The world of business is moving towards a state of ‘’connectedness’’ and much of that credit goes to the concept of Internet-of-things (IoT). Thanks to IoT,the connection between end consumer and enterprise has become stronger and overtime,business processes have gained significant changes. Gartner predicts that there will be around 20.5 billion IoT or connected devices by the year 2020 signaling a trend towards a vastly ‘’connected and responsive business ecosystem’’.
But, is having so many connected devices enough?
Having so many connected devices floating across various networks isn’t going to help much unless these devices play a key role and bring out some value. But then, how do enterprises generate considerable value through these connected devices?
IoT Analytics is the tool that makes sense out of the “data clutter’’ or data overload generated through connected devices. Connected devices transmit terabytes of data leading to data accumulation and if this data is not processed and utilized in the right manner, it could all go waste resulting in null benefits to the organization.
How does IoT Analytics help transform businesses?
Big data has had a profound impact on the way businesses function, data collected needs to be harnessed and utilized efficiently and this is done by data analytics and in the case of IoT networks, by IoT analytics.
’Analytics are essential to the success of IoT systems. They are arguably the main point of the IoT as they support the decision-making process in operations that are created in business transformation and digital business programs’’
– Gartner Report
Let’s observe a few ways IoT analytics help transform businesses –
Analytics helps businesses achieve operational efficiency through continual monitoring of operational processes. Analytics, by processing information or data passed on by IoT platforms devices provide operational managers (or supervisors) greater visibility and control of the processes resulting in efficient management of operations.
Take for example –
A Fleet management or Transportation Company at any point of time has hundreds of vehicles on road. Monitoring these vehicles in terms of their routes, destinations, delays, wear and tear and even driver behaviour is essential to bring out maximum efficiency and this is possible only if the fleet manager has access to these vehicles, live. IoT devices placed on vehicles can relay live data or information which can be harnessed to monitor, guide, and direct vehicles. Efficient vehicle monitoring will lead to savings on time, maintenance and even fuel consumption benefiting the Fleet management or Transportation Company in a big way.
Optimize Processes & People:
People and processes are the two pillars on which businesses function and one cannot separate the two. Analytics can help optimize internal processes and in that process help resources (people) focus on more relevant tasks resulting in optimal utilization of existing resources.
Take for example –
The case of a warehousing complex that houses tons and tons of finished goods which need to be monitored segregated and transported to respective destinations. IoT devices equipped with sensors (placed at various locations) can stream live data on stock position, movement and warehouse capacity at any given point of time. This information can help managers streamline operations based on stock positions and use resources (who erstwhile checked on stocks) for more important tasks.
Enhance Customer Experience:
Perhaps one of the more important roles of IoT analytics, customer experience needs to be as good and satisfactory as possible for businesses to thrive and move forward. Businesses can make use of IoT analytics to monitor and understand customer behavior and chalk out strategies required to enhance service.
Take for example –
The case of a retail store which has high walk-ins of customers. IoT devices (Wi-Fi network, cameras, and sensors) placed at the right places within the retail stores help store owners understand customer behavior patterns (as they move through the store) and develop various strategies to enhance customer experience within the store.
Through optimizing Operations, Processes, People, and enhancing customer experience, businesses stand to gain significantly on their overall revenues. IoT analytics helps businesses via aforementioned benefits cut down on costs, increase productivity, and establish customer loyalty, all of which leads to enhanced revenue generation.
Once a business understandsthe way to streamline its processes and operations through IoT analytics, it becomes more efficient and can spend the available time, resources, and investment on new business opportunities or new initiatives that add to the overall value of company and brand.
IoT analytics is changing the way businesses perceive themselves and their customers, and this is helping businesses move away from old practices that hinder performance and future growth. As Gartner report says, more devices mean more data and more data leads to high levels of complexity which can be simplified and made insightful through IoT analytics. IoT analytics makes sense out of the whole “noise’’ or data generated through connected devices and paves way for business transformation.