According to McKinsey & Company—a global management consulting firm, IoT’s potential economic impact could exceed $11Trillion by year 2025, which is equivalent to about eleven percent of the current world economy. One of the factors enabling this is Internet of Things (IoT) data analytics. What is IoT data analytics and how can it help businesses to gain a competitive advantage? Let’s find out!
What comes to mind when you hear the word ‘Internet of Things’?
If you answered consumer products such as smart plugs or wireless home energy monitors, then you’re not alone. There are many others with the same thought process as you. However, it is important to understand that Internet of Things (IoT) is as important for businesses as it is for individual consumers. Experts say that IoT technology can help transform businesses—especially if it is used in conjunction with big data. In fact, Internet of Things alone is reason enough for businesses to invest in and implement data analytics.
By connecting devices and allowing them to interact and communicate with each other, the Internet of Things (IoT) is enabling a streamlined future where businesses will be able to control their processes automatically. This is the reason forward-thinking businesses are enabling their IoT initiatives such as smart machines and sensor devices for developing new data management approaches. The importance of IoT data analytics can be gauged by the fact that several established names such as SAP, GE, Amazon, Microsoft, Amazon and Salesforce have started to warm up to the idea of implementing it for their processes.
The Importance of IoT Data
To make connected devices smarter and enable actionable IoT data, data analytics is required. By connecting a range of smart products from fitness trackers to smart bike locks and smart cars, internet of things (IoT) is able to generate ‘Big’ data— creating new business opportunities and helping business to transform their operations. To create a strong relationship with customers, connected devices are continuously evolving and this evolution process is enabled by IoT data.
Critical to any IoT roll out, data analytics has been implemented by many businesses to date. The advent of the Smartphone and the increase in its usage has vastly increased the data available to analytics programs. And, with the Internet of Things, data analytics can reach new heights. By enabling home appliances, transport infrastructure, health monitors and many other daily usage items for online connectivity, IoT is helping generate staggering insights for businesses.
IoT data is generated by the connected devices from sensors. For example, sensors can help predict a machine failure beforehand by measuring vibration, heat and other important variables to provide the relevant data. Additionally, new techniques are employed by big data analytics to create an understanding of data and help enable automation. IoT also enable the exchange of data between a connected device and the user and can integrate data from all external sources, business systems, and other relevant connected devices. Other benefits of using IoT technology is enabling remote access to a connected device and having a platform for storing and analyzing data. There are many benefits of enabling IoT for your products and business including:
- Facilitating remarkable new product capabilities
- Enabling products to track and report in their condition in any environment
- Using software upgraded via the cloud to enhance product capabilities and fix any performance issues or system bugs and fulfill new customer requirements
- Remotely controlling complex product operations
- Identifying problems in design by enabling ongoing quality management continuous monitoring of performance data
- Improving uptime, utilization and performance of products and significantly uplifting the combination of remote control capability and data monitoring
- Enabling remote services and preventive and proactive actions to improve services via products
- Enabling automation
- Modifying the operations of manufacturing facilities where machines network
IoT Data Can Be Used to Improve Operations at All Levels
Often referred to as ‘big data’, the data collected from the Internet of Things (IoT) can used for an incredible number of things. This data is especially useful for improving the day-to-day business operations and utilizing the time and energy of employees more smartly. For example, to find out where most of their employees’ time is spent and when certain spaces are most occupied, some businesses are employing smart sensors throughout their facilities.
The above information enables businesses to choose appropriate times and rooms for meetings by allowing them to schedule meetings more efficiently. Ultimately, this helps lower the turbulent effect meetings can have on the productivity of workers. Today, many companies are using the Internet of Things to discover the occupancy of meetings rooms and other rooms within their facility. And this has helped them to greatly increase work efficiency and ultimately improve their bottom line.
The Combination of IOT and Data Analytics Can Help Increase Revenue
Of course, the most important thing for any business is how IoT can help can increase revenue and business growth. By generating extremely detailed insights about their customers and what motivates them, the combination of IoT and analytics can help businesses to innovate based on the needs and wants of their customers, which will ultimately help them to offer what customers want/need—increasing revenue and driving business growth in the process.
As this provides businesses with a bird’s eye view of warehouse conditions, employee activity, fleet locations and mechanical processes, enabling real-time data analysis for internet of things (IoT) is crucial. By enabling data analytics and leveraging the data collected from the connected devices to improve operations and/or customers, businesses can increase revenue and grow.
If you’re interested in knowing more about how IoT data can help your business, then get in touch with us today! Or you can visit our Internet of Things pages to start the conversation: www.percentotech.com/internet-of-things
by Bobby J Davidson
We love our company and we love what we do. Check out the ‘Why Percento‘ page to learn more: Love of Technology and Business! Contact me today to discuss how our great team can assist: 1 800 614 7886 or our Contact Form.