IoT has been one of the biggest trends in IT industry since 2014. The proliferation of Internet-connected devices over the past few years presents a solid framework for analytics. After all, the value of big data stems from its ability to align the frequency of reporting to the pace of business operations. While today, the biggest challenge lies in managing the variety of IoT data, the shift from event-based processing has facilitated real-time/streaming analytics.
The progress of IoT is expected to take us towards a more connected world. But despite this, many are not aware of what IoT really means to them or their economy and how to monetize the immense volume of data generated by the constituents (namely sensors, devices, microchips) of IoT. Let’s look at some of the cases in diverse industries where IoT can be deployed to get a perspective.
1. Fleet management:
Global logistics operators are realizing that by effectively utilizing their fleets, they can save millions of dollars. By having IoT at hands, they can collect real-time data on speed, acceleration, braking, temperature, which will further help them in identifying lacunae and working at them. By using IoT intelligence, logistics companies can make the right use of routes and acceleration patterns that can further affect vehicle performance and fuel usage. In addition to this, it can help them discover the impact of driver performance on a vehicle’s fuel efficiency and maintenance of important parts. Also, by having real-time information about traffic jams, speed traps, and weather conditions, drivers find it easy to plan their route.
2. Real estate/Building management:
With everyday things being connected to the Internet, managers get a lot of opportunities when it comes to handling their tasks. Suppose you are working in a building that adjusts temperature and humidity to suit the people working in your office. This will provide access to designated places, keeping elevators and power outages to a minimum. When analyzed and made actionable, the data received via connected devices provide the opportunity to explore, relate to, and interact with buildings in amazing new ways.
Types of analytics:
The data collected under IoT can be processed and analyzed under two different methodologies-Predictive and Prescriptive analytics.
Predictive analytics utilizes a variety of statistical data to analyse the present trend, which in turn helps enterprises to make predictions about the future. For example, in the fleet management system, we can suggest traffic situation for a particular time on the basis of the past trend. In the fleet management case we mentioned above, predictive analytics can be used to suggest routes that could have traffic jams during a certain period.
The prescriptive analytics goes beyond predictive model by recommending a few course of action and showing the likely outcome of each decision. For example, in the fleet management system, prescriptive analytics can be used to provide a driver with information about various routes and suggesting a suitable route on the basis of that. For example, in the fleet management system, prescriptive analytics can be used to recommend which routes can be avoided by the driver and which route can be taken based on to travel through the recommended route.
Decentralization of Analytics processing: Real-time analytics done over a large tract of data that are streaming in from all connected devices placed at various locations will generate tremendous value with tremendous impact. Also, it would be more efficient to have decentralization of data storage. Also, it would be more efficient to have decentralization of data storage, processing, and analytics.
The Challenge for IoT Analytics providers: There is an emerging challenge before the companies dealing in IoT Analytics due to the new tools that not only allow them to capitalize on their own data but also aggregate sensors data gathered from sensor networks, public and private clouds. Also, they need to come up with techniques to provide embedded predictive and prescriptive analytics services to support the enterprise decision makers in crucial decision processes that reinforce their ability to continuously improve the company’s performance.
Hope the information that we shared here helped you gain a brief insight into IoT. With the advancement of technology, you need to remain updated with emerging techniques. In case you are looking for forward to partner with an IT solutions provider who would help you evolve and grow in this highly competitive world, look no forward than Universal eSolutions. Our team of technical experts can help you with every kind of IT, web, and software-based service, that too at affordable prices.