The task of industrial internet of things (IIOT) is to empower all devices and processes in the factory to self-report in real time. In other words, you want access to the data that is in the machines on the factory floor.
Noticed I said task, not objective. You are not collecting and processing data for the sake of processing data. Your objective is to use data to do what you do better. In fact, you want to become better at using data to do what you do better.
You are hoping to achieve a strategic breakthrough, somehow transform your business so that you use data in ways that are not immediately apparent now. At the very least, you do not want to be left behind by other companies that are transforming themselves into data-driven enterprises. Companies that are now at the forefront of their industries have come to understand that their data is a valuable asset which they can leverage to drastically improve the way they do business.
You want your firm to evolve to a higher level of analytics. There are four levels of business analytics:
- Descriptive
- Diagnostic
- Predictive
- Prescriptive
One begins with descriptive analytics, which is basic reporting of what has happened, such as sales reports or sentiment surveys. Descriptive analytics provide only hindsight, but they are a necessary building block to moving forward to higher analytics.
Diagnostic analytics is the application of statistical tools to discover trends and correlations. It seeks to answer why events happen, but it is still retrospective.
The next stage in evolution is predictive analytics, to seek what will happen. A common example is sales forecasting.
The final objective, however, is prescriptive analytics, which is the ability to answer how to make something happen. An example of prescriptive analytics is price optimization.
Sounds perfect: use data to know what actions to take in order to achieve our business goals. How do we get started?
The first step toward business analytics is to democratize the data. To unleash innovation with data, you must unleash the data. No more silos. No more gatekeepers. No more tribal knowledge.
To democratize the data, you need modern edge computing. That is where Edgecell comes in. Contact us. Let's get started.