Data is one of the most valuable resources in today’s world, offering a wealth of opportunities to drive informed decision-making, efficiency, innovation and economic growth.
But many businesses still don’t recognise the full value of their data or don’t know how to make the most of it. While most businesses are familiar with the application of traditional enterprise data to decision-making, far fewer understand the potential power of their industrial data.
What is industrial data?
Industrial data is non-personal data that is created or collected by businesses and other organisations and includes data that is recorded or created by individuals as well as machine-generated / collected data.
It has been undergoing a rapid transformation – in respect of both the types and volumes of industrial data that are being generated and collected by businesses. Industrial data is now created and collected from advanced technologies, such as IoT devices, robotics, artificial intelligence and other new technologies deployed throughout businesses’ operations and in connection with their products and services.
In combination with this, businesses are harnessing the transformational power of the cloud and edge computing to support the ever-vaster amounts of industrial data that they are generating, storing and analysing.
The European Commission estimates that 80% of industrial data is never used.
Businesses that implement effective strategies for the acquisition, use and commercialisation of industrial data can avoid the potential pitfalls that come with managing huge volumes of data in a rapidly evolving regulatory landscape. They can also give themselves a competitive advantage, leveraging smart data to achieve better informed decision-making, improved efficiency, reduced operating costs and greater productivity, and growth through the design and launch of new, and more effective commercialisation of existing, products and services.
