Mapping IoT Opportunities through Data Analytics
Smart Home, IoT Data Analytics, Industrials (Manufacturing & Supply Chain) – IoT provides access to data from the real world and in real-time. Analytics can play a huge role in the influx of this data giving rise to newer business models for various segments.
IoT is the next frontier for businesses and IoT-enabled companies are going to be unique in terms of their needs and requirements. It is not only about the digitization of processes to adopt a connected approach but also about what happens next – Big Data! IoT is digitizing physical assets such as sensors, devices, machines, and gateways and the rapidly growing network is resulting in huge volumes of data being generated every second. This data opens opportunities for significant value creation and revenue generation. To analyze the volume of information from different sources and take action in real-time is becoming a major challenge in the IoT environment.
In order to meet consumer demands for quicker deliveries, companies are switching to IoT solutions that help warehouses become more efficient. They are deploying monitoring equipment to prevent unplanned downtimes and future failures through predictive maintenance, while keeping their logistics chain controlled at the same time.
GE’s Durathon battery factory in Schenectady, New York, deploys IoT and data analytics to improve the production flow. There are about thousands of sensors installed on the assembly line and in every single battery. These sensors assist managers to find out the status of production in real time. The managers can then identify bottlenecks and take corrective actions to improve productivity with quality. Honeywell, in collaboration with Intel, is on its way to developing smart solutions for retail. By gathering data from sensors, cloud-based software, RFID tags, and barcode scanners, they aim to improve logistics, inventory and supply chain efficiencies for retailers.
Big data analytics will soon move ahead from providing insights for better human decision making to prescriptive analytics. With the coexistence of IoT, artificial intelligence, augmented, and virtual reality, IIoT analytics will rise to the next level of automation. The decision making role will move away from humans to machines. The machines will interact, analyze and act, making the requirement for human intervention almost nil.
The human tendency to challenge the status quo of existing rules has always encouraged them to build something better. With a vision to optimize energy consumption and reduce human labor to almost nil, Smart Home technology is an effort to improve the quality and productivity of life. ‘Smart Home is the most searched IoT associated feature on Google’ Home energy management solutions powered by IoT can help reduce costs and conserve energy. Amazon Echo, Google Alexa, Nest Learning Thermostat, August Smart Lock, and Philips Hue Wireless Dimming Kit are some examples of opportunities created by IoT and data analytics that were smartly grabbed by frontrunners.
As per a Business Insider Intelligence report, “By 2030 majority of home devices shipped will be connected to the internet due to initiatives from device makers to connect everything they produce.” The report estimates an expenditure of about $6 trillion on IoT solutions over the next five years and about $13 trillion ROI by 2025.
The convergent technologies are poised to transform everything from manufacturing to enterprise automation. And, with these technologies spanning quickly, we see a whole new world of opportunities out there. However, these opportunities cannot be explored by merely connecting everything to everything. The true avenues lie in the promise of prediction these technologies make.
Author: Ashish Mital, AVP-Digital Platform, Digital Transformation Services