To increase the odds that IoT analytics will succeed, it's a good idea for manufacturers to start with a self-assessment using the following steps:
Understand product usage scenarios in consumer/industrial applications.
- Analyze product portfolio and establish value of instrumenting products.
- Identify key stakeholders and their needs, to orient analytics toward addressing business challenges. Identify the processing and decision-making required at every level and stage of the IoT network (primarily focused on reporting and advanced analytics).
- Detail business-critical insights and their application at multiple points in the ecosystem.
- Lay down an approach for making IoT analytics distributed both in terms of information analysis and usage of insights. This includes detailing the strategy, including the use of edge analytics.
- Make data/information/insights an integral part of systems and processes within the organization and extended ecosystem.
- Establish decision-making logic based on insights drawn from advanced analytics.
Read more in the report How Manufacturers Can Unlock Business Value via IoT Analytics.