Analytics Iot
What is Analytics IoT?
Analytics IoT is the analytics platform that can assess the data collected from IoT devices. This variant of analytics is particularly well-suited to analyze IoT data because the devices typically generate a lot of information, in a relatively short time. Statistics show that IoT devices produce 2.5 quintillion bytes of data on a daily basis.
IoT data is similar to big data but there are differences not just in terms of size, but also because of the diversity of sources. The heterogeneous data sources make data integration an incredibly complex process – in fact, data integration is one of the biggest challenges to overcome. This is where IoT analytics comes into play.
Analytics IoT Strategy & Key capabilities
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Why Analytics Iot will play a huge role?
According to a study by 2020, IoT will include over 30 billion connected devices by the year 2020 – all these devices are going to collect a large volume of data and the amount of data produced by a sensor in the manufacturing assembly line, for instance, would take a lifetime to assess. This means we are looking at an immense volume of data that organizations will struggle to handle.
A recent survey incidentally also revealed that over 26% of companies said that their IoT initiatives were successful. However, many organizations do struggle with incorporating and handling IoT because they simply lack the right systems that can handle the volume, velocity, and variety of IoT data. Without IoT analytics, it would not be possible for organizations to glean the benefits of the tech.
IoT analytics is incredibly versatile and can be used for any purpose. Whether it is assessing the current condition of manufacturing equipment or studying market trends, IoT data analytics can be used in any industry and to perform any operation. Furthermore, analytics can also act as a lynchpin for different functions like industrial automation, developing cloud solutions, creating mobile apps, and hardware development.
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How Analytics Iot boosts marketing and sales of businesses?
Improving Marketing and Sales
IoT Analytics plays an important role in boosting the marketing and sales of businesses by helping in the following scenarios:
- Anticipating Customer Needs – IoT Analytics helps you to collect and analyze customer requirements and trends based on product usage and reviews. It would also help in forecasting future purchases while aiding in the creation of new consumable resupply models.
- Help Deliver New Value-Added Services–It is through IoT Analytics that you can aggregate data from original sources to perform analysis, prediction, and action.
- Flexible Billing and Pricing – With the capture of the right data from various sources, it is possible to plan outcome-based pricing and subscription models. This also aids in the increase of value-added market penetration.
Why use Analytics IoT?
IoT adoption has been on the rise and is expected to reach a peak of $1.29 trillion in spending by the end of 2020. However, while the number of connected devices increases, organizations struggle to handle the massive amounts of generated data. Because data collected from IoT are less structured, the data sets are more complex.
IoT analytics tools help organizations successfully leverage complex IoT datasets. When organizations are better equipped to understand data, they can improve products and increase earnings. Since customers are connected to the Internet, organizations can optimize products according to customer needs.
For example, IoT analytics can provide insights into the popularity of features, average usage patterns, optimal battery capacity. Additionally, this level of connectivity and analysis helps organizations fix issues, releasing software updates over the air. When fixes are released quickly and timely, customer engagement and user retention increase significantly.
Instead of collecting and trying to use all data, sophisticated IoT analytics tools kn
ow how to collect the most significant data points, perform quick analysis, and provide insights relevant to the products and services. IoT analytics can save valuable time, reducing tasks related to the integration of data sources. The result is a data analytics pipeline that provides access to data. Ideally, any role in the organization can use the workflow to ask questions and gain insights.
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