As illustrated in part 1 of this blog series, the business benefits associated with converting data into action are significant. From increased responsiveness across entire supply chains to operational processes that drive growth and enhance performance, there are clear advantages for nearly every department.
Effectively leveraging the IoT for your organization requires a willingness to embrace recent technology advancements. First, organizations must have the ability to capture store large amounts of data. Second, you need processing capabilities powerful enough to analyze the information quickly and apply advanced algorithms for predictive insights. Companies should also have an integrated architecture capable of combining big data, analytics, mobile, cloud and social media on a single platform. It is also helpful to have a user-friendly, graphical interface to make sense of the data results and support augmented reality. Lastly, embracing cloud-based solutions that provide real-time access to the right data at the right time can save considerable amounts of time and money.
The Internet of Things is opening up opportunities we are just beginning to understand. Using technology to connect assets, people, products, and processes is helping chemical companies to make data-driven decisions, allowing them to capitalize on new growth opportunities while simultaneously saving money through more efficient operations. In what has been described as the “era of Big Data,” chemical companies that can take information and transform it into innovative action will be the undisputed leaders.