Taking care of the IoT data

Internet of Things (IoT)

Internet of Things (IoT)

IoT solutions make use of data that is generated by the interconnected smart devices to come up with operational insight and produce better outcomes. The increase in the use of IoT solutions is likely to result in high volumes of data. As A result, there will be issues to do with who owns the data, what rights the IoT data adopters have, and ways to deal with Data privacy issues.

How do companies take care of the information?

There is a growing data governance debt that companies need to deal with before it gets out of hand. The information governance program should include with analysing the following

  • Reduction of the cost of data ownership

It should cost less to the company to own data. Companies should look for easier ways to own information and seek easier ways of storing the data so that it does not take up a significant chunk of their operational budgets.

  • Management of risks

There are legal and regulatory compliance risks that come with owning and using information. Before collection and storing of the information, companies should look at possible risks and ensure compliance before handling the data

  • Increase the value of information

Information is not worth if it does not enable the easier making of decisions. Companies should structure their data collection methods to tap into relevant and valuable information.

Here are 8 Vs of valuable business information

Volume: You should find the information that you are looking for with ease
Value: You should find the information when you need it most
Veracity: The business should find means of determining whether what it is looking at is information or disinformation
Visualization: Quality information should make sense at a glance and trigger a decision
Variety: The information should be balanced especially when it has to be seen or used by people different backgrounds and cultures around the world
Velocity: As the information gains momentum, new opportunities and crises will evolve along the way. It is important that the business develop an outlook for the day and period based on the information at hand
Viscosity: Is the information dormant or does it calls for action. If it calls for action, how low does it take the business to act?
Vitality: Can message contained in the information be passed to the relevant audience through the social media or a presentation?

Companies need to take a deeper look at the governance of their data. As the world moves to smart cities, smart buildings, smart healthcare, and smart transportation, there will be huge amounts of data generated. This data has to be managed by people with the right skills and competencies.

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Brad Nelson