IoT and real time analytics have so much to offer individuals and businesses in this increasingly connected world. However, success requires business leaders to really understand how data can help move them forward – and to know when to partner with organisations that can help them achieve their goals.
Chief Technology Officer, KX
KX’s technology enables vector native, time series and real-time analytics to help organisations across industries – from financial services, healthcare, automotive and manufacturing to telecommunications, energy and utilities – manage their data and capitalise on IoT opportunities.
With many businesses increasingly deploying Internet of Things (IoT) strategies, we spoke to Paul Colgan, Chief Technology Officer at KX, about some of the ways in which organisations can make the most of IoT and their valuable real-time data.
By seamlessly connecting machines, humans and data, IoT helps to simplify, automate and improve processes and decision making, increase efficiency, and save time and money.
Used in conjunction with other technologies, such as artificial intelligence, generative AI, machine learning, 5G and edge computing, IoT can provide organisations with accurate real-time insights.
"However, these businesses are collecting increasingly large amounts of data and information that needs to be processed and analysed.” explains Paul.
KX’s vector native, time series database technology provides organisations with fast, efficient and flexible data processing, along with intelligence and actionable insights to drive decision-making.
Paul believes using IoT and data analytics offers businesses various benefits. These include the ability to:
“For example, we’ve helped a medical device manufacturing company achieve an immediate increase in yield, simply by starting to measure what it does. Connected sensors and real-time analytics have also allowed it to realise significant savings by making small changes to basic processes quickly.”
Adopting an IoT and data analytics solution can be a complex task. To overcome the most common implementation challenges, businesses need to know where to start – and how to get the data.
“This includes determining what devices are needed, where to get them and how to install them,” explains Paul. “Establishing compatibility is key for organisations using older machinery, where it’s not viable to replace the equipment.”
Managing the storage, processing, merging and analysis of data from the various pieces of equipment and systems – and making the data and insights accessible – is essential to success.
The IoT journey is just beginning, and the future is, undoubtedly, going to involve more and more connected devices. Paul believes companies would be well advised to start thinking about IoT’s role within their organisations – if they haven’t done so already.
For an IoT and data analytics solution to be effective, Paul says a business should:
Here at Barclays, we too appreciate the need to design and develop innovative technological solutions that help our staff protect our customers. For example, at the Barclays Technology Campus, just outside Manchester, is our transatlantic tech command centre and one of the largest centres for information security in the UK. Here, some of the best minds in the business are developing the technology that is changing an industry.
Barclays has a number of digital solutions that can support your business such as our virtual accounts that enable clients to replace and rationalise physical accounts, create complex virtual account structures and streamline their receivables and payments processing.
If you’d like to know more about how we could support you please contact our team.
To discuss your business requirements and how Barclays can support you, contact us today.
We provide a complete spectrum of solutions to enable your business to transact and trade easily, manage risks efficiently and finance its plans for growth.
Learn how Connexin is helping organisations create smart places, utilities, logistics and more to improve how people live, work and play.
Looking at the opportunities provided by the Internet of Things and how IoT can help organisations make data-informed decisions.
