Data silos, missing or incorrect data and non-actionable intelligence are three big challenges for IoT. That is not even mentioning security across all these connected and often vulnerable sensors and devices. Let's stick to analytics however.
Most enterprises have acquired a mishmash of systems and data sources over time. Core systems of record are themselves a mix of legacy systems especially for global companies with each country often with its own architectures.
Dealing with integration is a key success factor (or the opposite withe failure).
"Companies generally have two choices when pursuing an IoT integration solution: Add IoT functionality to existing systems, or create/buy an end-to-end solution. Ripping out an entire IT architecture and replacing existing systems can be costly, which is why companies tend to look towards added functionality. Organisations want tools that can integrate data from existing systems – whether machine data, legacy systems, business applications, or big data systems such as Hadoop."
RTInsights Team March 2017
One answer can be found in the new digital platforms that link via a unique and secure URL to the core systems of record. This means you can rejuvenate the back-office systems and digitally transform the customer experience. There is no short-cut to integrating the data silos and disparate formats.
See the article below for guidance on that.
Once integrated you should be sure of having the right data but without analytics that's all it is- data.
Gartner cites analytics as the No.2 technology for exploiting IoT - see why here.
But integration has been cited as one of the top and most costly barriers to adopting IoT analytics. Gartner has estimated that through 2018, half the cost of implementing IoT solutions will be spent on integration. The average cost per project of integrating device, data and systems is about $8 million per project. McKinsey & Company, meanwhile, pegs 40 percent of the value of the IoT on interoperability.