Most businesses are used to dealing with assets like equipment, inventory, property, plants and even intellectual property. However, now they must all contend with a new type of asset that is proving to be tricky to navigate: data. While data itself is nothing new, the sheer amount of it that is suddenly available is unprecedented. In fact, a firm’s ability to collect, analyze and report these tremendous volumes of data in a meaningful way is one thing that is likely to set apart those that have a promising future from those that are destined to fail.
As data becomes easier to analyze and collect thanks to the prevalence of new data sources like the Internet of Things (IoT), a new economy is emerging that is based on using data to create value internally and externally. The evolution of IoT devices will only make the vast amount of information available grow, and new approaches will be needed. Exchanging and selling information will also play an increasingly bigger role.
New Trends, New Approaches
Some of the supply chain dynamics that are becoming increasingly common include omni-channel approaches, decentralized production, the use of autonomous vehicles and drones, and fulfillment at physical stores. Visibility will remain vital, and new value chain opportunities are likely to emerge as a response to the prevalence and immediacy of this data.
Thanks to the vast interconnectedness afforded by the IoT, trends and patterns that previously went undetected are now becoming rather obvious. Such information can lead businesses to make innovative and very profitable decisions. Nevertheless, there is still quite a bit of room for growth where the IoT is concerned. Information that was once ether discarded or not even collected at all can suddenly be put to great use, but only if businesses are prepared to combine this information with data from other sources and put decision making processes in place that will turn it into something meaningful.
This blog post was based off an article from IBM. View the original here.