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IoT analytics: How to bring even more power to your business

By this stage, most of us have come across the concept of the Internet of Things (IoT) and how the interconnectivity of devices is able to make our lives that much easier. While IoT is proving to be increasingly beneficial in terms of appliance control, the use of IoT analytics is a powerful tool to advance business using big data.

What is IoT?

The internet of things is a constantly evolving system which consists of a number of interconnected networks and devices that communicate to seamlessly operate appliances for daily use. Through internet connectivity and sensors, devices can communicate as well as being remotely operated by smartphone, computer or tablet devices. Some of the appliances that form part of the modern IoT system include thermostats, vehicles, household appliances and machinery.

What are IoT analytics?

The IoT devices are constantly generating large volumes of data and, using analytical tools such as business intelligence, we are able to convert this unstructured data into something usable. The IoT collects data from the connected devices and this can be used to improve business operations and save on costs.

Read More: Microsoft Power BI as a Tool For Business Intelligence 

How is IoT analytics able to improve business?

Where businesses have implemented IoT systems, there is really no reason not to venture into IoT analytics. The constant stream of IoT data being retrieved can benefit the business in a number of interesting ways. Here’s a look at some of them.

1. Energy management

One of the biggest cost savers for businesses using IoT is the smart thermostat to control the indoor climate. Through IoT analytics, business operators are able to further maximise IoT by accessing valuable energy-related data from these systems. IoT can identify when people enter or leave a room, switching on and off as required, as well adjusting the temperature to save on waste. IoT data is also able to identify any irregularities in the energy system, as well as more accurately predicting energy hikes and future energy use. For large-scale businesses, the amounts saved can be particularly impressive.

2. Better customer experience

No matter what industry, enhancing the customer experience is a sure-fire way to boost business performance. Using IoT data analytics, valuable information related to customers is gathered and analysed – this includes customer behaviour, preferences and needs. This is beneficial for in-store activity, such as directing customers to the particular clothing item they were researching online. It’s also beneficial for targetted marketing and promotions, such as personalised vouchers for specific product categories. The more data that is gained on customers over time, the more specific the customer information and enhanced the entire customer experience.

Read more: The Difference Between Business Intelligence and Business Analytics

3. Additional security

Understandably, enhanced technological developments such as increased IoT does open a business up to hacking risks, but IoT analytics can also work to improve a business’ security systems. With the pre-requisite cyber protection software and password systems in place, IoT can provide incredible security features such as remote viewing and control of systems. IoT analytics can identify any possible security risks and strengthen a business’ overall safety.

4. Product innovation

Another key area that IoT analytics can empower a business is through product innovation and enhancement. Using these connected devices, IoT analytics will use metrics to identify product glitches and areas of potential improvement, thereby promoting innovation of products and even the development of new products.

As a business intelligence solution, IoT analytics is at the forefront of business development. The data is readily available, so by partnering with a reliable provider, businesses will be able to effectively collate and assess data to bring more power to any business.