Gone are the days that businesses did not have access to the data gathered from their IoT applications. With growing investment in the market we now have access to the infrastructure we need to create and acquire the necessary data that will make the difference.
In this series l will be discussing the importance of data analytics in IoT and how analytics are driving the investment in IoT. I will be addressing the questions that are coming up in today’s boardrooms, many of which you may also be asking yourself, such as: “Is there any business value generated by data from IoT?” and “what does my business need to do to start to realise that value?”
Firstly what are the determinants of business value when IoT data analytics is concerned?
Businesses want to know how they can improve performance and customer interaction, identify opportunities, reduce maintenance costs, avoid equipment failures, and improve business operations, to name a few.
These determinants will differ with businesses in different sectors. For example, retailers and restaurateurs would benefit from data gathered from consumer smartphone devices and wearable technologies, as this data will heavily influence the business’s marketing and promotional efforts.
However, the level of value the business will get is determined by its ability to sift through the ocean of information collected by applications, devices, and sensors. Businesses should be able to first make sense of this information, identifying which information is applicable and useful to them. This information must then be presented in a format that is understandable and easily translated to key stakeholders. But most important is how the business uses the captured information to implement timely processes and marketing related efforts.
We have repeatedly seen retailers effectively carry out successful promotions and advertisements by capturing customer information, patterns in buying behaviour, and interaction with the retail environment, both online and instore. In other words, retailers have managed to adapt their processes to take advantage of the capabilities which IoT data analytics provide. As a result, we have seen retailers uncovering new revenue streams from more efficient delivery routes and the intimate customer knowledge they have gained from data analytics.
Data analytics have provided businesses with an undeniable competitive edge that has helped companies attract and retain customers and grow revenues, and this is just one of many examples we will discuss in this series.
Join me in the next post when l will discuss where the value in data analytics lies for your business. Until then you can start uncovering the value and seeing the results in your business by getting in touch with Pangea using email@example.com.