Everyone knows that The Internet of Things will be a powerful driver of innovation and competitive advantage. Except, as Professor Hosanagar points out, it is essentially just two things- sensors and big data.
The key to harnessing the value is exploiting the extra information. To achieve that analytics embedded in the ERP, CRM, PLM and other enterprise systems is vital.
Only in that way will IoT lead to better decision making and more importantly, effective and efficient decision execution
Kartik Hosanagar, a Wharton professor of operations, information and decisions, says “IoT will clearly be a transformative technology” but cautions against “getting caught up in a buzz cycle.” IoT is mainly about two things — using sensors to collect extra information and then channeling that to guide better decisions and actions. Still, “it’s important for businesses to ask what kind of information they would want from devices and what can be done with the information,” he says.
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