When everything from fitness and communication wearables to refrigerators and dumpsters can produce data, it’s easy to get bogged down in the enormity of the resulting data sets. Taking Big Data generated by the Internet of Things (IoT) and turning it into actionable information is a large undertaking. A few considerations may help form the company strategy around this valuable information.
All Data Is Not Equal
It’s great to have a giant mass of data lying around, but having the right data is far more important. Part of making meaningful decisions requires collecting helpful information. For example, having demographic data about customers can help identify target audiences more effectively than knowing their favorite number.
Understanding the context of the collected data is also extremely important. Negative reactions are more likely to be communicated than positive, so part of the picture may be missing. Educated decision making considers the entire scenario, which may require other collection methods or a revised set of questions.
A key factor in creating an effective data-consumption model is to establish the purpose of each mission. Document specific problem statements and discuss what the ideal solution would look like. A good rule of thumb is to follow the 5 Why interrogation method — ask “Why” five times to get to the real crux of the issue. Knowing what must be solved can then dictate what data must be collected to solve it. This tactic will reduce the size of the data set and return truly relevant, useful information.
Evolving with Technology and Personnel Planning
Big Data will continue to grow in size, scope, and application over the next decade. The company’s systems must do the same so not a byte of IoT generated data is wasted. The consumption and use of this data has nearly unlimited potential only if the tools are created and modified to grow and adapt to new sources and applications. Collecting the right data and building tools that can use it effectively can nearly predict the future, helping the business create and target new products and services extremely accurately.
In addition to developing or acquiring the right statistical analysis and modeling tools, human resources must also evolve along with Big Data. Data analysts, stewards, modeling, security, architects, and scientists will be increasingly valuable. Collecting all that data is practically useless without trained personnel in place to help use it for decision making. Invest in recruiting or training the right people for these tasks and the payoff will be exponential.
Big Data produced by the IoT can be an incredible asset if it is used effectively. Being deliberate and intentional when designing collection plans is a good start, further aided with the right tools and personnel to transform it into actionable information. To learn more about ways to aggregate and employ data effectively, contact Copper State today.