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Operationalizing IoT Data to Drive Revenue in the Enterprise

Digesting data and devising a way to collect, analyze and operationalize insights can result in profitability.
By Rick Veague

Turning Data Streams into Revenue Streams
According to McKinsey Global Institute, the IoT has a projected annual impact of $11.1 trillion by 2025. Companies that leverage the IoT data they already possess to revolutionize their operations and business-intelligence systems will be able to measure and track value in new ways, enabling them to maximize revenue streams.

Where to Start
The amount of data and opportunities are daunting, and it is easy to experience paralysis by analysis as an executive team sets out to make the most of this data. Start by understanding the value of IoT data and the specific processes that might be worth monitoring—starting, perhaps, with one or two processes that could deliver a rapid return on investment. Keep an open mind about the trends you're uncovering and tailor goals as necessary to ensure data streams are being analyzed and operationalized in the ways that will deliver the greatest value to your product and service offerings.

As the chief technology officer of IFS in North America, Rick Veague has overall responsibility for the product and industry solutions offered to IFS customers and partners in the United States and Canada. As a well-respected panelist and speaker, Rick regularly speaks on IFS solutions and IT strategies at trade shows and industry events throughout the country.

Rick joined IFS in 1999, and has held various pre- and post-sales positions developing, marketing and delivering high-value business applications, including ERP, FSM, EAM and MRO solutions. He holds a degree in computer science and mathematics from Knox College.

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