Wondering what IoT Analytics are? Learn how advanced analytics using your IoT data could change your business by both generating new revenue and reducing costs.
IoT Analytics – What Exactly is It?
The Internet of Things (IoT) is a new situation in which devices, machinery, appliances, electronics and digital information is all connected together. Analytics refers to the analysis of different types of data. When joined together, the buzzwords IoT and Analytics beg a clear question – what is meant by “IoT Analytics”? How could it help my business? Business executives wonder “Will it allow me to….”:
- Analyze all the details of historical data on a machine or device?
- Monitor devices to see if they are behaving correctly?
- Slice and dice data-sets to understand odd behavior of certain sets of machines or devices?
- Use machine learning to detect patterns that humans could never find?
- Understand the performance requirements of networks and systems that gather and support IoT applications?
IoT Analytics encompasses answers to all those questions and much more.
As many industry observers have noted, the variety, velocity and volume of data in IoT is unprecedented. The irony in IoT is that while all this data is potentially useful, typically its value goes away quickly because of the rich context required to make sense of the data and act intelligently on it.
In addition to the list of questions above, a robust understanding of advanced analytics – and ultimately the generation of business value leveraging IoT data – depends on a systematic approach to ingesting data, putting it in the context of the situation and history relating to the use case, and acting on it.
On a surface level, IoT Analytics is really fairly simple and straightforward. However generating business value from IoT Analytics can be very complex and has many businesses taking a wait and see approach. This is going to be a mistake because the value in leveraging advanced analytics far exceeds the cost of getting it right. Furthermore, many businesses make it much harder than it needs to be.
At Vitria, we have been focusing on making it easy for companies to get value from data quickly. From ensuring you have the right data at the right time, to effectively leveraging predictive models, we make it easy for you to make decisions. How?
The Vitria Analytics Value Chain
Vitria’s Analytics Value Chain is a proven way for businesses to get from where they are to driving value from IoT Analytics.
The value chain provides the best summary of the complete set of capabilities required for IoT Analytics:
- Fast Data Ingestion
- Real-Time Streaming Analytics
- Historical and/or Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Intelligent Actions
The most valuable forms of advanced analytics will include some form of each of these critical process steps.
Businesses and organizations that can deploy systems that include all these steps have a level of capability well beyond competitors that lack this level of unified platform or system. These businesses ingest data in real-time, refine it with predictions based on historical analytics, and then prescribe and take actions in real-time. …and the value they generate is huge!
Learn more about how IoT Analytics are: