Businesses are well-aware of the significance of data analytics in today’s world. By leveraging data, every business is capable of making informed decisions that are profitable for an organization’s growth and sustainability in the long run. To survive the cut-throat competition, businesses need to watch their competitor’s actions and decide their next step accordingly. Many businesses worldwide are using analytics generated by IoT devices to enhance their operations. What is IoT data analytics all about? It is time we discover some of the crucial details.
An Introduction to IoT Data Analytics
Generating huge volumes of information from the data collected through IoT devices is the main goal of IoT data analytics. It focuses on analyzing the information collected from IoT devices present in the world. IoT devices are devices that are connected to various networks through wireless systems. These devices gather data from the sources they are connected to. The sources that generate IoT data consist of weather stations, smart meters, manufacturing infrastructure, and delivery vehicles. The information is collected from these sensors through the connected devices and brought for analysis purposes. Analyzing the massive quantities of data enables the organizations to gain an insight into their business performance. As the data emerge from multiple sources, it becomes a gruesome task to streamline the analysis process and develop insightful reports. Data integration equips users to understand their business operations by unifying the data collected from different sources. Still, it is surely time-consuming for organizations to integrate data and reach a unified point of view. It requires technical expertise and a lot of effort to integrate data from various sources into a single stream of information; thus, organizations prefer to rely on IoT data analytics to do the job as it is a more efficient data analysis system.
Significance of IoT Data Analytics
Organizations often rely on traditional data analytics methods without realizing how those methods are declining in their operating capabilities over time. As businesses are evolving and adopting efficient data analytics tools, it becomes imperative to integrate IoT data analytics into their analysis systems. IoT devices are attached to many sources to gather data, but the main task is to analyze and utilize it to gain better insights into the business process. Organizations are aware of the significance of IoT data analytics and how they can improve an organization’s sales and profitability with time. Understanding how the numbers work to generate revenue is much-needed. Almost every organization’s target market is present on the internet. Thus IoT data analytics allow organizations to understand consumer behavior through the collected data and mold their existing marketing strategies to accommodate customer requirements more effectively. Thus, organizations that rely on IoT data analytics are able to run their business more efficiently than those that do not.
As the number of IoT sources is surging with time, it is crucial to understand that the data collected from these sources is too large to quantify. No system is designed to analyze data from multiple sources efficiently. However, IoT data analytics ensures that all the relevant data is collected and the irrelevant data filtered out. It paves the way for organizations to achieve better output. Rather than analyzing all the collected data, IoT data analytics focuses on significant data points to collect information, analyze it, and generate actionable reports for organizations. Along with saving the employees’ time, it also saves them from unnecessary effort to analyze huge volumes of data to generate insightful reports.
IoT Devices
- Smart Home
Smart Home has altered our whole lifestyle. It has brought so much convenience to our lives that we cannot deny the significance of technological advancements. Smart Home powers IoT analytics and collects data to boost organizational performance. It supports the smooth running of our household appliances as users do not need to be present inside their houses to manage everything independently. Smart Home setup allows users to rely on themselves to control their home appliances. No matter where you are in the world, you can control your smart home devices to switch on and off electrical appliances. Other than that, users can also manage the temperature and lightning of their houses through the internet. It is often a source of distress to leave your house unattended for an extended period, but with the smart home setup, you can control the security access to your house. It supports its users to monitor their houses without being present in person. The smart home setup allows organizations to collect data that can be utilized to analyze daily usage patterns and gain an insight into the system’s efficacy.
- Activity Trackers
Another source from which IoT data can be collected is activity trackers present in smartwatches. In the previous days, these watches were solely used to track the number of steps taken by an individual daily. However, with the passage of time, people can measure their heart rate and the risk of cardiovascular diseases. Fitness trackers present in smartwatches and FitBits connect people to their friends instantly. Users can track their friends’ daily physical activity and enable a healthy competition within their friend circle. It powers IoT analytics by providing the user’s daily data to fitness companies that rely on it to optimize their operations.
- Digital Assistants
IoT devices have brought immeasurable ease to the daily lives of their users. Imagine coming home after a tiring day and being able to order someone to complete minor tasks such as setting the alarm, putting on some soothing music, or your favorite t.v. show while you lie down comfortably; IoT devices have made it possible. Users can use voice-activated digital assistants to manage their day-to-day affairs. Examples of such digital assistants include Apple Siri, Amazon Alexa, and Google Assistant. The data collected from these devices enable voice-activated assistants to improve their services with time.
