27 September, 2018
How IoT Analytics Benefits your Business
There’s no doubt that many organisations and businesses are looking at the benefits M2M and IoT can bring to their operations.
This is supported by many industry leaders at CES 2017 who agreed that IoT was an incredibly important development. Bridget Karlin, Managing Director at Intel expressed what so many people believe:
'I am excited about IoT, it’s a truly revolutionary era of tech. A moment to converge with the physical and digital world. The transformative experience is to connect everyday objects, get data, and analyse.'
With all this interest around M2M and IoT, one can get caught up in the excitement and forget to take a look at the tools you’ll need to support this new revolutionary technology. One of those tools is IoT analytics. In this blog, we’ll be taking a look at the different benefits IoT analytics has to offer your organisation.
Identify inefficiencies, improve productivity and boost revenue
Implementing IoT analytics will allow you to turn the big data that you gather into increased revenue. For example, many mineral mining businesses are using IoT to monitor their production processes: IoT analytics can accurately verify if automated mining systems are performing as expected. If performance is subpar, analytics help identify which part of the process line is failing to produce the expected results.
Another example of how analytics can be used to improve productivity is seen in the transport industry. Company fleets are equipped with the necessary IoT devices in order to track efficiency. IoT data analysis could be used to identify drivers who are driving inefficiently and wasting fuel, which can be rectified through implementation of better driving practices.
It would be ineffective and unreliable to depend on humans to comb through the Big Data created by the collective IoT. The most effective strategy is to utilise an AI solution to analyze this data. This allows for insights to be delivered succinctly to businesses, showing precisely where they can improve in a format understandable by those who implement the changes.
IoT is predictive of the future
IoT devices, big data and IoT analytics are also being applied to many industries to help identify future trends. One of the major industries that is taking advantage of this is the energy industry. While IoT devices and analytics are being used in various ways to enhance this industry, one of which is the tracking of energy usage to create reliable estimates of future demand.
Another way IoT analytics is being used to “see into the future” is with predictive maintenance. IoT sensors are attached to the different components of machines, tracking their performance and a variety of key stats, such as temperature or speed. By monitoring these components, IoT analytics can identify when a part is most likely to fail and notify the maintenance team, allowing them to replace the part before it does. This is a massive benefit to businesses in manufacturing, who often have to run 24 hours a day and do not have the margins for unexpected machine failure.
Better understand your customers and customer engagement
If you are a retail store owner, you can use an IoT and geomarketing to gather information on how customers navigate your retail store through the unique network pings on their smartphones. This system doesn’t gather any person information, but simply tracks each device’s unique signal as the customer walks around the store.
Once the data has been gathered, you can use IoT analytics to identify the trends or patterns that occur. For example, you may discover that customers are barely visiting the part of your store that has your discounted items and specials. You could then take steps to improve the displays in this part of the store to see if foot traffic increases. Similarly you could track how many people walk past your window displays and stop to look at them. By experimenting with the content on display, you can find what types of displays cause people to stop, look and then enter your store.
By combining Big Data with Geomarketing solutions you can see where your customers come from and where going after interacting with your business. AI can then analyse this data, providing insights that can help you keep customers and provide the services they are looking for. Geomarketing also allows for targeted advertisements to customers who come within walking distance of your shop, transcending limitations of traditional marketing reach.
These are just a few of the benefits IoT analytics can offer your business and organisation, and there is no doubt that IoT analytics will have a massive role to play in the success of your organisation, especially as more companies implement IoT and M2M solutions. Take a look at TERALINK's IoT and M2M solutions, or contact a TERALINK Solutions consultant today to find out more about how they can help you.