SMEs must guard against becoming like large companies with siloed data.
Most large organisations have data that could be used to provide for disruptive innovation but that data is protected and closed by overzealous staff and departments. Being smaller, SMEs have less protectionism but stakeholders must nevertheless strive to keep data open within the company.
Existing data usually describes attributes of things or people rather than measurements. Sensors provide a way to create new data based on the physical world. This so called ‘orthogonal data’ is separate but related to existing data and analysis can bridge the data to provide new insights and models that can disrupt industries. The advantage of creating new data is that it can be collected in an appropriate format for later analysis.
“Many early adopters are using sensor data to reduce operating costs by some 5 to 15 percent”
McKinsey Gloval Institude