The internet of things has created the analytics of things - Be prepared with these 4 steps
Let’s face it; there is hardly a job or business in the world that will not be affected by the rise of new data available. The big data flood and its main source so far, have been in the form of mobile devices and desktop behaviors. This tide of information needs to be processed, subjected to solid analysis to provide useful insight. - The Analytics of Things.
A significant data rising star is the new field of the internet of things (IOT). This is where everyday items and devices will have sensors to track, monitor and measure. The data generated will create new insights that will change the way we see business forever. This will become the largest driver of data sources. It is up to you and your business to embrace the information through meaningful analysis and avoid being lost in an ocean of data points.
So, how can you and your business avoid being a victim of this rising tide is the very basis of our insights today.
Analytics of Things (AoT) defined.
You might already be aware of the internet of things or industrial internet of things (IoT, IIOT). This describes the network of physical devices and software. I define the analytics of things as the processing work done with this information. This is the field of big data, predictive analytics, and data science. Some brave folk is already calling it “everything”. – This is the hope and desire to measure everything possible from physical to emotional.
Are the “things” limited in scope?
This is written in 2017; right now there is a significant restriction to the scope of items measured. However, tomorrow and in the future the list will change. At JAMSO, we believe that the AoT will simply match the description of “things”.
Things defined: - An object that one need not, cannot, or does not wish to give a specific name to
An inanimate material object as distinct from a living sentient being:
An action, event, thought, or utterance
What is needed or required:
So, that’s just about everything then.
Competitive edge through analytics
Many companies are following a trend from announcing themselves no longer as car manufacturers or banks but as software companies. This is to embrace fully the digitization of commerce at every phase of action and transaction. Indeed it comes under several buzz phrases (but real events) such as the "digital transformation" or the "industrial age 4.0" etc.
These competitive edge factors are being developed through data and is achieved from sophisticated analytics.
Examples of these transformations include financial transactions over the blockchain or crime prevention from pattern recognition software.
The secret sauce for each company will become the power within their algorithms. We see this today from high-frequency trading to improving user experiences on social media platforms. Your own skills to influence and decipher these algorithms are important. You should not expect to understand them fully at a granular level, however knowing their limitations and possibilities are key.
Protecting your future
With such change underway, follow these following four steps to bring you on a path of mastering the potential of your personal and business opportunities. This is a much needed but little written about step we see in the business and career marketplaces.
Sure, its easy to find articles and tips on programming and the benefits of IoT, but what about the creating the path towards their implementation? Just how will a small business or middle manager become aware and aid this transition?
So, we created the four steps below to guide and help you on this path to place yourself in a winning position.
Step 1:- The data revolution continues to be inevitable
I write this as a person approaching fifty years young. I recall when mobile phones never existed, dial-up connections for the internet and wondering what the hell “Windows” had to do with computers. So, what I also have seen is the rising tide and explosion of change from social media to advances within gamification for change management and training. The trajectory of increased data, metrics and their need for statistical review makes the analytics of things inevitable.
With this understanding you are already in a position avoid the denial phase of any significant change. So, improve your knowledge and start to explore potential risks and opportunities for your career and business.
Suggested Review Period: Monthly
Step 2:- From blue sky thinking to blue sky doing
Get back to your business and personal vision and mission. What are your principles, values, ethics, and purpose? These foundational blue sky thinking elements should form the foundation of your ambitions in adopting the type of data you will need in the future. Sure, some data sets and measures will be unknown at this point, yet the direction and strategy can be formulated to point your daily and tactical research. The research findings should be decision points to help shape the short, medium and long-term direction of your personal development or actual business direction.
You now have the basis of a gap analysis.
Suggested Review Period: At least once a year.
Step 3:- Ongoing status developments
The status phase, however, is here to validate your assumptions, challenge any confirmation bias in your decisions and start to create management measures and triggers for action. It would be naïve to provide a definitive list today of all the considerations you need to ensure you embrace the full potential of analytics and big data. Indeed so much software and process power that we have today is simply out of reach for individuals and small companies only a few years ago.
Respect that the development of your status will change and morph as big data matures into every aspect of our lives. This will require a disciplined open mind. What maybe an opportunity or strength for your business today, may become redundant with a new piece of software within 12 months’ time. So, vigilance is the key.
Suggested Review Period: 3 monthly
Step 4:- Jump in and engage
No matter what phase you currently are in, no matter the resources, we suggest you create time and jump into the field. Being part of the conversation via personal, association or social forms is important to remain aware and help shape the direction of AoT. By being engaged with the “industry”, you will be best placed on a personal level to inform, share and anticipate the changes and impacts likely to impact your own career but also your business.
A key part of this engagement is not just being a passive audience member but by rolling up your sleeves to improve the needed skills. At first, this can appear an insurmountable task, yet by building and developing the skills over time, you will become quickly the go-to person and leading business experts in your designated niche.
Suggested Skills Development: Weekly (build over time from 1 to 7)
1. Excel and dashboards
2. From basic to advanced Statistics
3. Business metrics and performance measurement design
4. Understanding data visualization
5. Privacy laws and Connectivity security
6. Key problems your business faces with data
7. Business Intelligence and Analytics
There is only one clear single path for any business or person when it comes to surviving the invasion of the Analytics of Things (AoT). The path is to become more self-aware, adaptable, informed and develops new skills. I have already discovered that some skills developed a couple of years ago have been replaced and now partially redundant. However, in the meantime, these skills have provided insights, improved questions and helped us stay ahead of the “game” and be aware where we have fallen behind the largest players in this world of analytics but remain competitive enough in others.
Extra considerations: We have not focused here on the fields of machine learning or artificial intelligence. These are natural outcomes and clear next steps as you progress through the 4 steps we have proposed. You will see and understand the potential and start to engage deeper within these fields as a progressive and inclusive step to improved knowledge, skills and opportunity.
So, we have found ways not to become a victim, be part of the wave. Follow the steps to keep also!
I would love to hear what tips you have applied?
There are many great resources availbe to puruse your knowledge online. One of the extra free services we have supplied is an extensive social media curated resource tool box. You can explore this on the JAMSO Pinterest boards and discover what 8,300 follower have found and discovered as interest. Indeed, we normally generate over 240,000 visits a month to the resources we post there, so hop on and embrace the knowledge.
Statistics skills and resources with over 53 sources of material
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