Compartmentalization & IoT Data Usage Limits
Enterprises have consistently recognized the value of analysing data. For the CFO, financial data will provide insights around financial performance and where financial decisions such as new investments must be made or where costs need to be reduced. For the COO and CTO, operational data will provide insights on efficiency levels and possible productivity improvement areas. For the CCO or CMO, customer data is gold dust, allowing for better product and service development, customer service improvements and new marketing initiatives. For the CEO and the enterprise, data remains an invaluable source of information to manage the business.
Realizing the Opportunities from Data in Enterprise IoT
With an ever increasing number of deployed data generating devices, Enterprise IoT is set to produce a deluge of data. For the majority of enterprises, these inbound data highways will fall into two streams:
- connected enterprise products and services providing continuous information about usage, performance, status and enabling the enterprise to deliver new services to customers, and
- connected enterprise equipment, processes and systems providing continuous information about the performance of enterprise wide systems, business processes and machinery to ensure efficient business performance levels
For connected enterprise equipment, processes and systems, Enterprise IoT will provide even more granular, detailed and timely data about the processes and systems of the enterprise, allowing for decisions about overall improved business efficiency. In earlier enterprise models, data would remain fairly compartmentalized to the functions performed (operational functions, quality control, equipment monitoring, etc.) and generally provide data for reports, dashboard monitoring (with tolerance levels), or historical trend analysis. In IoT, this data in extracted, aggregated and processed in real-time, enabling real-time event monitoring and delivering levels of predictive action and insight on for example machine and system performance, and maintenance requirements.
For connected enterprise products and services, enterprises are able to monitor immediate and real-time performance and use of products, enhancing not only potential customer service actions but also vastly improving the rate of product performance feedback to product developers and designers.
Enterprises will need to change their mindsets and cultures fundamentally. They will need to move away from the compartmentalization of data in respective departments and functions, and begin to actively encourage the share and aggregated analysis of data across departments. Operational data may reveal new service opportunities; customer data may reveal maintenance requirements; logistics data may explain poorer customer service outcomes, and so on. Working across existing boundaries will open new and potential benefits for the enterprise and its customers.
Breaking Down the Compartmentalisation and Limits to the Use of Data
Enterprise IoT is a new agenda item for executives across most industries. It requires entire enterprises to approach the share and management of data across many of the traditional boundaries both within and across the industries. This will ultimately deliver new and exciting benefits for the enterprise and its customers. Enterprises will also need to recognize that with this greater degree of data sharing also comes a greater responsibility in securing and ensuring that data privacy of customers is not compromised.