Boost your Business with the Power of IoT Analytics

Boost your Business with the Power of IoT Analytics

IoT Analytics Krishnapriya T Nair  |   4 mins read September 19, 2022 | 31 eye icon

In this booming tech-driven business world, data and technology are the inevitable catalysts for modern business growth. Most modern companies rely on the massive amounts of complex data generated from connected devices, and handling it effectively is a constant challenge for companies. This is where IoT and analytics become powerful allies when combined. Any business can be transformed to an exceptional level with the rich capabilities of IoT Analytics.

IoT Analytics:

Internet of Things (IoT) analytics is the application of data analysis to generate valuable information from the huge volumes of data generated by connected devices. IoT analytics enables organizations to leverage the massive amounts of data generated by IoT devices, using analytics stacks.  This has developed a whole new world of business intelligence tools, that communicate with each other and provide useful data. IoT analytics helps analyze data from all IoT-connected devices without requiring any hardware or infrastructure. IoT analytics tools help organizations handle complex IoT data sets and make valuable decisions. When organizations are equipped with connected devices, they can improve and optimize products according to customer demands and thereby increase profits.

AWS IoT Analytics is an example of IoT Analytics, which is a fully-managed service and is the easiest way to run analytics on IoT data and get insights to make better and more accurate decisions for IoT applications.

How does it Function?

  • The primary and most important step of IoT analysis is data collection.  Data is aggregated from a variety of sources and formats, at different frequencies.
  • All data sets are transformed and processed using a wide range of external sources.
  • The processed data is time-stamped and stored in a time-series data store for future analysis.
  • The next step is the analysis, which could be done in different ways, for example using standard SQL queries, or machine learning analysis techniques.
  • The results of the analysis could be used to make various predictions and could be used by companies to build several systems and applications to ease business processes.

Benefits of Using IoT Analytics

  • It enables faster critical assessment and improves decision-making.
  • Better visibility and control of the business.
  • Improve resource utilization and reduce operational costs.
  • It ensures quick and accurate detection of problems.
  • Delivers the best possible customer experience and service.
  • Scale businesses according to evolving consumer demands and industry developments.

Why Use IoT Analytics?

Real-time Monitoring and tracking – Real-time data captured using IOT devices helps in monitoring and tracking day-to-day operations, fraud detection and checking security issues. Analytical solutions using machine learning techniques help enterprises in enabling intelligent business operations and predictive analytics.

Disaster Planning and Recovery – IoT is widely used nowadays for disaster management. Applying analytics to these data can measure the likelihood of any disaster and thereby notify the issues at the early stages itself. The real-time analytics also create a central data repository that can store the details for future use cases.

Effective Utilization of Resources – IoT Analytics provides businesses with reports on planning and utilization of resources at hand. Predictive planning in analytics manages the resource allocations for optimal performance.

Automation and Energy Management - IoT are popularly used as cost-savers for energy management and automation. Through IoT analytics, business operators are able to further maximize IoT capabilities by processing real-time energy-related data for controlling and automating the whole system.

Better customer experience - Using IoT data analytics, valuable information related to customers like customer behavior, preferences, and needs are collected and analyzed for targeted marketing, promotions, and in-store activity.

Enhanced security - Even though there is an increased risk of security when dealing with connected devices for business, IoT analytics can also work to improve a business’ security systems. With the prerequisite cyber protection software and passwords, IoT analytics can improve security features and predict any security risks. Hence, strengthening overall safety.

Product innovation- IoT analytics could be used as metrics to identify any product glitches and any areas of improvement, thus promoting innovation or new product development.

Thus, IoT analytics is at the forefront of business development. The fusion of analytics and IoT is a new breakthrough applied to any major industry and a game-changing tool for many businesses. 

IoT Analytics is truly a revolutionary era of tech.




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