- Health Monitoring Devices
Along with enhancing the daily lifestyles of individuals, IoT devices are of crucial importance to the healthcare industry too. Certain healthcare devices are present in the market that track the user’s heart rate, blood pressure, and pulse rate. Such devices are known for creating help alerts in case of any unforeseen health issue. The healthcare departments immediately take action to facilitate the patient and handle the situation in time. Previously, it was risky to leave patients totally alone, but due to the IoT devices, patients can function independently without putting their health at stake. These devices provide data to the healthcare industry to increase their efficiency and invent better technologies to improve the patients’ lifestyles.
Uses of IoT Data Analytics
Organizations are keen to bring innovation to their daily operations through IoT data analytics. It supports organizations in making data-driven decisions that guarantee success and minimizes the risks associated with every step taken by the organization. Businesses can bring IoT data analytics to use in the following ways.
- Predictive Analysis
Knowing what the future holds for your business will capacitate you to come up with smarter decisions. IoT data analytics enable organizations to predict future trends by gathering data and analyzing it. It also keeps an eye out on the competition to set a benchmark for future performance. When the IoT devices bring data for analysis purposes, it ensures that organizations are able to carry out forecasting more accurately than before. By availing of Ascend Analytics’ predictive analysis services, organizations can outperform their competitors by unlocking future trends promptly.
- Increased Data Efficiency
Organizations are focusing on multiple aspects at one time and analyzing data from various sources. It is difficult for them to filter out excess information and utilize the relevant data to design strategies. Organizations that rely on IoT data analytics are able to assess segments that need improvement through data analysis. If you are a part of an organization that aims to eliminate inefficient data reporting, Ascend Analytics’ data consulting services are here to transform your data into actionable insights. We offer our data analytics services that can be customized according to your organizational requirements.
- Inventory Management
During any stage of your business growth, you can neither afford to lose out on a customer due to product shortage nor can you exhaust your organization’s budget because of excess inventory on hand. In an ideal world, inventory management should be accurate to the core, but that is not usually the case. Organizations often fail to store the optimal level of inventory which leads to massive losses in the long run. IoT facilitates organizations to keep a check on their inventory and manage it in real-time. When IoT devices are integrated into machinery, it can notify the organization before running out of inventory. With accurate shortage warnings and stock fulfillment, organizations can expand their customer base and increase their sales with time.
IoT Data Analytics’ Challenges
Along with the undeniable benefits IoT data analytics brings to an organization, its implementation has some challenges.
IoT data analytics is complex. Not every employee in an organization has the skill set and technical expertise to access and analyze data. It requires a certain level of preliminary knowledge to utilize the data in the best possible way. The lack of technical knowledge often leads to the diminished performance of IoT data analytics. Organizations that opt for Ascend Analytics can ease themselves from the burden of data analytics as we are here to provide you with the best data analytics solutions.
With the massive amount of data coming in, employees are often unable to filter the relevant information for analysis. As employees are not skilled in processing the huge amount of IoT data, organizations often miss out on important information that could have significantly enhanced the business’s future operations. With Ascend Analytics data analytics services, businesses can take the back seat and let us handle the infinite amount of data that comes their way.
As IoT data analytics comprise numerous devices connected to a system, it can often pose a security risk to the organization. Customer data should be protected from external threats at all costs, as breaching a customer’s trust can lead to disastrous action. Even if you maintain privacy at every level, the invasion of one connected device can disrupt the whole system. Thus, privacy becomes a concern for organizations relying on IoT data analytics. Therefore, organizations should maintain data security when opting for IoT data analytics. Ascend Analytics guarantees that your customer data will never be at stake if you choose to avail of our services. We incorporate maximum security policies to protect data from any prevailing threats.
Looking for an analytics-focused consulting firm that can provide you with technology and data-driven results? Reach out to Ascend Analytics today. We offer our valued customers AI and ML solutions, business intelligence services, data analytics, and predictive analysis. We enable you to outperform your competitors through our data-driven insights. For more information, please email us at info@ascendanalytics.co or click here.