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Why IoT Analytics Is The Future of Business

We all get tired of the buzzwords that swarm the tech industry every couple of years or even every few months. However, there’s one phrase that simply isn’t going anywhere anytime soon: Internet of Things (IoT). What is IoT? It’s the internetworking of physical devices, buildings, appliances, cities, and everything in between. These objects, whether it’s your smartphone, crock pot, or the machines at the factory in your home town are increasingly being connected to one another through embedded electronics, software, sensors, and actuators. Because of the connectedness being added to almost everything we use, a mountain of data is being created. While many technology experts are focused on the devices themselves, the future of IoT is in harnessing, analyzing, and leveraging all of the data being created.

IoT Is The Future Of Almost Every Industry

In the past, technology innovation has been focused on a select few industries. There wasn’t room or need for improvement in other industries, but as we look to the future, technology and connected devices will become ingrained in almost every industry. Innovation won’t be left to the medical and manufacturing fields. IoT is already bringing about advanced innovation and integrations in agriculture, utilities, retail, hospitality, and home building.

These innovations and integrations are leading the way for higher quality products and services, transforming customer service and support, and improving efficiency. These benefits aren’t reserved for a single sector. They’re beneficial to almost every industry. In retail, they can help a small, local business determine which items sell better online. In agriculture, they help farmers determine which crops produce better yields in particular fields and help determine the optimal time for planting and harvesting. In manufacturing, they help reduce machine downtime by alerting maintenance workers to issues before they even happen.

Why Data Matters for the Future

When it comes to the Internet of Things, so many have been focused on the machine-to-machine aspect (machines communicating with like machines) that so many have looked right past the point of IoT: the connectedness. IoT isn’t necessarily about one machine communicating with another. It’s about sensors measuring, evaluating, and gathering data. Having machines that communicate with one another improves efficiency and productivity, but the ability to gather and leverage data is worth so much more than those two benefits.

By leveraging the data collected by embedded sensors, the possibilities are almost endless. IoT brings about a fundamental shift in the way we think and the way we create. Devices will start moving beyond being smart and become intelligent. Entire cities will be connected through sensors and software. For example, traffic patterns will become optimized for flow based on congestion, weather conditions, and construction. Bridges will communicate to cars when there is ice on the road and the car will alert the driver about the condition. Life becomes safer and richer based on the data collected from these sensors.

An Engine For New Products and Services

Remember the mountain of data being created by all of these connected devices? When cloud-based technologies are used to harness the data, we can begin to analyze it.

IoT analytics means we can begin looking for patterns and trends in the data. It means monitoring the data in real-time to discover what’s working and what isn’t. It means having the ability to see the need for new products and services.

According to Business Insider, IoT devices are expected to more than triple by 2020 and almost $6 trillion dollars will be spent on IoT solutions over the next five years. These are numbers that cannot be ignored by businesses and budding entrepreneurs. It’s with IoT analytics that these businesses and entrepreneurs will have the ability to change the world. By harnessing the data and analyzing the information, they will have the ability to produce actionable insights that deliver game-changing results for any industry.

Are you ready change the world? Learn more about Eleven Fifty’s upcoming IoT Analytics Training course and sign up today!

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