The amount of data available to businesses has increased substantially over the last few years and now, with the growth of the Internet of Things (IoT), even more valuable customer data is being shared with brands. But many New Zealand businesses are still struggling to take advantage of the opportunity all of this data presents.
In this blog, we explain how Kiwi businesses can get to grips with both Big Data and IoT, and how these trends can enable accelerated innovation.
IoT: A game changer for businesses
The adoption of connected devices is becoming increasingly popular across a number of industries, such as utilities, manufacturing, telecommunications, real-estate, and transport amongst others.
The Internet of Things (IoT), a vast network of connected devices which include smart phones, tablets and almost anything with a sensor on it, takes an active part in exchanging information about status and surroundings. This provides immediate access to information about the physical world, leading to innovative services and solutions. This process inevitably leads to more efficiency and productivity.
Whilst machine-to-machine (M2M) communication is by no means a new concept, the insights and automation that can be created through a connected IoT is groundbreaking.
Over and above well-established M2M communication, IoT is bringing businesses the standardisation and commoditisation of everything that is involved. From hardware and software, to the networking protocol and infrastructure, organisations can now build networks of connected machines, or “things”, far more cheaply and easily than ever before.
IoT is already enabling utilities and Telco’s to predict and even prevent service outages. Airlines can remotely monitor and optimise craft performance, and healthcare organisations can base treatment on real-time genome analysis. The business possibilities are endless.
Whilst the IoT is still in its infancy in New Zealand, this trend is set to change the game in many industries.
Creating value from Big Data
The term ‘Big Data’, like ‘Digital Transformation’ has come to mean many different things to many different organisations. But in a nutshell, these large and complex sets of data can create significant value if collected and analysed properly.
Organisations are beginning to realise that by combining data from multiple sources, better decisions can be reached. They have also recognised that data silos are no longer feasible if data is going to work for us. By eradicating these silos and developing a more holistic view, we can really begin to create value in our daily lives.
But, it goes further than data assimilation. The analysis of Big Data enables smart organisations to get a better understanding of their business and the needs of their customers. The collection of large and complex data sets becomes challenging when using existing data management tools or traditional data processing applications. However, organizations are finding novel ways to harness the information and the result is useful insights, leading to the creation of innovative goods and services of significant value.
IoT is serving to increase the rate of data creation, making Big Data even bigger, which will only expand the opportunities for organisations to automate, innovate, and add value to their customer experience.