With the recent growth of smart devices (a device that is capable to both collect and exchange data with other electronic devices through a wireless protocol, such as Wi-Fi or 4G) comes the rise in ‘The Internet of Things’ (IoT). This is the internetworking of these smart devices, all continually amassing and transferring data with one another within a given system.
Applications within the IoT
The list of IoT systems are huge, from simple examples such as a Fitbit connected with an iPhone, to much larger examples such as the Nest thermostat system. This thermostat learns from the way you act, with one function being it can learn what time you leave for and return from work, adjusting your heating accordingly whilst you’re gone.
This thermostat can do much more than that however, being able to connect to hundreds of everyday household items. This results in an entire household becoming smart, whereby the entire house is constantly learning and adapting to data received from other smart objects within the system. This is still limited however when compared to possible real world business applications.
In 2016 Forbes predicted “Businesses that use artificial intelligence, big data and the IoT technologies to uncover new business insights will steal $1.2 trillion per annum from their less informed peers by 2020”, however will your business take the initiative and grasp at this growing opportunity?
For example, your business may own a car park within a busy city. Your business could make every space within that car park smart, so you know exactly when are where there are spaces available and spaces being used. Drivers can then use this real time data via a smart device to locate a space to park, reducing waiting times for the customer.
IoT systems similar to this are already in place all over the world, one for example being the ApparkB system in operation in Barcelona. There is however potential for this system to still grow. A car park payment system could then interpolate data gathered from peak seasons, days and times and adjust prices accordingly to increase the efficiency of parking revenue for the company alongside customers.
IoT and Data Analytics
Like previously mentioned however, the IoT can likely be utilised by your business within your industry. From resource planning within the construction industry, to predicting higher demand times for ambulances in the health industry, the possibilities truly are limitless. One thing that can be guaranteed is that large quantities of big data will become accessible to you. Data regarding customer habits, your employees and how efficiently your business operates will become much more readily available to you.
If you truly want your company to be leading edge and take advantage of what the IoT has to offer then you need to be analysing this data. Not only does this let you analyse your history, such as whether or not you’re achieving KPI targets, but using predictive analytics you can exploit this data to determine previously unknown information, such as identifying potential business leads to increase your sales pipeline.
Using Microsoft’s latest big data analytics solutions such as SQL, Power BI and R, our data analytics team can help you out. Our team can unlock true value from your data, and can present the findings to you in an uncomplicated, meaningful manner.
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