How is IoT Analytics Reshaping 4 Major Industries?
The Internet of Things (IoT) has captured the imaginations of consumers and businesses alike with its exciting possibilities. Smart refrigerators that enable direct grocery ordering! Mattresses that know how much you slept! Calendars that tell you when to leave for meetings to avoid traffic!
Predictions about the future of the IoT are filled with massive numbers. Cisco estimates that the IoT will grow to a 50 billion device juggernaut by 2020 and generate a $19 trillion market. GE predicts that the Industrial Internet alone will add $15 trillion of revenue to the global GDP over the next 20 years.
All these devices will generate (and already are generating) vast amounts of data. Today, at what is really the beginning of the IoT, 2.5 quintillion bytes of data produced every day. According to IDC, the amount of data on the planet will grow 10-fold to 44 zettabytes by 2020, and the IoT will account for one-tenth of the world’s data.
This staggering amount of data creates staggering challenges. Most businesses are just not equipped to handle this deluge or effectively use analytics to extract value from it. Data is only valuable when you do take something from it. If data is continuously flowing in but analytics are not adroitly deployed, that data is worthless. For the IoT to realize its full potential, and for businesses to reap full benefits from it, analytics must be a top priority. Organizations must learn how to mine IoT data effectively and implement the right tools and processes to act and react to that data. However, the way that IoT analytics are used varies from sector to sector.
To demonstrate the potential of the IoT and the importance of analytics, let’s look at how this technology will affect the future of several key industries.
In manufacturing industries, access to data plays an important role in the proper functioning of an organization. Industrial Internet of Things (IoT) creates a huge opportunity for manufacturing industries by decentralizing decisions. Data Analytics helps analyze and process the important data which is useful for an organization. To measure the key performance indicators like asset health, production quality, or machine productivity, which help reducing cost, time and increase revenue. The combination of this authentic data is very important to be a game changer in the manufacturing industry.
Advance data analytics helps an organization to enhance the production quality by recognizing issues and product failure in the shop floor. Advanced analytics can enrich management decision which can help the better future of company using the fresh insights. In coming days the organization will have to adopt new trends and technologies which can help to take real-time decisions, better customer service, enhance productivity and building innovative products. Some of the most important aspects of Analytics are Machine Learning, Neural networks, Predictive Methodologies etc. Using these advanced techniques can help to explore hidden patterns, trends, untapped insights, and correlations.
The healthcare industry is a prime candidate for IoT analytics because it is already filled with sensors. If you look in a patient’s hospital room, there are blood pressure sensors, heart rate monitors, thermometers, IVs and much more. Rather than relying on personal experience and physical symptoms, technology is enabling healthcare providers to collect health data in real time and use predictive analytics to anticipate what will happen next.
As for the latter benefit, healthcare providers can use IoT analytics to anticipate patient outcomes and respond with targeted interventions when needed. The GE report cited another hospital that used IoT analytics to drive earlier diagnosis of sepsis, which is a leading cause of in-hospital mortality, and saved hundreds of lives. The IoT enables hospitals and care providers to improve care, address risk factors and symptoms of chronic disease early, and provide positively reinforcing feedback. Each of those improvements leads to healthier, happier patients and a stronger healthcare system overall.
Oil & Gas
The oil & gas sector is not exactly known for being fast-moving or innovative, but the benefits of deploying IoT analytics are dramatic. In a report from GE, Apache Oil and Gas claimed that if the global oil & gas industry improved pump performance by 1 percent, it would increase oil production by half a million barrels a day and earn the industry an additional $19 billion a year.
Most major retailers today are having sensors placed throughout their stores. These sensors can detect the presence of the number of products on the shelves, people in aisles, the zone of movement, and more. They can identify which products are flying off the shelves (and which are not), as well as provide insight into when and why sales are happening. In addition, IoT analytics can show retailers how factors like in-store promotions, staff salaries, and displays affect their top line.
Altizon, a global industrial IIoT platform company addressing the manufacturing industries, has launched its 2019 Smart Manufacturing Report ROI Almanac. The report analyzes expected cost savings, and ROI timelines in addition to highlighting the most prevalent IIoT use cases across the Automotive, Tire, Industrial Products, Metal, FMCG and Chemical industries.
These are just some of the industries that will have a huge impact on IoT Analytics technology. IoT will enable to collect, connect, and communicate with things and processes in the entire value chain like never before. And with analytics, it will help predict the behavior and improve decision making based on intelligent data. These industries will generate a massive amount of data and eventually be far more mature in overall processes and standardization. There is no doubt that the IoT tidal wave is coming, and the organizations that thrive will be those that equip themselves with the power of analytics early on. Analytics will be defining game changer for these industries.