How to Leverage IoT Analytics for higher Business Value and Opportunities
IoT data is being generated on large amounts today, businesses need to leverage this data to execute monitoring, reporting and decision-making functions. By integrating the IT and OT data, IoT analytics assists to take out actionable and significant insights to improve the overall business value. With the business world utilizing the power of IoT driven analytics, many businesses are taking initiatives to put the measures in so they don’t get behind the race. As per the Grand View Research, the global IoT analytics market size is assumed to be arrive at USD 57.3 billion by 2025 at a CAGR of 29.7%. However, when it comes to monitoring IoT data, it has its own challenges.
Here are a few ways to interpret how we can leverage IoT analytics for various business opportunities.
Real-time Optimization of Essential Systems
Using IoT connected devices; businesses can now get lots of data which will eventually help in the day-to-day operations. The essential solutions, which are designed for processing real-time data, are utilizing machine learning techniques to support businesses in leveraging predictive analytics. Predictive analytics will help you to be aware of the future incidents which have the capability of affecting your business.
The Precise Usage of All Resources
IoT and analytics operate hand in hand by providing businesses with reports of specific planning and usage of resources. With the combination of predictive analytics solutions and real-time statistics, the reallocation of jobs and resources drops into the correct places. When your businesses can make the actual utilization of resources, costs would be reserved which can be performed in unexplored areas of your business.
Automated Work Management System Maintenance
Automation is now becoming a backbone for several industries. But still, there is a more scope for improvement such as when automation combines with IoT can make the way for major improvements which would result in the development of businesses. For instance, if you apply the absolute combination of IoT and automation, you would discover major improvements taking place in the work environment such as remote-field-force connectivity.
Also, IoT sensors are highlighted to let the employees know when a specific machine is most likely to fail, which minimizes the pressure on employees to move the machine off manually for maintenance purposes. This also reduces the workload of employees who previously had to maintain a constant check to assure whether any machines need maintenance or not.
Expanded Business Operations
Now business owners can depend on their smartphones to even maintain the track of real-time crucial business operations. This is because of IoT and analytics-driven cloud solutions that have been combined with cross-platform mobile apps for giving real-time insights even on mobile devices remotely. That will help business owners to make better decisions in real-time without having to rely or wait for physical report.
Let’s take an example of cloud-based Smart Metering systems which are developed around the water meters mostly and assists the customers with their water utilization data in real-time. In this way, IoT systems are even creating a way for effective water utilization by making better decisions.
Below are a few steps included in the processing data for IoT analytics and obtaining business value from it.
Data Ingestion
In this first step, the data from IoT devices are taken in and processed. Real-time alert notifications can also be generated. In the end, data is reserved in its natural format in a centralized cache.
Clear Visibility
The IoT data from all sources are integrated into the data hub before being categorized for better interpreting and detailed visibility. The data which is requested after specific intervention will be made available to support analytic data analysis.
Discovery
The processed data from the data hub is then proceed to the BI (Business Intelligence) tools to generate interactive dashboards. These interactive dashboards drive data into readable-human insight. This allows decision-makers to make more instructed decisions.
Prediction
Predicting future results with the help of several machine-learning techniques is the current norm used by businesses. As the store of available data develops over time, IoT predictive analytics can utilize longitudinal data to identify trends and predict future scenarios.
How IoT Analytics helps in getting Vital Business Insights
IoT analytics embeds data gathered from OT and IT data sources and processing, visualization and analytics to create useful and significant business insights. There are many different use cases for which IoT analytics can be applied. In the case of home security and automation, data gathered from different sensors such as temperature, humidity, alarm, etc., can be integrated with customer data to improve customer lifestyle experience, supply proactive data-driven services and initiate more operational efficiencies via visualization, remote monitoring and troubleshooting.
In a smart building scenario, energy utilization dashboards can help in sensor control, recognizing particular times to heat or cool rooms, finding air quality risks and positioning predictive fixes and maintenance. Texas Instruments study shows that in HVAC and lighting IoT solutions, energy utilization can be control by 40% just with the help of sensor control.
The study also specifies that thermal comfort increases human productivity by 3%, affecting the bottom line. In the case of the retail industry, video analytics on the data gathered from IP cameras can be utilized to check the theft recognition, analyze entries and exit, etc. Also, the information from temperature tags and humidity sensors in the retail sector can be utilized for predicting shelf space replacement, perishables, etc. Information from digital shelves can be utilized for real-time price and any discount offers to the customers.
Thus, there is a big opportunity and value to be explore from edge data in combination with business data that provides valuable intelligence via IoT analytics. Thanks to IoT and analytics platform, it is changing the business view by gathering quality insights and allowing data-driven solutions.