There is no denying the fact that IoT or the Internet of Things has opened up a range of new opportunities for businesses and enterprises. The number of IoT devices in the market is likely to grow to a staggering 20 to 30 billion IoT units by 2020. So, it’s not hard to imagine the volume of data these devices will generate.
The huge volume of data generated by IoT devices will not only need safe storage but also efficient handling and processing or analysis, in order to be of value for enterprises. So, the success of IoT depends to a large extent on analytics, as without it, enterprises will not get the critical insights from the data collected by the connected devices. And without critical insights, it won’t be possible for them to use the collected data for decision-making. So, the main challenge before businesses is to find the right solutions for analysing the data connected devices create.
Internet of things analytics will, therefore, play a key role in helping businesses to reap the maximum benefits from the connected devices and the data generated by them. For this, enterprises and organizations have to learn about effective data mining and leverage the appropriate tools and processes to analyse the data.
The term, Internet of things analytics refers to examining and analysing the data collected by IoT devices to find patterns. IoT analytics has huge potentials to transform several sectors including industrial automation, hardware development, cloud solutions, manufacturing, retail, finance, healthcare, and communications.
For example, in the manufacturing sector, IoT analytics can help assess asset health and production quality, and ensure better predictive maintenance. Further, by providing better insights, it can help managers in the decision-making process.
In the retail sector, IoT analytics can help retailers deliver a more personalized experience to their customers. It can help them get critical information about in-store promotions, staff salaries, business operations, and how to optimally use logistics and product placing in order to get the best results.
Similarly, in the healthcare industry, IoT analytics can be leveraged to track financial operations, manage workforce engagement and productivity, monitor patient outcomes and the usage of healthcare equipment, and finally, to improve the delivery of healthcare services.
To sum up, IoT analytics is the key to realize the full potentials of IoT by providing the much-needed critical insights and patterns in data. Without proper IoT analytics, it won’t be possible for businesses and organizations to understand the huge volume of data collected by the IoT devices.