Webinar Recap: The Next Big Thing in the Internet of Things – Real-Time Big Data Analytics

Last week Vitra’s CTO and co-founder, Dr. Dale Skeen, presented a webinar with Forrester’s Principal Analyst, Mike Gualtieri, on how streaming analytics is creating significant value in the Internet of Things (IoT), particularly the Industrial IoT (IIot).

It’s estimated that 20-50 billion devices will be connected by 2020 and, according to GE and The World Bank, the Industrial Internet of Things will generate $32 trillion in value, 30-40% of which will be attributed to analytics.

Dr. Skeen presented a variety of use cases illustrating the potential of IIoT and streaming analytics, and I’m pleased to be able to share highlights and key concepts from the presentation:

Application of Analytics with Respect to IoT

Dr. Skeen presented three tiers of value with respect to the application of analytics in IIoT. First, he talked about how streaming analytics can drive business initiatives around real-time customer experience management with respect to increasing revenue, improving customer satisfaction, and building brand loyalty.  Next, he touched on operational efficiency and how streaming analytics can be used for resource optimization, overall operational health, and cost reduction.  Finally, he discussed security and surveillance and how streaming analytics can improve asset protection and loss prevention and reduction.

Compressed Time Value of Information

Dr. Skeen discussed the compression of the time value of information, the concept that streaming data is highly perishable and that its value diminishes with each passing sub-second. For instance, if you are a financial services provider and need a way to immediately detect and halt fraudulent activity on your systems, you are losing money with each passing second that the activity goes on undetected and unaddressed.

Or, if you can detect in real-time that your customer is passing by your store, you can text a great offer to entice that customer to stop in and make a purchase.  The key here is that the data is only as useful as it is timely and fresh – if you can’t detect problems and opportunities as events are unfolding, you miss the critical window of opportunity to make a difference.

Automation

IIoT is simply too fast and too complicated for humans to stay in the loop. Instead, IIoT relies heavily on decision and process automation to select the appropriate action at precisely the right moment.

Streaming analytics provides the capability to ingest Big Data at high speeds and volume and to achieve contextual awareness through enriching data with location, business, and social data.

Operational analytics capabilities continuously optimize resources and processes, and predictive analytics capabilities anticipate threats and opportunities using models generated by machine learning. Finally, streaming analytics empowers intelligent action and triggers automated processes that dynamically adapt based on the situational at-hand.

To catch a free recording of the webinar along with the presentation slides, please click here.

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