Real-time Decision-making and IoT
Created on October 5, 2015
Companies are constantly seeking critical real time information to monitor their enterprise. Such information can result in tremendous competitive advantages in the business world. The new wave of technologies that provide the foundation for the Internet of Things (IoT) may just be what companies have been looking for.
Business Intelligence that many businesses depend on for decision making consists of four broad steps which include Transmission, Analysis, Collection, and Visualization.
Transmission of data collected by IoT devices is an important concept. Data transmission can be managed over wired or wireless communication channels. They can be encrypted and secured to prevent hackers from accessing data. For example, information can be delivered quickly from shipyards in LA to Headquarters in NYC instantaneously.
Decision Support Systems
ERP, CRM and Trouble-Ticketing systems have been pertinent to Corporate America regarding business decision making. Executives monitor the pulse of their enterprises using these software packages which help them make critical decisions.
Many of these systems are complex and feature rich. Although they serve a purpose, they can be improved upon by utilizing real-time data captured from IoT devices. For example, sensors placed in a heating oil tank can capture real-time data and transmit the info to an Enterprise scheduling system. Once received, appointments intended for a service technicians or oil delivery personnel can be scheduled immediately. This reduces transportation costs for the heating oil company while maintaining a satisfied customer base.
IoT is revolutionizing how businesses collect information. These businesses are utilizing beacons and sensors to capture and retrieve data in real-time. IoT offers significant advantages vs. current methods. These automated ways of collecting data can save money and create new revenue streams. For example, in shipyards across the world, thousands of containers have to be tracked. Using IoT technology, the tracking of such containers can become automated without needing manual inventory. These tracking methods are slow, in-accurate, and expensive.
Data can be analyzed and visualized by powerful Big Data and Cloud systems. These systems can be designed to look for patterns in data. They can also perform Predictive Analytics to forecast future issues.
These four steps are helpful but ultimately, they are only a means to an end. That end results in making critical business decisions based on the data that is collected. In some cases, managers cannot afford to be indecisive so they have to make decisions immediately. For example, an IoT powered signage device with facial recognition capabilities that serves ads based on the gender of the consumer.
Leading IoT Platforms, such as NetObjex offer Enterprise integration features that can equip business leaders with real-time and actionable data. Those actions can be carried out by machines or human decision makers.
Ultimately IoT enhances corporate decision making processes. Integrating IoT solutions into traditional corporate ERP and CRM systems is evident. It can enhance and improve corporate reaction times so that they can be translated into improved diagnostics, higher revenues, and better customer satisfaction.