When machines are connected to internet, we start getting real-time data in large amount. That real-time data is not only helpful in the Descriptive analysis but also helpful in understanding the behavioral patterns to get predictive and prescriptive analysis which means what will happen and actions we have to take. In short, with the emergence of IoT, the whole equation has transformed. Now we can leverage this data in our daily job to get best possible outcomes and also understand where their time and money are spent. So that we can use the resources in an effective manner hence wastage can be minimized.
Data Analytics is defined as a process which identifies all data sets with variable data properties to extract meaningful conclusions. The conclusions we get are in the form of trends, patterns, and statistics that is helpful for the organization to take effective decisions. Data Analytics has a vital role in the growth and success of IoT applications and investments. Analytics tools will allow the business units to make effective use of their following below datasets:
- Volume: IoT applications make use of the huge collection of data sets. The organizations need to manage these large volumes of data and to analyze the same for extracting appropriate patterns. With data analytics these datasets along with real-time can be analyzed easily and effectively.
- Structure: IoT applications involve all types of datasets that may be structured, semi-structured and unstructured. There are chances that there can be a significant difference in the data formats and types. Hence, it allows the business executive to analyze all these varying datasets using automated tools and software.
- Driving Revenue: The data analytics in IoT investments will allow the business units to gain insights about customer's preferences and choices. This will lead to the development of services and offers the customer demands and expectations. And this in return leads to the organizations revenue and growth.
- Competitive Edge: IoT is a buzzword in the current era of technology and there are lot of IoT application developers and providers in the market. The businesses will offer better services with the help of data analytics and in return this will help them to gain the competitive edge in the market.
Following are the different types of data analytics that can be used and applied in the IoT investments:
Streaming Analytics: This form of data analytics is also referred as event stream processing and it analyzes huge in-motion data sets. Real-time data streams are analyzed in this process to detect urgent situations and immediate actions. IoT applications based on financial transactions, air fleet tracking, traffic analysis etc. can benefit from this method.
Spatial Analytics: This is the data analytics method that is used to analyze geographic patterns to determine the spatial relationship between the physical objects. Location-based IoT applications, such as smart parking applications can benefit from this form of data analytics.
Time Series Analytics: As the name suggests, this form of data analytics is based upon the time-based data which is analyzed to reveal associated trends and patterns. IoT applications, such as weather forecasting applications and health monitoring systems can benefit from this form of data analytics method.
Prescriptive Analysis: This form of data analytics is the combination of descriptive and predictive analysis. It is applied to understand the best steps of action that can be taken in a particular situation. Commercial IoT applications can make use of this form of data analytics to gain better conclusion.
With the help of data analytics, IoT investments have immensely assisted. With the change and advancement in technology, there are emerging areas in which data analytics can be applied. So that actionable marketing can be carried out by applying data analytics to the product usage. IoT analytics will also allow the increased safety and scrutiny abilities through video sensors.
Healthcare is one of the major sectors of every country and the utilization of data analytics in IoT based healthcare applications can provide innovations in this area. The reduction of the healthcare costs, health monitoring, and remote health services, increased diagnosis and treatment can be achieved using the same.
Hence, the utilization of data analytics is promoted in the area of IoT to gain improved revenues, competitive gain, and customer engagement.