Data Currency: The All-Inclusive Way to Crucial Business Decisions
In this new digital era, expectations from emerging technologies are increasing. Today, customers require reliable, durable and personalized products, on time and place they want them. Thanks to Internet of Things (IoT) that connected billions of devices together and generated vast amount of volume, velocity and variety of data. It made easier for businesses to meet the customer demand.
Data has all the essential characteristics that a business ecosystem demands because several business transactions include buying and selling data – a medium of exchange. If enterprises treat data as a currency it will become a modern data currency that enables companies to expand their digital transformation efforts.
“The Internet of things and the technology ecosystem surrounding it are expected to be a $8.9 trillion market in 2020.” - IDC
As IoTs enter a more practical and operational phase, business leaders need best practices to gather relevant insights from piles of data. The first step includes:
- re-architecting data and analytics capabilities;
- implementing new data management technologies and platforms;
- creating new data authority policies and,
- action plan for maximum utilization of this data.
Here we look at some ways that business leaders can use to protect their data as currency to enhance their services
Integrating IoT data
Today, there are many technologies that offer analytics on enterprise IoT data, which only solves part of the equation. Before IoTs, organizations were still generating enterprise data from log files, transactional data, message queues, etc. This data has undoubtedly been equally important and must be considered along with additional IoT data for inferring insightful conclusions.
In fact, to get the most valuable insights from IoT data, enterprises need to integrate IoT data and compare it with its other enterprise data. By doing this, organizations will have a comprehensive view to make crucial business decisions.
Enterprises face some challenges in integrating IoT data with enterprise data because of the sheer number of different technologies that they use at a same time. Enterprises need to look at everything from their current architecture (database, data lakes, ETL, messaging systems, etc.) and control how to inspire their current technologies with the new wave of ‘Internet of Things’ devices. The goal is to enable all technologies to work seamlessly together to fulfill their business needs.
Managing IoT data
Another vital issue with IoTs is the amount of data it generates and the speed at which that happens. Most enterprises currently deal with IoT data management processes through a set capture, which causes a major problem on how to interact with these data in the future.
According to IDC, the data generated from IoT devices is currently growing from 0.1 zettabytes in 2013 to 4.4 zettabytes in 2020.
While managing IoT data, enterprises need to take care of full-featured embedded and cloud databases, big data integrations, seamless synchronization from cloud to edge and assured data availability, regardless of network connectivity.
The transmission, storage and management of IoT data allows enterprises to identify problems early so that they can validate the performance of the overall system.
Modernize database infrastructure
The data generated through IoT solutions characterizes a significant change in the requirements for storing, managing and modernizing database infrastructure. IoT drives a significant change towards non-relational type of data persistence that enables high-volume and high-speed data. Not only this, it will also enable event stream absorption and storage with great flexibility and cost efficiency.
Here are few steps to modernize the database infrastructure –
- Reallocate the record of servers to address random server explosion
- Acquire common management tools and procedures
- Decrease the number of shared locations across an infrastructure
- Modernize infrastructure across workload establishment and automation
- Downsize the variation and type of objects within your infrastructure
Initially these steps are concerned majorly with database infrastructure standardization towards ordinary infrastructure, characteristically achieved through system-defined implementations and virtualization. This should be an ongoing process as businesses demand modern IT infrastructure and old processes.
Securing IoT data
There is no surprise that security is one of the top challenges in the Internet of Things territory. As enterprises continue to utilize IoT devices for organizational use, it increases difficulty to monitor and respond to digital treats. It is rare for enterprises to have numbers of security technologies in place.
“Worldwide spending on IoT security will reach $1.5 billion in 2018, a 28 percent increase from 2017 spending of $1.2 billion.” – Gartner
The combination of a complicated technology security market and the growing number of IoT connected devices need support to restructure the gaps between the ecosystem. With the level of security that IoT devices demand, enterprises need a modernized approach to monitor data and react swiftly and effectively whenever they find suspicious behavior on their network.
Data is the new oil which in its raw form is useless; however, when refined, it becomes an invaluable source of wealth. Businesses need to tighten their seat belts and invest in precise interpretation of consumer data to stay relevant and competitive. If you want to implement data currency in your enterprise get in touch with our IT experts at Cygnet on +1-609-245-0971 or firstname.lastname@example.org.
Nilima Shah is a senior content writer at Cygnet Infotech. She enjoys researching, reading and writing articles about the latest Tech Buzz. She believes in using her skills both at a professional and on personal level to encourage businesses to adopt the latest technologies through her engaging write-ups. In her free time, she loves to create DIY art and crafts, explore places and cuisines.View All Posts