Capitalizing on IoT Data: The Golden Rule for Data Success
Organizations need to harmonize all critical data assets, including Big Data from sensors and other IoT devices, to ensure that the business has simplified access to trusted data. The first step is to put a system in place to integrate data and ensure its integrity. Take stock of data and where it's stored, including customer data warehouses, CRM platforms, financial systems, public internet data, etc. And, don't forget to include unstructured data sources such as social media, location, mobile and machine generated/IoT data. (An estimated two-thirds of unstructured data sources are not being used for strategic decisions making.) Ultimately, this data should then be brought together physically or virtually and be cleansed to ensure accuracy and completeness.
The holy grail of harmonizing data, however, is developing a master data management (MDM) strategy. MDM extends beyond tactical data quality to ensure consistency of data values as well as allow the organization to get a 360-degree view of their customers, partners, and operations.