IoT analytics & how it can give your business the edge
Introduction: what is IoT analytics?
IoT analytics is the process of extracting, analysing and deriving insights from data generated by Internet of Things connected devices and sensors. This information helps organisations to make better decisions and take appropriate actions from the insights gained from their IoT data.
IoT analytics can be used to monitor the performance of individual devices or a collection of devices and helps to identify issues, trends and anomalies. This provides a business the information to predict future behaviour or activity.
When used at scale, IoT analytics can analyse trends and patterns across a fleet of devices, and even understand how customers are using your product.
Organisations can use IoT analytics to improve the quality of their products and services, reduce operational costs, and create new revenue streams.
How is data collected from IoT devices?
IoT devices are smart devices that contain M2M (machine to machine) SIM cards that are constantly collecting data about their surroundings and the people using them. This data is fed back to the SIM management platform where the data can be used to improve business processes, user experience and more. There are a few different ways to collect data from IoT devices:
What kind of data can you get from IoT devices?
One of the most exciting aspects of IoT technology is the vast amount and the broadness of data that can be collected. By understanding how to properly analyse this data, businesses can gain insights that would otherwise be unavailable, giving them an edge on the competition.
There are lots of different types of data that IoT devices can collect. For example, many devices include sensors that can track things like temperature, humidity, and light levels. This information can be used to optimise all kinds of things, such as the environment in which the device is used alert users if certain parameters are not adhered to. Additionally, many IoT devices are equipped with GPS tracking capabilities. This data can be used to better understand customer needs, behaviours and trends.
One of the most useful types of data that IoT devices can collect is customer usage data. This information can be used to help a business improve products or services and highlight areas where customers are both enjoying and struggling so that a business can improve.
Real-world applications of IoT analytics
There are many potential applications for IoT analytics in the real world. For example, it could be used to track traffic patterns and optimise traffic flow or travel routes to avoid issues. IoT analytics can help to predict maintenance needs for infrastructure such as bridges or roads. It could also be used to improve the efficiency of manufacturing processes, helping to order raw materials as they are required or help to monitor products going through processing. They can even be used to track and predict consumer behaviour.
Benefits of using IoT analytics
The biggest benefit with IoT deployment is that it can help businesses make better decisions operationally. It can also help businesses to save money, time and improve customer service. Additionally, IoT analytics can help you understand your customers better and target them more effectively.
What challenges must be overcome to make use of IoT analytics?
There are lots of different types of data that must be collected and analysed to make use of IoT analytics. This data includes everything from sensor data to customer data.
To make use of this data, businesses must first overcome the challenge of deploying IoT devices that can collect it. This can be done by installing sensors and other devices that can collect data and can be quite costly for businesses to initially deploy.
Once the data is collected, businesses must then overcome the challenge of storing and analysing it. They must have the right software and hardware in place to do this, and someone capable of crunching the numbers.
Finally, businesses must overcome the challenge of making use of the insights they gain from IoT analytics. They need to be able to take these insights and most critically implement them to improve their business operations.
If a business can do the above, then they’ll have given themselves a real edge on the competition.
What’s next for IoT data analytics?
As the Internet of Things continues to grow, so does the need for detailed analytic solutions to help collate all the data and provide owners the ability to interpret it. Robust analytics will only become more critical as billions and billions of devices connect to the internet, all generating data. This data can be used to improve efficiency, optimise operations, and make better decisions.
IoT analytics can help organisations in many ways, but they all drive one thing; increased profits for businesses. If a business can learn more about its customers or improve efficiencies within its supply chain, it will drive profitability.
Organisations that can effectively leverage IoT analytics will have a competitive advantage in the marketplaces of the future.