Today, the ability to analyze large amounts of data doesn’t just improve business opportunities. It may be your only chance of survival in a fiercely competitive environment.
Forrester predicts that by 2021, insight-driven businesses are going to take $1.8 trillion annually from their less-informed peers.
To remain competitive, businesses are implementing IoT Big Data solutions.
According to NewVantage Partners, 92% of companies worldwide confirmed an increased pace in investment in Big Data in 2019.
The combination of IoT and Big Data technologies gives companies the opportunity to grow as well as attract and retain larger numbers of customers.
In this article, we will describe how these two technologies work in conjunction. We’ll also explain the benefits your business will receive by implementing IoT and Big Data solutions.
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In simple terms, IoT analytics is the analysis of data gathered from connected devices. Big Data, in turn, helps process and make sense of billions of real-time data points.
Big Data systems collect chaotic data (as well as all more or less useful information) from connected devices and structure it into data sets that can help a business improve its work processes.
Companies benefit from these data sets to automate processes, empower staff, retain and attract more customers, and optimize operations.
Many industries have already benefited from IoT Big Data analysis. These fields include marketing, telematics, healthcare, smart cities, retail, and many others.
For instance, e-commerce businesses can use specialized software to analyze client purchases via an app or website, to create a detailed portfolio of their customer base and predict its behavior.
Let’s now discuss some ways businesses can benefit from implementing IoT Big Data.
Here are some examples:
Some companies have implemented smart sensors in offices and manufacturing areas to collect data related to performance ratings, employee engagement, and other activities.
Managers can use this data to more effectively manage staff and distribute employees’ time and effort more intelligently.
For example, a system developed by Humanyze works with devices made in the form of badges with sensors. These badges allow the company to collect employee data on more than 100 indicators to track work productivity in real-time.
Devices collect data on how employees communicate with customers, what style and tone of conversation they use, and whether employees listen to customers.
In particular, this system may help businesses improve the productivity of call center employees and teach them how to better communicate with customers.
Using complex IoT Big Data systems, companies can now automate and analyze routine workflows.
This can be especially useful in manufacturing, where each element of the product creation process can be automated and improved. The human factor can also be minimized.
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In case of any malfunction, the system may notify employees of the delay, which will help them solve the problem more quickly.
General Motors, for example, uses sensors to monitor humidity when vehicles are ready for painting.
If the humidity level doesn’t correspond to the norm, the detailed work is sent to another workshop, which consequently shortens the time of the work process.
Using a mix of IoT and Big Data, businesses can make their infrastructure safer in terms of cybersecurity. Read how to hire a cybersecurity developer.
Companies that integrate AI and machine learning can respond much more quickly to any security threat because the equipment reacts much faster than a human operator.
Also, Big Data security systems learn via examples of previous threats, so they become even more effective with added experience.
Be it a retail shop or a healthcare company, each B2C organization strives to create a better and more personalized customer experience.
Implementing IoT data analytics can help. It allows businesses to analyze consumer data to learn more about the behavior of customers and predict their future needs and actions.
For example, when customers enter a bookstore, the system can tell them which shelf the book they are interested in is located. The system can also send a personal discount or gift coupon to the client.
Among other applications, businesses can use IoT Big Data technology to run effective targeted advertising or promotional campaigns.
Healthcare organizations can use IoT Big Data solutions to optimize patient flows, as well as increase the productivity of doctors.
Measuring heat, vibration, and other important parameters, IoT sensors, and Big Data analytics solutions may help companies in the manufacturing sector determine which equipment requires maintenance.
Equipment with built-in sensors can also notify the staff about wear and delivery schedules, and breakdowns.
These solutions not only simplify the work of the staff but also reduce risks and make it possible to predict future breakdowns and issues.
Potentially, technology can save companies thousands of dollars by reducing maintenance costs.
If you are thinking about implementing IoT Big Data products, we recommend that you find a professional consultant to help you quickly implement the most suitable solution with the highest possible ROI.
Today, a combination of IoT and Big Data technologies helps businesses attract more customers, reduce costs, and win the competition.
On the other hand, businesses that neglect to implement these technologies risk a huge loss of customers and profits.
IoT Big Data solutions can help any company become more successful by:
If you want to know more about IoT and Big Data solutions, or if you’re considering implementing this technology, feel free to contact us.