Analytics Value Chain™

Analytics Value Chain™ is The Key to Timely Outcomes in IoT

Analytics on the tremendous volume of data in The Internet of Things (IoT) offers great potential to create new business value – but it requires a unified approach to analytics. Analytics must be executed in real-time across the Analytics Value Chain™ (streaming, historical, predictive, and prescriptive analytics) with relevant contextual and situational data. This capability paired with the next best action creates the greatest value. Vitria’s Advanced Analytics Platform for IoT is the fastest way to achieve these results.

Value Chain Diagram with Graph

1) Ingesting data at speed and volume from IoT sensors and devices sets the stage for additional processing.

2) This data is then correlated with contextual and historical data to provide a baseline for advanced analytics. Contextual data can include information like geographic data or historical sales information.

3) Situational data and intelligence is the next stage of refinement and increased value. This includes information such as weather or customer location.

4) Once context and situation have been determined it is now possible to predict failures, anomalies, or patterns using predictive analytics based on machine learning over historical and situational data.

5) Predictive information combined with the rest of the analytics, enables the next best action to be recommended by prescriptive analytics. This could be a wide variety of actions such as better customer service or avoiding equipment downtime.

6) The final step in the value chain is to execute the real-time action to capture value. Depending on industry and situation, real-time action may now be taken in microseconds.  Preventing failures in real time and one-to-one marketing in real time are now possible.

Value Chain Diagram with contextual and situational awareness circles

 

Learn more about how the Analytics Value Chain™ applies to your industry’s issues:

 
Energy Utilities

Manufacturing

Oil and Gas

Medical

Retail

Telecommunications

Learn more about how IoT Analytics are: