In a 2016 Bain survey, 47% of participants said they were looking to use IoT (Internet of Things) to improve the quality of their service or product, leading to price premium and lower support costs. Simple right? I mean, with IoT, predictive analytics, and big data, it’s a snap… don’t count on it.
Let’s take the 2016 US Presidential election results vs. polling data, analytics, big data, and pundits predicted… enough said but I’ll add that all the information contained in that predictive analytics, big data, surveys, etc. was there but it was “dumb data.”
Much like a “dumb terminal” in computer terminology. Those terminals just provide the visual of the application but are not the actual application itself. The same can be said about data with no visibility into what it means.
But, it should, shouldn’t it? I mean, IoT is all the range and will change the world, right? Let’s looked at it like this; what use is it to a sea bass fisherman to have a great spot in the ocean that has zero sea bass in the area?
What if however, there was a way that not only showed where the sea bass is, but also what type of sea bass, or even the number of sea bass, all within a 99% accuracy rate. Would that not that bring greater value to that fisherman while making his/her decision making more actionable?
Well, there may be many IoT devices today that can do some or all of that, maybe. But an “all you can eat” data buffet is not the answer.
If your want to improve your product or service using data, make sure you have data has real value to you. Your data must be smart data or what I call “actionable intelligence.” Much like onion layers. There are many layers, but it is still one onion.
The IoT wave promises to provide smart data, but much of it seems to be hype. Time will prove. What you can do is have IoT providers do FREE Proof of Concept trials and have you very own “show me the money” moment, saving your time and minimizing your risk.
Either way, you have a gold mine in your data. Learning how to mine that data to gain the value you are looking for might be right in front of you. Just remember, relying on “dumb data” could lead to undesirable results.
Look to transform your dumb data into actionable intelligence.