Data: the key measure of relevance in a digital revolution

Share this post:

Companies have historically managed assets such as property, plants, equipment, inventory, cash, and intellectual property. In today’s digital world, a new type of asset is emerging – data – which companies are reporting, collecting, and analyzing in vast volumes. It’s is becoming a key measure of whether a company will remain relevant through the digital revolution.

The dawn of a new data economy

Data originates from many new sources and is increasingly becoming easier to collect and analyze. Due to the rise in availability and new data-driven insights, more and more is being exchanged within and among companies. This has spawned a new economy built upon using data to generate value through both internal and external means.  IoT devices are one of the driving forces behind the shift to this new economy. As the number of ‘things’ become more instrumented, interconnected, and intelligent, the information they produce will grow exponentially. New approaches and business models will be required. As described later in this section, there are many opportunities for cost containment and value attainment with IoT information. These opportunities are driving IoT investments by companies and increasing the number of new players. As the volume increases, the data economy will continue to emerge and enable companies through selling and exchanging information.

Collaboration and visibility remain essential

As IoT enabled products are adopted, access to information from those products is enabling improvements and reducing total cost of ownership. Several supply chain dynamics are becoming common, including: decentralized production, omni-channel approaches, fulfillment by brick and mortar stores, and the utilization of drones and autonomous vehicles. As complex ecosystems rise, collaboration and visibility remain essential. With the emergence of the data economy, if companies are able to develop flexible supply chains, new value chain opportunities can emerge in response to near real-time consumer and consumption data.

Driving business and industry to new heights

Connecting things, then combining device data with other sourcess unveils patterns and trends that would not otherwise be obvious. The decisions made possible in this way have the potential to drive business and industries to new heights. Despite the great strides we have seen in IoT technology and applications, the Internet of Things has much room for growth. Much of the dark and edge data created by the Internet of Things holds great value—if it can be deciphered and put to use. This otherwise discarded information can help us learn about complex IoT systems, but that’s just the beginning. When we combine it with information from other sources, such as weather and news events, we can use the resulting analysis to drive decisions on everything from predictive maintenance to fleet operations to worker safety.

By translating massive amounts of unstructured data into meaningful outputs, IBM Watson IoT helps identify trends, anomalies, probabilities and patterns that otherwise might go unseen. IBM Watson Internet of Things gives enterprises a way to tap into the flood of IoT data, then use it to answer previously unasked questions and make intelligent business decisions.

More Blog stories

IoT Exchange Sydney: Unlock new value from data with AI and IoT

Written by Joel Pinto | June 21, 2019 | Conferences, Engineering, Events...

IBM IoT Exchange is an educational event designed to teach and inspire attendees with the latest innovations and thinking. more

Top Takeaways from IoT World 2019

Written by Sarah Dudley | May 20, 2019 | Asset Management, Manufacturing, Platform

The total number of Internet of Things (IoT) devices is expected to hit 10 billion by 2020. With this explosion of growth also comes an uptick in the conversations around how to use these devices and the data they generate to improve our businesses and our lives. At IoT World, North America’s largest IoT event more

And the winner is……Watson IoT at the IoT World Awards 2019!

Written by Sarah Dudley | May 17, 2019 | Asset Management, Platform

It’s been an exciting week as more than 12,000 people converged on the Santa Clara Convention Center for Internet of Things World 2019! Topics have spanned from connected cars and smart buildings to Industry 4.0 and developing an IoT Platform. In the full recap going out in the next few days, we will highlight the more