AIoT: The Key To Unlocking Business Value From Industrial Data
A report from Forrester noted that up to 73% of all data collected within the enterprise goes unused. This has become an oft-repeated statistic, meant to highlight a fundamental and growing challenge with the Internet of Things (IoT): As the volume of connected devices continues increasing exponentially, enterprises are gathering more data than they know what to do with. And this has become particularly acute in the industrial sector, with the rise of Industry 4.0 creating more data sources from the edge to the cloud.
But I think the way many approach that 73% statistic is a little backward. The problem is not so much that 73% of an enterprise's data is going unused; it's that enterprises are collecting large volumes of data that might be of no use to begin with. This problem will only compound – by 2025, it's estimated that there will be nearly 37 billion connected devices worldwide, generating over 79 zettabytes of data. That's an astronomical volume of data that industrial organizations are just a few years away from having to contend with. All the more reason that they need to make the shift from data volume to data value.
Shifting to a focus on data integration, mobility and accessibility – and with it, unlocking hidden value from previously unoptimized or undiscovered sets of data – relies on combining artificial intelligence (AI) with the Internet of Things (IoT), or AIoT.
The Dual Industrial Pressures Of AI And The IoT
A 2019 Accenture survey found that while 84% of C-suite executives believe AI is necessary for achieving their organization's growth objections, 76% struggle with how to actually scale AI to meet those needs. That struggle is compounded by just as many executives seeing that the failure to scale AI over the next five years could end up with them going out of business entirely.