IoT networks deployed for various industrial applications often consist of a large number of wireless sensors deployed over an area. Minimizing energy consumption and optimizing network longevity through efficient data traffic management are open research problems in such networks. Data transmission contributes to a major portion of sensor energy consumption. Hence, efficient data management schemes are to be deployed to improve the longevity and latency in such networks. Sparse compression is a technique by which the data can be sampled much below the Nyquist rate, enabling a compact data representation. In this work, we extend this approach to manage the data traffic in IoT networks and evaluate the performance of the sparse compression technique in data traffic management in future-ready IoT networks.