The Four C’s Of Winning With IoT
In the era of IoT, business leaders across industries will be judged by their ability to strategically manage the “Four C’s” of data—curation, control, connectivity and capital. Here’s why the Four C’s matter and how companies are currently using them to win with IoT.
Curation: Knowing What’s Important
Executives today need to be experts in both business execution and in data curation. According to McKinsey, 90% of all data in the world today has been created in just the past two years. Given the volume and pace of new data creation, simply collecting and storing data is not enough. To derive true value from IoT data, organizations must take an active, deliberate approach to how they manage and curate their information.
To do this, companies first need to be clear on what questions they need data to address and then mine the right data sets, so they’re led to the right insights. Instead of asking about “data,” executives need to be asking, “What data provides value?” This shifts the focus from big data to “small data”—the data needles in the big data haystack. The power of small data is often overlooked, but it’s invaluable. Once trends are identified or assumptions are validated through big data analysis, it is often the more accessible and tangible small data sets that form the basis for strategic decision making.
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