How Can CIOs Leverage AI and Data Broking to Drive IoT Innovation?

How Can CIOs Leverage AI and Data Broking to Drive IoT Innovation?

Gartner, one of the most reputable global research and advisory firms, picked out several IoT trends that will steer the growth and direction of digital transformation in businesses during the 2018-2023 years. A lot depends on a particular executive in a company: the CIO.

The role of CIOs (chief information officers) is to supervise and manage the IT planning, infrastructure, and strategies in an organization. These executives stand at an extremely crucial juncture where their shrewd leadership and IoT mastery can drive their organization’s digital innovation to unprecedented heights.

Moreover, it is paramount that these CIOs make sure that they have the required skill-sets and partnerships that can help to drive IoT innovation.

 

Getting Your Head around AI and Leveraging It Properly with the IoT Devices

As a CIO, you have to keep in mind that the number of IoT devices will reach 25 billion in the next two years. Since these devices are going to generate voluminous amounts of data, you must have a strategy in place that can focus on what to do with this data. You can use different applications, tools, and algorithms of AI to extract IoT information like images, videos, text, sensor data, and network traffic activity. The key is to leverage AI to derive meaningful data from IoT’s data. So, you can apply it to improve your organization’s output, business processes, and customer relationships.

Keep in mind that AI is a complex beast. The wide-ranging applications of AI like machine learning, speech analytics, data mining, convolutional neural networks, and others are completely changing how businesses operate all over the world. Therefore, unsurprisingly, a large number of IT vendors have invested substantially in AI and its sub-branches. As a CIO, you have to tackle this complexity and foster an IT infrastructure that has the human resources, skill-set, and tools to understand how to apply AI with the IoT strategy effectively.

 

Tread Carefully Around Data Broking

A survey by Gartner illustrates the fact that almost 35 percent of companies intended to sell the data that is stored from their services and products. CIOs need to update themselves with the theory of infonomics .i.e. they must recognize information as one of their strategic business assets, like other traditional assets.

While it may not look so realistic today, in 2023, the purchase and sale of IoT data are going to be heavily rampant. As a CIO, you need to look around the world. This year was an insightful one for data broking. Facebook’s Mark Zuckerberg sweated as he faced a barrage of questions over his company’s adherence to privacy regulations. The implementation of GDPR, along with its hefty penalties, has forced companies around the world to update their data broking strategies. CIOs have to create awareness in organizations regarding both the opportunities and risks of data broking.