Alexa, What do you mean by data analytics? Alexa, is IoT changing the world?
One can, of course, ask these questions to the new generation Amazon Echo or any other virtual assistant and get an answer. You can sit in one place and control everything in your house with just your voice. This is when the IoT generates data which is later analyzed to accomplish the commands.
While IoT is comparatively a recent development that has created the buzz in the tech industry, progress in the data analytics field just adds to this flavor. Data analytics in the past few years has gone through a transition with advanced cloud technology and is playing an important role in the IoT business today. To understand the impact of data analytics and IoT, one needs to first understand what these actually are.
How Advanced Data Analytics has Benefited IoT ?
IoT or the Internet of Things is the next big revolution in technology. The global IoT market, as predicted by GSMA, will be $900 billion in revenue by 2025.
IoT connects physical devices such as home appliances, vehicles, electronic switches, etc. to the internet through sensors and software. These software enables the exchange of information between these devices.
For example : The weather sensors can share the expected rainfall data with the connected agriculture equipment to optimize the water-efficiency for irrigation during a particular period.
The data generated by vending-machines can be shared with their suppliers in real-time to proactively re-order merchandise for the correct machine.
Today, due to this headway in advanced analytics technology, managing IoT devices in realtime has become easier. With technological tools, it’s possible to generate data analysis within a few seconds.
The IoT provides the required data that advanced data analytics requires to generate actionable insights. By analyzing IoT data, a company can drive innovative decision-making. Data analytics, especially with the help of AI, machine learning, and real-time analysis helps “predict” the goals, needs, and weaknesses for a particular firm in relation to an industry.
Impact of IoT and Advanced Data Analytics
The world today has the cloud powered modern analytical technologies to detect important trends, patterns from various industries in real-time. Whether it’s government, manufacturing, or technology & software, it is mostly reliant on data analysis and IoT devices and services to optimize their performance.
Every IoT use-case is specific to its unique requirements to capture and analyze the streaming data. In some cases data is analyzed in real-time even before it is stored on to the disk-storage and in some cases data-sets from one IoT device are merged with data-sets from another device to detect the patterns and trends. Hence there is no one product that can provide all the analytical requirements for such continuous streaming of data.
You need to have a strong technology partner to support you during the implementation and support phase that has deep experience on IoT,Analytics and modern Cloud technologies. eCloudChain’s Advanced Analytical Services can support you with successful IoT integration and data analytics with live dashboards to provide you with real-time data and patterns.
Business and Production
IoT with advanced data analytics is able to predict future events for various organizations through predictive analysis and maintenance. Predictive maintenance and real-time analysis use conditioning monitoring tools and techniques that track the performance of equipment during a normal performance and detect possible defects to fix them before the system fails.
Predictive maintenance is being applied to improve performance and productivity in industrial processes, track inventories, and warehouse materials. Moreover, even industries can have a remote monitoring system for a production system for maximum operational productivity. All these have been made possible only through IoT.
The organizations today are using IoT and predictive data analytics to make predictions about unknown future events. It uses data modeling, machine learning, AI, data mining, etc to analyze current data to predict future events.
The healthcare sector uses this analysis to determine who is at risk of developing diseases such as diabetes, cancer, and other lifetime illnesses. It can also be used to remotely monitor patients and reinforce wellness. Moreover, predictive analysis also has various utilization in travel, retail, marketing, and many more. IoT and advanced data analytics are even used in crop production and energy-saving units in various countries.
The Future of IoT
Altogether, IoT promises the opportunity to reduce cost, waste, and inconvenience while at the same time, enhance efficiency. The biggest appeal of this technology is that it is leading us towards a cleaner environment, enhanced productivity, and a better quality of life. Many harbor the idea of futuristic sci-fi with smart homes and the freedom of living and working from any location. Today, IoT solutions are bringing these dreams into reality.