marketingtechoutlook

Combined Potential of IoT and Data Analytics

By Marketing Tech Outlook | Thursday, September 12, 2019

IoT and data analytics are assisting organizations in proactively engaging with data for better decision-making.

FREMONT, CA: The world is becoming smaller because of a sharp rise in the number of interconnected devices, largely via the internet. Meanwhile, amidst the growth in the number of devices and users, data is expanding exponentially too. At the present rate of growth, nearly 30.73 billion IoT connected devices will exist by 2020. IoT technology enables humans and processes to communicate across a variety of IoT-based applications. It has also succeeded in offering huge benefits to users across the sectors.

However, the data gained from IoT devices are of value only if it undergoes proper analysis. Data Analytics (DA) involves subjecting big and small data sets with varying properties to gain meaningful insights from them. The results are usually in the form of patterns, trends, and statistics that assists the business organizations to proactively engage with data to implement better decision-making processes.

Merging IoT and Data Analytics Will Impact Businesses

Data analytics plays a crucial role in the success and growth of IoT investments and applications. Analytics tools allow the business units to effectively utilize their datasets as explained below:

Volume: IoT application makes use of huge clusters of data sets. Such large volumes of data sets must be analyzed and managed for the extraction of relevant patterns from them. Real-time data, along with the data sets, can be analyzed effectively and easily with data analytics software.

Structure: IoT applications include data sets that may possess a varied structure such as semi-structured, unstructured, and structured data sets. Data formats and types may also have some significant differences. Data analytics enables the business executive to analyze each of these varying sets of data using software and automated tools.

Driving Revenue: The incorporation of data analytics in IoT investments will enable the business units to gain insight into customer choices and preferences. It will lead to the development of offers and services according to the customer’s expectations and demands.

Competitive Edge: IoT is already popular in the current era of technology, and there are various IoT application providers and developers present in the market. The use of data analytics in IoT investments will provide a business unit to enable better services and will, therefore, providing a competitive edge in the market. There are various types of data analytics that can be applied and used in IoT investments to gain an advantage. 

Here are some of them listed and described:

Streaming Analytics: Such form of data analytics is also termed as event stream processing and analyzes huge in-motion data sets. Analysis of real-time data streams is done in this process to detect immediate actions and urgent situations. IoT applications related to air fleet tracking, financial transactions, traffic analysis, etc. can benefit from the above method.

Spatial Analytics: It refers to the data analytics method that is employed to analyze geographic patterns to comprehend the spatial relationship among the physical objects. Location-based IoT applications, like smart parking applications, can gain from such form of data analytics.

Time Series Analytics: Such data analytics is centered around the time-based data, which is analyzed to extract associated patterns and trends. IoT applications like health monitoring system and weather forecasting applications can gain from such form of data analytics method.

Prescriptive Analytics: It is a combination of predictive and descriptive analytics. It is useful in understanding the most appropriate steps of action that can be followed in a particular situation. Commercial IoT applications can use such form of data analytics to reach better conclusions.

There are scenarios where IoT investments have immensely gained from the application and the use of data analytics. As technology is advancing, there are new areas where data analytics can be used in association with IoT. For instance, actionable marketing can be accomplished by using data analytics to product usage. IoT analytics will also enable increased surveillance and safety abilities via the application of data analytics methods and video sensors.

Healthcare is another major sector for each country and utilization of data analytics in IoT dependent healthcare applications can enable breakthroughs in this area. The enhancement of telehealth monitoring, reduction of the healthcare costs, remote health services, enhanced diagnosis and treatment can be achieved via the same.

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