Data Analytics and IoT: A Symbiotic Relationship
The Internet of Things (IoT), through real-time data, is constantly improving everyday life. Ubiquitous networks, digital platforms, and proliferation of devices are enabling access to large amounts of data that were siloed earlier. This availability of abundant data is driving opportunity for data analytics to extract and present useful information for decision-makers to make informed decisions. This makes data analytics and IoT dependent on one another for growth and adoption and enterprises realizing this trend, are able to drive effectiveness and efficiency in their operations and business outcomes.
For instance, in the agriculture industry, high precision sensors are used to record the history of ambient temperature, soil moisture, nutrient levels, pH data, air quality and host of other metrics. When collected at regular intervals, this heap of connected data can be used to provide advanced insights for better yield management and improved crop health. Using advanced analytics and visualization, the huge amounts of data can also be used as predictive tools for driving farmer engagement and advisory services for companies.
‘Community parking’ in the automotive industry is another great example where IoT and data analytics are used to create innovative business solutions. Onboard sensors in vehicles are used to identify open spaces and with the addition of multiple data sources from parking sensors, real-time occupancy maps, they can effectively build insightful dashboards and predict available parking spaces. This saves time for numerous car commuters in finding vacant parking.
Similarly, in the retail industry, IoT and data analytics are used for tracking purchase trends, predicting purchase patterns in real time to improve stock replenishment and to improve supply chain efficiencies and fill-rates at stores, which adds to business margins and sales growth.
The combined power of data analytics and IoT is digitally transforming businesses everywhere. Organizations that innovate and adopt this trend with new applications, software, analytics engines and tools and create competitive advantage, will emerge as winners in the marketplace of the future.