We live in an increasingly connected world, with an ever-growing number of smart devices sending and receiving data. This is referred to as the Internet of Things (IoT), and it’s only going to get bigger. In fact, an IDC report suggests that by 2020 10% of the data on Earth will be generated by IoT devices.
Businesses face a challenge: how to cope with this increasing volume of data and not be overwhelmed by it. And, beyond staying above water, how to harness the valuable business potential of all this data.
With a modern data platform, your organisation can handle the huge quantities of IoT data you may face in the future. And you also have the opportunity to understand your processes better than ever before and make the right decisions to improve them.
Let’s look at how the right foundation for IoT adoption breaks through hurdles and allows you to deliver better outcomes.
IoT and the promise of instrumenting your business with smart connected devices can help organisations improve efficiencies, develop new products and even redefine business boundaries. It seems certain that many major companies will be reimagined or disrupted when IoT is properly used in business transformation.
There are however, certain factors that discourage or hinder organisations’ IoT adoption. Here are some of the most common:
According to a report by Bain & Company, enterprises are open to the idea of buying more IoT devices if their fears over cybersecurity risks are alleviated. In fact, they’d spend at least 70% more on average than what they might buy if their concerns remain unresolved.
Too much data coming in from all the numbers of devices across the organisation has the potential to be a massive issue for companies who want to use IoT to achieve their business outcomes. That’s why you need a platform that can handle the volume and types of data you produce.
To really make the most of all the data you’ve got coming in, and analyse it optimally, you need a platform that can handle all that. Microsoft Azure is ideal. It’s a flexible, scalable solution that’s ready to meet ever-increasing data volumes. And Azure also offers seamless connectivity between all the elements you need to process data, such as Microsoft’s Power BI business analytics service, and Dynamics 365, which gives you the tools to take action on insights.
Power BI’s real-time dashboards let you see the data as it’s being generated, quickly and easily delivering visual insights into your information that can be shared across your organisation as interactive reports. It brings everything together on one pane of glass and enables you to make fast, informed business decisions.
Predictive analytics identifies problems such as hardware malfunctions before they happen, so you can schedule downtime periods for minimal disruption to productivity. This also helps you to increase the lifespan of your assets. And you can also reduce routine maintenance costs by identifying and addressing high-probability issues with equipment.
With a wide range of pre-built connectors, Dynamics 365 lets you unify and access all your customer data across various sources. That makes it the strongest choice for a Customer Data Platform (CPD). It provides you with a 360-degree view of your customers, allowing you to understand and engage with them in more personalised and effective way.
When it comes to making the best use of your data, artificial intelligence is key. And this is another good reason to choose Dynamics 365, which allows you to harness the power of Azure-based machine learning.
Here are some applications of that:
In the retail sector, Dynamics 365 can draw on data from IoT devices like smartphones and wearables to learn information like customers’ locations and travel patterns, then use AI-based analytics to discover insights that allow you to create highly targeted experiences and offers. You can predict factors like customer churn and even simulate campaigns for multiple demographic groups to maximise upcoming promotional activity.
Manufacturers can use IoT data from across their organisation to get a 360-degree view of their processes and see where they can or must be improved, such as achieving better stock management. Machine failures and process bottlenecks can be predicted and prevented, avoiding costly downtime and maximising operational efficiency.
If you provide a service, IoT data gives you an in-depth view of your customer’s issue and location and helps you connect them to the nearest available customer service representative with the correct skills and equipment to resolve their problem. And you can even use sophisticated simulations to model device behaviour and anticipate customers’ issues before they happen.
When you can leverage your data to the fullest extent, you can make better decisions, act faster and drive greater efficiencies across the business.
Want to learn more about how the IoT and AI can benefit your business? Just get in touch with us.