IoT Analytics enables you to drive significant business outcome achievement, specifically:
- Increased Revenue
- Reduced Costs
The Internet of Things (IoT) combined with business analytics will change the business landscape in ways that most executives still haven’t fully grasped.
Vast amounts of new data streaming in every minute from IoT combined with huge amounts of historical data presents both unique challenges as well as tremendous opportunities to businesses.
Deriving value from data by converting it into actionable insights in real time will provide forward thinking executives a competitive advantage like no other.
The big challenge is that you need to act quickly on this insight before its value disappears
Leverage IoT Analytics to Drive Significant Business Outcome Achievement
Would you like to significantly improve your business outcome achievement? As the availability of “big data” has grown, the use of analytics to gain insight into the data has increased dramatically. IoT Analytics are a game changer, allowing companies to increase revenue and minimize costs at a rate that was impossible before the Internet of Things (IoT).
The business use cases for IoT Analytics span a wide range of industries and business requirements. Here are some examples of how our customers are achieving significant business outcomes using analytics. Vitria’s industry experience includes energy utilities,manufacturing, telecommunications,retail, and many more.
Use Cases That Are Driving Significant Business Outcome Achievement
Maintaining unbroken temperature control over food and pharmaceuticals is mission-critical. IoT Analytics can monitor and manage these cold chains to ensure problems are avoided or mitigated. For example, a restaurant chain can get insight into real problems like a food shipment sitting on a loading dock in the heat to prevent food borne illnesses. A pharmaceutical company can ensure that drugs are maintained at the proper temperature at every step during the process when they are shipped from the factory to medical offices.
1 to 1 Marketing
Business analytics for marketing applications have been growing rapidly. Physical retailers know that there is no better time to make a sale than when the customer is in the store. Smart phones and apps make it easy to service up a promotion or offer to a prospect when they are in the store – and sometimes when they are in a particular location where goods are located. Sensors and IoT Analytics make these kinds of offers possible.
Retailers are realizing significant business outcome achievement by offering potential customers a discount to “buy now” based on linger times in the store. One top telecom provider is generating significant new revenue by offering their customers a roaming plan based on location data while they still have a captive audience.
The energy and utilities industries offer many use cases where IoT Analytics can be applied to capture new revenue, cut costs, avoid service disruption, and increase operating efficiency. Significant business outcome achievement use cases include the following
Utilities need to maintain 100% uptime for all the key pieces of equipment in their infrastructure. And their operations require constant vigilance to ensure maximum efficiency. Maintaining the performance and operations of their widely dispersed equipment is very difficult
Predictive maintenance on transformers or other distribution equipment that can be executed BEFORE the equipment experiences a complete breakdown or seriously derogated performance is critical. IoT Analytics enables predictions and preemptive actions to achieve these results.
Many utilities now have robust smart meter infrastructures in place throughout their networks. But these millions of devices generate a massive amount of data that must be analyzed and put in context or integrated into larger business processes. Unified IoT Analytics that can put real-time data within the context of historical patterns is needed to determine answers to questions like:
- Will service degrade soon based on the current heavy usage pattern?
- Do we need to dispatch a service technician to deal with maintenance that is likely to be needed based on unusual load distribution?
Disaster Planning and Management
Effective disaster planning requires rapid action at the right time, or major losses can result. Utilities that can understanding the impact of real-time weather events or other disasters can take action before major economic or other losses happen. As with Smart Meter Management, unified analytics are needed – and a platform that can trigger action based on those analytics.
But Wait – There is More…
In addition to the above use case for IoT Analytics, there are many other examples of significant business outcome achievement spread across numerous industries like:
- Fraud management for unauthorized machine usage
- Management of energy equipment in field deployments
- Real-time Management of Manufacturing Environments
Business Outcome Achievement with IoT Analytics
The important consideration for IoT Analytics is to think broadly when looking for the most impactful business or use cases. It is tempting to look for scenarios where sensor readings and machines predominate, but the largest impact depends on a wider understanding of the analytical context and business value that can be generated. Vitria’s IoT Analytics platform leverages the concept of an analytics value chain to put IoT data and processes in the best context possible for making decisions and taking the rapid action needed in IoT.
Learn more about how IoT Analytics are: