5 Benefits You Need to Know of Employing IoT Data Analytics for your Business

"Data is one of the more recently discovered resources that have truly and widely changed the way the rapidly changing world is. Healthcare, retail, manufacturing and telematics are only some of the leading domains affected by data and its changing trends. As consumers and businesses endeavour to make the most of the technological developments related to connected devices, IoT and Data Analytics become a deeper part of all of our lives."

But is IoT really worth all the hype? 

Understanding IoT Data Analytics

IoT has come to be trusted as one of the top technologies and a lot of businesses have been benefitting from it. The future of IoT seems pretty plausible and according to a study conducted by Statista, it is estimated that the growth of different IoT verticals will generate an approximate revenue of $135 billion by the year 2027.

The above graphs shows the estimated economic size of IOT offerings($ trillion) in the year 2025 for various domains.

When huge volumes of data that is generated by connected devices are analysed, it is known as IoT Data Analytics. Any organization making the use of IoT Data Analytics will be able to benefit on a multi-level basis.

Manufacturing, healthcare, retail, telematics and smart cities are already benefitting from IoT Data Analytics. As time moves ahead, the benefits are only bound to increase. Big names such as Amazon, Microsoft, Salesforce, and GE are already implementing IoT Data Analytics in their day-to-day work.

A decade ago, the cost and effort of analysing colossal volumes of the information offered by different connected devices were super high. Now, the cost of storing data is simmering down, while analytics capabilities are taking a step forward and becoming better with time.

How IoT Data Analytics adds Value to your Business

The coming together of IoT and Data Analytics has created a lot of green areas for companies to start using this technology to their benefit. 

Data is worthless unless it is analysed!

To maximise the number of benefits of an organization, an IoT Data Analytics solution is put for effectively collecting, analysing and storing it.

1.  Improved Customer Experience

Smart devices connected via the internet can provide a sea of intel about how your customers are steering through your store with the aid of push notifications. Once this data is connected, IoT Analytics can be used to identify trends and patterns.

For instance, healthcare providers can employ real-time IoT Data Analytics to cope with the increased patient footfall while also improving the overall operational efficiency. In the case of the seller, you can guide the customer to their pre-viewed item or send a personalized coupon to them.

2.  Better Employee Productivity

Smart sensors can be installed across facilities to collect data on the employees’ performance ratings, engagements and related activities. This collected data can later be analysed to efficiently grow employee energy and time.

For instance, knowing when and with whom your employees prefer to work with on projects can help you in increasing your retention rate. Since your employees will be more satisfied, they are more likely to stay and your hiring cost is saved.

3.  Enhanced Automation = Reduced Cost

Every penny saved is a penny earned. With IoT Data Analytics, organizations can automate a lot of processes, saving time, money and energy. This way, processes can be kept smooth and interruption-free, leading to better results and more returns. The productivity of both equipment and workers can be improved using IoT Analytics.

For instance, manufacturers can get a comprehensive view of every step of the production, allowing them to uphold a systematic flow of the process and the final product. Any bottlenecks are identified in real-time, reducing human errors and avoiding defects.

4.  Prediction of Future Trends

Reliable estimates for future demands can be created by tracking energy usage. Predictive maintenance has become a major playing field for IoT Data Analytics.

For instance, IoT sensors can be attached to different machine components, which will help your business in tracking their performance on multiple stats like speed or temperature. As a result, when and if any of the parts needs a replacement, you will know beforehand, making it easier for you to intimate the maintenance team.

Businesses with a 24-hour working environment benefit more as they will not have to bear loss to due sudden failure.

5.  Upgraded Security & Safety

Thanks to the real-time connectivity of IoT, you can manage the workings of your organization with a sense of upgraded security and safety. Businesses can integrate IoT services by installing video cameras and sensors to monitor their employees’ safety, are not experiencing any physical threats and the workplace environment is free of obstacles.

For instance, if you are working remotely or are unable to visit your working station often, you will still be able to manage, coordinate and keep an eye on it all in real-time.

IoT, an increasing trend!

In conclusion, we would like to say that every step we take and every click we make creates heaps of data. However, none of it is useful unless analysed. When businesses combine this data with IoT systems, they get the opportunity to turn successful and gain a competitive edge.

With Dataeaze Systems, you will be able to make the most of not only IoT Data Analytics but also the experts who have years of experience in the field and have helped related companies before you. Thus, while it is essential to pick the right technology, the imperativeness of choosing the right partner to help you is something that should not be overlooked.

IoT has a long way to go and while it still has its share of challenges to overcome, its future is bright nonetheless.