WHAT IS IOT ANALYTICS AND HOW IT IS BENEFICIAL FOR YOUR BUSINESS?

Isn’t it fascinating to watch millions and billions of devices talk to each other? Connectivity brings in the innovation in a way we use these devices. From the past few years, the Internet of Things has been the buzzword of the time, as it has envisioned a huge network of interconnected devices. In this evolving IoT marketplace, we all have seen the services related to those connected things help reap more value for businesses across the globe. Businesses worldwide are not only using IoT for gadgets but also changing the way they operate their business processes.

The industry trailblazers are executing new ideas of connecting things and people to deliver advanced services to the market. IoT Analytics has introduced businesses to a whole new world of business intelligence tools that helps make the business processes smarter, faster, and easier.

What is IoT Analytics?

IoT Analytics is the application of data analysis tools and procedures to realize value from the huge volumes of data generated by connected IoT devices. Businesses across the world use Internet of Things (IoT) analytics to make crucial business decisions based on data from their IoT devices. Data analytics is not just limited to IT organizations; companies in several industries, such as government, consumer tech, transportation, industrial automation, healthcare, etc. are using to operate thousands or even millions of connected devices.

IoT Analytics helps businesses collect, store, and process the entire data. Nowadays, consumers and businesses strive to follow technological developments in the area of connected devices. The IoT market is expected to reach a value of $6.1 Billion by 2024 at a CAGR of 31.8{8c54160eed80eb00ac4f5d74c8785e95142d89daf570f201b81dc7fdc31059f3} according to the Mordor Intelligence 2019.

IoT Analytics is the analysis of huge data volumes generated by connected devices. IoT Analytics is a combination of IoT and data analytics. Businesses and organizations can derive several benefits from the data, such as optimize business operations, control processes automatically, engage more customers, and empower employees. 

What is the need for IoT Analytics for businesses?

For any business, consumer satisfaction, flawless functioning of products or services, and maintenance are considered as the most important pillars in terms of business performance. In the current marketplace scenario, business growth and development and increased consumer engagement entirely depend upon how well you respond to their queries and how fast are your services. Having IoT Analytics on board can make things unexpectedly faster and easier. Without analysis, huge data of businesses can be of no use. However, with an IoT analytics solution, data produced within the organizations can be effectively collected, analyzed, and stored for further utilization.

What are the benefits of IoT Analytics?

The Internet of Things is making things easier and providing all sorts of comforts that every human being imagines. IoT analytics has helped organizations and business enterprises by bringing transformational changes and actionable solutions. Companies worldwide have simplified so many pain points with the help of IoT analytics. So, let’s see how businesses can take advantages from the IoT analytics:

Also Read: What 2018 holds for IoT: Top Trends and Future Possibilities

Real-time analytics: Real-time analytics can be considered as one of the best benefits among all others. Real-time analytics not only helps detect the problem but also take actions accordingly. The IoT application provides real-time analytics that helps organizations discover and resolve the issue instantly.

Better customer understanding and engagement: Customer satisfaction is the key for any business. To provide higher customer service, organizations need to include so many strategies. IoT analytics can be of so much help when it comes to enhancing customer satisfaction. IoT enabled devices to help your customer interact with so many things such as track shipment of an order, processing transaction through your device and many more.

Improve productivity: Productivity plays an important role in the profitability of any business. IoT offers real-time training to employees, keep them updated and informed and help them establish better communication through several business processes and operations. Better coordination with clients and team reduces the mismatch of skills while increasing organizational productivity.

Ample business opportunities: IoT analytics helps businesses explore new opportunities by interacting with customers and clients. IoT-driven innovations help create strong business cases, reduce time-to-market, and increase return on investments. IoT has the potential to transform the way businesses interact with consumers and approach other businesses.

Efficient business processes: IoT has the capability to connect the maximum number of devices to the Internet. It allows organizations to get real-time operational insights while reducing operating costs. It helps them analyze operations, manage production, and focus more on organizational productivity.

Cost optimization: With all these benefits of IoT analytics, there comes the most efficient benefit, i.e. cost optimization. The improved asset utilization, productive employees, process efficiencies, and high customer relation rate can help you save your expenditure to a great level. 

IoT analytics has already reached the pinnacle of inflated expectations of emerging technologies. An ideal IoT analytics will simplify the process by offering a user-friendly interface and providing Machine Learning features to reduce the burden of analysis.