Today, Internet of Things (IoT) and data analytics have become household names and organizations are trying their best to utilize this technological revolution. IoT refers to the devices which are connected to the internet and through the same can send and receive data. The term and technology are being utilized throughout industries, and now the organizations have started asking the question what the business value of all the data that is being generated by the IoT devices is. Data analytics has an vital role to play in the intensification and success of IoT applications, and that is the reason various firms are investing in the technology. Analytics tools are allowing the business units to make efficient use of their datasets for the benefit of the organization’s growth. There are numerous ways through which businesses can utilize the data:
Huge Volume of Data
There are huge sets of data that IoT applications can make use of for the benefit of organizations. The businesses need to handle these significant volumes of data and need to analyze the same for taking out appropriate patterns. These data clusters along with real-time data can be explained without difficulty and competently with data analytics software.
Analyzing the Various Sets of Data
IoT applications engross data sets that may have a varied composition as structured, unstructured and structured data sets. There may also be an important distinction in the data formats and kinds. Data analytics will permit businesses to analyze all of these different sets of data using automated tools and software.
For Organizational Growth
The use of data analytics in IoT ventures will permit the business units to gain an insight into customer penchants and alternatives. This would lead to the expansion of services and tenders as per the customer requirements and expectations. This, in turn, will enhance the revenues and profits earned by the businesses.
Get an Edge over Competition
IoT is an exhortation in the current era of technology, and there are abundant IoT application developers and contributors present in the industry. The usage of data analytics in IoT investments will offer a business unit to provide better services and give the ability to gain a viable edge in the market.
Moving on from the advantages of data analytics for an organization one can say numerous kinds of data analytics can be used and applied in the IoT investments to gain benefits. These include:
Streaming Analytics
This type of data analytics is also addressed as event stream processing, and it scrutinizes large in-motion data sets. Real-time data sources are analyzed in this method to spot urgent situations and immediate actions. IoT applications which are being used in financial transactions, traffic analysis, air fleet tracking, can profit from this method.
Spatial Analytics
This is the type of data analytics method which is used to investigate geographic outline to establish the spatial connection between the physical objects. Location-based IoT applications, such as smart parking applications can gain from this form of data analytics.
Time Series Analytics
As the name proposes, this form of data analytics lays its foundation on the time-based data which is analyzed to disclose associated trends and outline. IoT applications, such as health monitoring systems and weather forecasting applications can profit from this form of data analytics technique.
Prescriptive Analysis
This form of data analytics is the amalgamation of descriptive and predictive analysis. It is useful to understand the unsurpassed steps of action that can be taken in a scrupulous situation. Commercial IoT applications can utilize this form of data analytics to gain better closures.
One can say that with the transformation and progression in technology, there are promising areas in which data analytics can be useful in association with IoT. For example, actionable marketing can be conceded by applying data analytics to the product practice. IoT analytics also permits increased protection and surveillance abilities through video sensors and application of data analytics techniques.
