Analytics transformation plays a decisive role in the success of your organization’s digital transformation, especially if you’re investing in Internet of Things (IoT) networks of smart devices and systems. IoT management software can track the status of devices, manage smart fleets, and report on a network-connected workforce, but it’s more difficult to track the cost effectiveness of IoT initiatives.
Without a clear understanding of business impact, your organization risks overinvesting in the wrong IoT solution, missing opportunities to optimize networks, and miscalculating return on investment (ROI).
Tracking the business impact of IoT requires an analytics strategy that connects data sets from the smart network with financial, geospatial, and external demographic data. By connecting those data sets in a single platform, organizations can see the impact of their current IoT investment and understand the benefits and risks of future investments. Building out that view through analytics enables them to also create a business-first, ‘smart’ model for optimizing their IoT implementation and mapping its long-term effects on business operations. In addition, they can combine data sources and take advantage of AI and analytics to inform their decisions.
IoT is more than just a collection of sensors or a fleet of automated devices. It’s also an opportunity for organizations to fully automate and accelerate their analytic transformation.