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There has to be a lot different business relationships taking into account that there are over 6 billion people globally and nearly 230 million business entities in D&B database which is one of the world biggest for B2B. On the other hand, there are billions of machines working towards better and easier life for everybody. The interaction of these relationships creates complexity to manage all the data most efficient way. Key question is how to utilize these entities in the most effective way to help business to build more business?
Industrial internet is currently booming globally. The term is originally initiated by General Electric and refers to integration of machines, network and software (Wikipedia). The consortium for Industrial internet was established 2014 founded big US players such as Cisco, IBM, GE and AT&T. Pieces of revolutionary conference can be referred in Jeff Immelt statement: If you wake up as Industrial Company, you realize that you need to be a software analytics company.
One of the key elements of the concept is transferring data into information. You could refer this into Maslow hierarchy of needs – you need to have psychological and safety in place to proceed into self-actualization. Similarly in Industrial internet you need to have smart connection level between entities (machines, network, business etc.) to be able provide self-configuration possibilities even to end users. Each of these entities needs to be identified. Whether it is a business id, machine id, IP-address, Product-Id, Consumer Id, you name it. But it is essential to connect these dots to be able to make smarter decisions. Sometimes it is easier said than done. Industrial internet is one of the main megatrends according to case presentation held by Mr. Matti Vappula (Director in Outotec) in DigiBreakfest at AaltoUniversity Finland in spring 2015. The availability of the data is the key driver according to his presentation.
A tiny, but important piece of Industrial Internet therefore is the ability to identify, identify and identify. And that leads us to basic questions around mastering data; MDM. During the years Bisnode has helped companies to manage their globally business relationships, meaning suppliers and customers. Occasionally it can be even to identify business and location as we do with Google in the Nordics. With the help of DUNS-numbering, you are able to identify the business and its different entities you’re working with. This helps, among other benefits, you to identify most critical relationships, sourcing and acquiring new relationships and to manage your credit risks. Being able to identify in which business entities locates free capacity/machines etc. and in which entities the need is at given time, gives you the ability to sell more with same costs. Software analytics with intelligent data, yeah!