The ‘Internet of Things’ (IoT) plays an important role in the business insight and strategies of modern corporations. An interconnected network of things, people, machines, devices, and environments make up the IoT, and supply businesses with the necessary data to inform the development of their strategies going forward.
The sequence of the acquisition and interpretation of IoT data is dubbed ‘The Three As’, which represent:
- Data Acquisition. This stage can often be overlooked by IT communities because they automatically receive the data pre-digitised in 1s and 0s. IoT data is predominantly collected in an analog format, and converted to digital using sensors and specialist software.
- Data Analysis. This involves interpreting the data collected, and using these findings to inform further action. Analysis falls under three subheadings:-
- Business Insight. This includes asking questions like, where will a particular demographic go on holiday this summer? Or, is the check-out line too long?
- Engineering Insight. This involves knowing when things may need maintenance checks, or overseeing if products on a manufacturing line are being built and controlled properly.
- Scientific Insight incorporates medical data analysis – for example, learning if a tumour is benign, or if new weather patterns will affect crop growth.
- Action. This could be either physical or executive, i.e., operating a robotic arm, or knowing when to move inventory to increase sales.
Data acquisition is imperative to the long-term strategy of contemporary businesses; it helps to identify areas for growth and expansion, boosts revenue, and assists in tailoring services to customer needs