IoT and Analytics

01/14/2019

IoT and Analytics

The IoT provides us with an array of services that we had not thought would be possible. The IoT provides consumers and businesses alike great insights into how certain products are doing, and just what they can get out of a certain product. For businesses, these insights can lead to a greater understanding of the demographic that buys and uses their product, as well as the impact that their product has in the market they’re in.

By utilizing the interconnectedness of the IoT, a business can use the analytics that they receive from the various products they have out there to improve their product and understand just how it’s being used.

Here are a few ways that businesses can make the best use of the IoT and analytics to push them forward.

IoT and Analytics

  1. Real-world Insights

The devices that are connected to the IoT have the power to completely change how businesses think of their customers. By analyzing the information from different sensors in their products, business are able to see in real time just how their products are being used, how many times they’re being used, and how they can make their product more efficient.

A company can use the sensors in their products, and also how their customers are talking about their product on social media to help maximize their outreach and knowledge of their product.

  1. Provide Analytics for Consumers and Businesses

Not only are the analytics useable for the businesses that use them, they can also be useful for the consumer as well. Showing the consumer just what they can control, how much is being consumed, and what they can do to improve their overall consumption of a product makes it much more profitable for the consumer to buy a certain product.

This is particularly useful in the energy sector. Consumers can get great insights into their energy consumption, and how much is being consumed around them. In turn, the companies can perform fraud protection and better project their revenue.

  1. Social Analytics

Social analytics is an emerging field in the world of data analytics. These processes, which involve sensor data, video data, and social media data, are used so that the company can get better insights into the personalities and behaviors of groups and individuals. Having access to these kinds of analytics can help companies move forward and better improve their services and products.

Since social media is a large part of how business is being conducted, and will continue to be conducted, this data will bring consumers and businesses closer. Through the use of connected events, businesses can benefit from seeing just how their consumer market interacts with their product. By using the video and sensor data, businesses can really get a better grasp on their market and really hone in their services for their customers.

  1. Safety and Surveillance

Aside from all the great ways that social analytics can help businesses better understand their clientele, using video footage and sensor data helps a company understand where their product can be safer for people, and how it can protect its own infrastructure. This is particularly useful for local governments that want to protect its citizens from any dangers that can arise from public infrastructure. By using video footage, the software is able to determine when a human operator is needed to assist.

Even though a lot of this technology can run on its own, there will need to be a human operator around to help facilitate the technology. This technology can be use to monitor and track traffic patterns, how many people are using a public service, and when there is an anomaly in the baseline pattern.