business. For example, if a shipment is delayed IoT data can provide information on operations and materials with IoT sensors. However, if the delay was caused by other factors, such as weather, you are missing a key piece of information. Effective analytics solutions incorporate data from other data sources – CTRM, ETRM, ERP, spreadsheets, weather, market data – to provide a more comprehensive and accurate picture.  

Choosing the right analytics solution is essential to gaining the most value from IoT data. Make sure you choose a system that helps you gain the most value. 

 

Tips-for-creating-a-successful-IoT-program TagsMobile & onlineInnovation

Comments: (0)

Comment on this story (membership required)

Latest posts from Mary

Why Is Risk Analytics Important?

10 hours ago  |  1769 views  |  0 comments | recomends Recommends 0 TagsArtificial IntelligenceRisk & regulationGroupFinancial Risk Management

Electric Cars: Have We Reached the Tipping Point?

21 July 2017  |  3459 views  |  0 comments | recomends Recommends 0 TagsInnovation

Data, Like Oil, Must Be Refined

20 June 2017  |  3479 views  |  0 comments | recomends Recommends 0 TagsInnovation

Can Technology Prevent a Global Food Crisis?

12 June 2017  |  3379 views  |  1 comments | recomends Recommends 0 TagsInnovation

Five Tips for a Successful IoT Program

09 May 2017  |  4427 views  |  0 comments | recomends Recommends 0 TagsMobile & onlineInnovationGroupBusiness Knowledge for IT

Mary's profile

job title Director of Marketing
location Norwalk
member since 2016
Summary profile See full profile »

Mary's expertise

Member since 2016
0 posts0 comments
What Mary reads

Who's commenting on Mary's posts

Saroj Kumar