How to Prepare Your Business for the Quantified Economy
Many companies are preparing for the third wave of the Internet which is building now and expected to crest in the next five years. With more and more devices becoming connected, businesses, governments, and organizations are feeling the pressure to capture this wave of opportunity and turn that data it into valuable insights, action and value.
The massive opportunity for companies to tap into this raw data generated by millions of connected devices is the whole premise of the Quantified Economy. The decision to build or buy the data infrastructure that will capture, process, manage and secure this data is a crucial one. For the Quantified Economy to reach its full potential, businesses and organizations not in the data business should look to services like Buddy to manage their data infrastructure for them. Building these systems from the ground up to handle the challenges with scale, volume, velocity and security of data is challenging today, not to mention building for the future load of device data as business increases.
We predict that the Quantified Economy will impact every industry, creating new business opportunities, make organizations smarter about their products and help them provide better customer service.
Why Does Device Data Matter?
But, how do you get started and make the case that device data should be captured? Well first, ask yourself “what questions would I ask of my data?” If you could learn how your products and services are actually being used in homes, how your appliance is performing, indicators there are previously unknown manufacturing issues, or blending device data with CRM system to make new correlations – how much would that be worth to the business today and tomorrow?
You may also consider how the data can:
- Optimize devices or equipment by anticipating or understanding problems before they occur.
- Predict how devices are used which allows companies to improve customer experience
- Improve device performance and safety
- Reduce energy consumption
- Improve quality of life with lifestyle changes
How to Get Started with Capturing Device Data
Once you have a start on the insights you’re hoping to gain, it’s time to select an infrastructure partner that can handle your needs today and help you grow into the future. Buddy is a highly scalable and secure service that’s device agnostic and can integrate with a wide variety of business applications, M2M systems, big data services and more. Additionally, Buddy allows for the execution of custom code and analysis in Buddy’s cloud to make real time queries, and the ability to control devices with two-way connections and messaging.
Learn More About The Quantified Economy
If you’re interested in learning more about the Quantified Economy, Buddy CEO Dave McLauchlan will be speaking next week in New York City at the Internet of Things Expo Big. You can catch his speech “The Quantified Economy & The Future of IoT Data,” on Thursday, June 9th, or talk to him after the show.
Want to learn more about Buddy, see how our IoT platform works!