Analytics of things is the Future

Raj Joseph - January 19, 2016

Analytics

Analytics of Everything

Now, it’s time to move from Internet of Things (IOT) to Analytics of Things (AOT)! The Internet of Things created buzz in the past. It is huge and has great potential. IOT backed by accurate analysis can create magic. Let’s discover the power of Analytics of Things – it has the potential to empower your business!

Overview on IOT and AOT

IOT is all about objects with unique addresses, which talk to each other and process some fairly complex activities. With IOT, all kinds of things started generating data, insights and actions, which resulted into transformed products and services. AOT, on the other hand, suggests that IOT generates lot of data and to make that data useful for the business, it needs to be analysed. It also points out that analytics are important to make these connected devices more smart and intelligent decision makers. If IOT devices are connected to the internet, they are even more beneficial. Remote monitoring and control is one of the major yields of connected IOT devices but this connection also produces more data. This makes analytics of things a potential tool for getting valuable big data solution for any enterprise.

Now, it’s time to utilize this mechanical intelligence with our technical expertise to bring out some meaningful insights from this massive data. We need to channelize this vast sea of data, which is unstructured and cluttered. And for that we need professional help from an expert data science company like Intellectyx. We at Intellectyx know how to integrate IOT with AOT to bring out the most competitive solution.

Control of “correct data” – Important for accurate analysis

The combination of machine intelligence and human decision making capabilities can deliver exceptional results. To make this work, what we need to do is to control this diverse pool of data and organise it into a structured format. For example: When you visit a retail shop, the IOT device tracks all the information regarding product purchase, sales and the rest. But this results into nothing. On the other hand, if you have an AOT integrated environment, data of IOT gets more meaning. With this structured data, the experts can easily identify patterns and gain actionable insights. This formatted data can help you better understand market developments, business performance and trends. Wondering how? Let’s get back to the example – With the AOT backing we are able to track many more features such as purchase history, sales, offers and lot of other things. All this additional information helps in analysing the whole scenario in a better way, which enhances shopper’s shopping experience. Hence we need AOT in IOT devices. This certainly qualifies your business for a better and a progressive future.

Before we move further, it is important to understand how to control this vital resource. There are four V’s that actually needs to be considered: Volume, Velocity, Variety and Value. Don’t get confused! It is a simple theory that works well while structuring big data.

Volume: Since the quantity of data to be captured is increasing exponentially, it becomes an important aspect.
Velocity: Data, both in bits and bytes needs to be processed at a high speed in order to get the maximum benefit from the processed data.
Variety: Data diversification is a major issue. So, before analysing the data, it is essential to structure the data coming in various formats and from different areas.
Value: Analysis process resulting into a meaningful insight is a must. So, relevant data conversion needs to be done. This will result into a tailored strategy with a well defined roadmap.
Hence, we conclude that Control of “correct data” is the key to actionable insights. Analysing the corrected data allows marketers to predict customer’s requirement and hence create messages and products that are more significant and useful for business progression. Using Analytics of things by marketers will help them improve on segmentation and personalization too.

Types of Analytics of Things

1.Allows remote monitoring and control: Using connected devices one can easily keep a control over remote devices but it has a flip side too. This connection yields more data that require analytics. Using this tool, an enterprise can aggregate data from different devices and compare them across time, results into better decisions.
2.Understand data patterns and identify reason for variation: Each data pattern is closely studied and its variations are examined using statistical models.
3.Recognise anomalies: In situations where data contains elements that are outside the boundary conditions, for example – A picture that depicts someone in an area that should be kept empty.
4.Predictive asset maintenance: Using sensor data, potential problems a device may face in future is detected.
5.Prescription: Using sensor data and other useful data, the front-line workers are instructed – what they are supposed to do.
6.Optimization: Sensor data and analysis is used to optimize a process.
7.Situational awareness: Few disconnected events are placed together to bring an explanation.
Using one or all of these AOT types, an enterprise can actually bring out a huge change in their business outcome. If you want your business strategy to be workable then do apply the theory of Analytics of Things; Immediately! It has the competence to deal with complex systems and situations and find an innovative solution for your enterprise.
Remember – Using your big data in a wise manner is a winning formula and only “Analytics of Things” can make it possible for you. Apply it and make a smart business environment! For any technical assistance check out Intellectyx.com!

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