IoT Analytics: How the Right Solution Can Decide Your Business’ Future

There has been much hype surrounding the Internet of Things, making both 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% according to the Mordor Intelligence 2019 estimates. One component of growth in the IoT market is the combination of IoT and big data—IoT data analytics.

IoT plays a big role today and in the near future, especially in industrial sectors because it expands the functionality of organizations and eliminates any weakness in their current operations. However, what is of particular importance to them is the connection between IoT and data analytics, or simply put, IoT analytics.

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 Internet of Things devices.  This type of analytics is well-suited to analyze IoT data because the devices typically generate a lot of information in a short time.

IoT data is similar to big data but there are differences not just in terms of size, but also in the diversity of sources. These data sources make data integration an incredibly complex process or even turning data integration into one of the biggest challenges to overcome. This is where IoT analytics comes into play.

IoT analytics is versatile and can be used for many purposes such as assessing the condition of industrial equipment or studying market trends. Furthermore, IoT analytics can also be used for different functions like industrial automation, developing cloud solutions, and even hardware development.

The Benefits and Features of IoT Analytics

The benefits of IoT analytics are many, such as increased productivity, reduced maintenance costs, improved resource usage, and greater customer satisfaction. By analyzing IoT data with the features below, organizations can enable smarter, faster decision-making and a data-driven approach to problem-solving.

●     Service Reliability. Detailed traffic ensures service reliability. Users can also create mitigation plan for usage analysis

●     Increased Security and Safety. Detailed monitoring dashboard to view centralized data ensures security measures are in place.

●     Identify Anomaly. Identify anomalies to gain data for effective, insightful fraud prevention.

●     Monitoring. Monitor and get critical data points for future planning and analytics purposes.

●     Operational Insights. Generate better business insight for decision making with reliable, well-recorded data.

●     Analytics Dashboard. Integrated, easy-to-use dashboard for faster data gathering and analysis.

How It Works

IoT analytics is versatile and useful for any purpose. Whether it’s assessing the manufacturing equipment’s condition or studying market trends, IoT data analytics can be used in any industry to perform any operation. Here’s how it works.

1. Data Collection

Connected IoT sensors collect insightful data in a variety of formats from existing platforms.

2. Data Processing

Extract, transform and load data to usable database including on-premise database and Cloud database.

3. Data Analysis

Run queries, pre-built models, and your custom analysis to perform machine learning and make predictions.

4. Visualization

View analytics and reports through a customizable dashboard solution.

Implementation

Setting up IoT analytics to handle huge computing capacity of IoT data requires careful planning, but the rewards will outweigh the challenges. These are examples of business areas where IoT analytics can be leveraged to boost insights and improve business decisions.

●     Finance

IoT analytics play an essential role in boosting the finance industry through usage analytics, increased service uptime and security, and downtime and traffic trend management. For example, in POS payment systems, IoT analytics enables secure data transmission and processing while providing advanced analytics that thoroughly monitors and notifies potential data breaches.

●     Healthcare

IoT devices are becoming popular in the healthcare industry. From connected blood pressure monitors to wearables, patient health can be monitored in real-time. Analysis of this patient data gives medical professionals better insights into not only individual patient health but also trends across large populations of patients, leading to better diagnostics and preventive care.

●     Agriculture

In the agriculture industry, IoT devices can be found in everything from soil sensors to livestock monitors. The data from these devices is captured and analyzed to provide real-time monitoring of farms, but predictive analytics of this data can lead to effective problem-solving actions, resulting in efficient harvest and better livestock health.

Perfectly suited for analyzing IoT data and giving insight into operational efficiency, IoT analytics is a suitable solution for visionary enterprises. Even though there are still challenges to tackle, IoT analytics will grow, thanks to the ability to offer unprecedented insights that have never been seen before. IoT analytics technology will be available soon at https://telkomseliot.com/ to ensure the success of your business in the future.