The Internet of Things, commonly referred to as IoT, is a connection between devices, technologies, networks, and other resources designed to make life easier for consumers and businesses. All sorts of IoT technology is used in myriad sectors. This trend will only continue to advance in the months and years ahead. Data analytics has emerged as an especially powerful tool for improving IoT.
The Power of Data Analytics Tools
Data analytics refers to the process used to analyze large and small data sets with varying properties to reach the intended conclusions ranging from statistics to patterns and trends that ultimately help businesses make prudent decisions. Data analytics will play a meaningful role in the advancement of IoT. Such tools empower businesses to use datasets in the most effective way possible. IoT applications use massive data clusters to manage data in bulk. Large data volumes must also be analyzed in order to extract meaningful patterns. Such datasets and real-time data are rapidly analyzed thanks to advancements in data analytics software.
The Proper Use of Data Analytics Provides a Competitive Advantage
Data analytics in IoT empowers businesses to obtain insight into customer choices and desire. This insight fast tracks the creation of services in accordance with customer expectations. The prudent use of data analytics in IoT ultimately makes businesses that much more capable of providing the services target clients actually need and desire in the most efficient manner possible. The result is a meaningful competitive advantage that drives revenue and improves the bottom line.
The Different Types of Data Analytics
Variations of data analytics are used and implemented in IoT technology to obtain competitive advantage. As an example, spatial analytics is a data analytics method used to study patterns in geography to identify spatial relationships between objects. IoT applications like smart parking that are based on location benefit the most from this type of data analytics.
Streaming analytics, also known as event stream processing, involves the analysis of massive “in-motion” sets of data. Instantaneous data streams are studied in this process to identify important situations and optimal actions. IoT applications centered on everything from the analysis of traffic to tracking air fleets and financial transactions will benefit from this method. Another form of data analytics, prescriptive analysis, is used to determine the optimal course of action for highly unique situations.
How IoT Investments Benefit from Data Analytics
Tech advances have opened the door for the use of data analytics in the context of IoT. Actionable marketing can be performed with the application of data analytics. Furthermore, IoT analytics improves surveillance by way of the application of data analytics. Data analytics has proven especially helpful in the context of healthcare. The resulting decrease in healthcare costs improve the monitoring of telehealth as well as remote health services, improve diagnoses and ultimately help provide patients with the most effective form of treatment.
Data Analytics Really Does Improve the Bottom Line
The prudent use of data analytics accomplishes what matters most in the context of business: the bottom line. The role of data analytics will only continue to expand in IoT technology in the years to come. Those who take advantage of this high-tech analysis will enjoy improved revenue, enhanced customer engagement, and the all-important competitive advantage.