The Internet of Things has everyone talking these days. It’s the future of technology and marketing and it is growing fast. Companies must jump on board so that they can analyze and learn how to make IoT work for them. The Internet of Things is making devices smarter, so companies using the right technology can look smarter. This is the more obvious avenue for the Internet of Things.

The other side of IoT is all that data and information is connected. How companies use that information is the real key to working smarter, developing strategies, and the path to success on both fronts: technical and customer centric. Connected devices are already at about 5 billion worldwide and are expected to grow quickly to 50 billion over the next 4 years. How does your company stay on top of it all? The answer lies in media monitoring software, like that provided by Isentia, and properly analyzing the data you collect, then putting all that information to good use in strategy and marketing efforts.

How can small to medium size companies compete with the tech giants? IoT analytics is already a growing field. Every connected “thing” is collecting information. Most devices already maintain firmware and software updates, diagnostics, reporting, and management of the device. Media monitoring, social media monitoring, and media intelligence tools can all be used to discover how customers are using your products and services and combine it with what they are saying about it.

Then, add in other data like demographics and other information supplied by your customers. When the media monitoring data is combined with the IoT analytics data, it gives you an even bigger picture. Once you have the data analyzed, you can then hone in on a customer centric strategy to connect your customers with smart devices and make everything work for them.

This helps you gain a clearer picture of how the Internet of Things can work for any company, regardless of the industry. As technology grows and the Internet of Things infiltrates everyday life more and more, the need for monitoring and analyzing all the data collected will grow and be central to succeeding by making sense of all the information collected.

As you can see from the infographic above, many companies are predicting for the data collected by the Internet of Things to be the main stumbling block and challenge they will face.  Regardless of the type of business, analyzing the data puzzle will be present for all companies.  From the companies surveyed, 41% say that timely collection and analysis of data has been a challenge they have already faced with their IoT projects.

Additionally, 86% of businesses say IoT data is important yet only 8% are fully capturing and analyzing IoT data in a timely fashion; 94% face challenges collecting and analyzing IoT data. As a result, the Internet of Things is not delivering its full potential to these companies because of data challenges. Even more companies would be collecting and storing more data from the Internet of Things if it were easier and better IoT data collection and analysis would delivery more value, believe 86% of companies using IoT now. Media monitoring companies will play a large role in assisting companies collect, analyze, and capitalize on all of this crazy amount of data.