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Posted on Aug 05, 2019
by Nitin Bhosekar (Head Analytics, Artificial Intelligence, BI Practice & Executive Vice President)

Ways to Harness IoT Data for Better Business Outcomes

Per one of IDC’s start of the year reports (https://www.idc.com/getdoc.jsp?containerId=prUS44596319) worldwide spending on the Internet of Things (IoT) is forecasted to reach $745 Billion in 2019 and surpass the $1 trillion mark in 2022.

While innovative sensors and wireless technologies are driving the evolution of the internet of things (IoT), the true business value of IoT lies in applying analytics and artificial intelligence (AI) than that originating out of hardware innovations.

The report also mentions that the United States and China will be the global leaders for IoT spending in 2019 at $194 billion and $182 billion respectively. They will be followed by Japan ($65.4 billion), Germany ($35.5 billion), Korea ($25.7 billion), France ($25.6 billion), and the United Kingdom ($25.5 billion).

The industries that are early movers in IoT adoption include, manufacturing (both discrete and process manufacturing), transportation and utilities. While adoption in banking/ non-banking financial services, hospitality industries and government services is expected to grow in the coming years.  

IoT data involves datasets generated by sensors, which are now both inexpensive and sophisticated enough to support an apparently limitless variety of analytics and artificial intelligence use cases.

Analytics coupled with AI provides an ability to make raw data meaningful and useful as evidence for decision-making purposes. It is becoming increasingly evident that data generated by connected sensors/ devices could help businesses run more efficiently, gain insight into some of the critical business processes and make real-time decisions. User organizations would need to choose from different forms of AI & advanced analytics that would best suited for harnessing the problem-solving processing leveraging the IoT data.

The ability to capture, store and process streaming data, determine valuable attributes from this data and make decisions in real-time will add an entirely new dimension to derive business value. In many cases, the data and actionable information could be provided as a valuable service to the end customers/ consumers.

Aress software provides consultancy, design, development and implementation services needed to successfully harness IoT data for better business outcomes. For details pl read a case study at - https://www.aress.com/assets/pdf/Data-visualization-solution.pdf

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Category: Analytics, Artificial Intelligence, Big Data and BI

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