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< Exosite Blog

Capitalize on the Value of Data

by Josh Simi, on September 8, 2015

capitalize on the value of data5

Connecting products is the first step in a sequence of a maturity process that ends with intelligent control and decision-making support. Although the near-term focus may be on connecting the first product family to meet the expectations of a particular IoT business model, it is laying the foundation for future connected products and initiating data collection that can ultimately be turned into actionable insights.

In order to capitalize on the value of data, companies need to make the transition to a data-driven company, however, this requires a long-term view. Instead of looking at problems from a monthly or quarterly basis, when developing an enterprise IoT strategy organizations must think about what they will become in the marketplace over the next five-to-ten years. Companies must also be prepared to make on-going investments in technology, people, and process improvements that align with a centralized organizational IoT strategy, as the business software, skills, and processes needed to manage durable goods manufacturing differ from those needed to manage connected product experiences.

 “…the business software, skills, and processes needed to manage durable goods manufacturing differ from those needed to manage connected consumer product experiences.”

With the mass collection of data from products and consumer behavior, the ability to automate and assist intelligent decision-making processes carries the promise of transforming businesses, industries, and lives. Embrace the journey of creating value with data, and it will pay dividends for the next generation of business.

For more information on capitalizing on the value of data with an IoT solution, see Exosite’s Monetization Strategies for Connected Products white paper.

Download Monetization Strategies White Paper

 

Topics:Technology

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