Drowning in IoT Data: Why Adaptive Diagnostics is the Difference Between Sinking and Swimming
Dave McCarthy (Senior Director, Products, Bsquare)
Location: Grand Ballroom C
Date: Thursday, May 3
Time: 9:00am - 9:45am
Pass Type: All Access, Conference
Format: Conference Session
Track: Data & Analytics
Conference Journey: Business/Data Analyst
Vault Recording: TBD
Audience Level: Intermediate
Despite the amazing potential of IoT technologies to collect and analyze data, most organizations still fail to leverage that data for better business outcomes. As a matter of fact, only 8 percent of businesses use more than 25 percent of the data they collect. This results in a failure to extract tangible business value from IoT investments. A treasure trove of information that could be used to drive productivity, efficiency, and cost savings is lost. Instead, organizations are left feeling that they're drowning in useless data. But, properly deployed IoT solutions with adaptive diagnostics can take that ocean of IoT data – using advanced analytics and machine learning – and distill it into actionable intelligence that results in major operational efficiencies.
In order to do so, organizations must first focus on the business problems they're trying to solve. It's easy to get distracted by endless potential use cases. Focusing on an easily describable problem that points to tangible business value is key. Many also make the mistake of limiting their IoT investment to simple data collection and visualization. While those are fundamental components, they are not enough to deliver on the maximum potential of IoT. A more complete and powerful solution is needed to provide data collection, analytics, and machine learning that can serve as a predictive force for IoT-enabled devices. For example, the right platform and tools make it possible to predict equipment failures, diagnose errors more effectively, fix assets faster, and much more.
In short, IoT is fundamentally changing how organizations solve real business problems through advanced analytics and machine learning. This session will show attendees how IoT technologies have moved beyond simple connectivity and are delivering real business results. Attendees of this session will walk away knowing:
1) How to identify use cases where IoT initiatives can provide real business value;
2) How to evaluate the technology needs for an IoT deployment;
3) Real-world examples of how IoT is impacting businesses today;
4) What IoT innovations lie ahead.