Leverage IoT Data Analytics for Your Business
The Internet of Things (IoT) is enabling businesses to collect large amounts of data through the use of sensors from a variety of sources and touchpoints.
IoT data offers a broad perspective into many business activities and its use is limitless – from reducing maintenance costs, to avoiding equipment failure, improving operational efficiency to understanding consumer behaviors and delivering targeted marketing campaigns; and it’s only going to expand as we find more efficient ways to utilize the information. It’s estimated that 28 billion sensors will be in use by 2020, with $1.7 trillion in economic value. The scale of such data is mind-boggling.
The question is no longer how to collect the information but how to aggregate and extract insights from the data. In this article, we’ll look at how you can start to make the data collected from IoT add value to your business.
The Business Value Of Using Data Generated By IoT
There are many types of marketing and operations data that you can gather from IoT, such as consumer insights from wireless home devices (e.g., Amazon Echo) or wearable technologies (e.g., fitness trackers,) weather records and telematics captured by smart home systems, as well as driving behaviors and traffic patterns gathered from GPS systems. Depending on the nature of your business, you can use such data to inform many decision-making processes, including:
- Delivering targeted marketing messages to specific customer segments.
- Serving higher value content based on subscribers’ preferences.
- Analyzing product usage to inform marketing and distribution.
- Understanding customers’ interaction with in-store displays to optimize services.
- Conducting social analytics to gain actionable insights into the personalities and behaviors of individuals and groups.
- Defining usage-based policies and rates.
- Fine-tuning fees based on demand and trends.
- Managing delivery fleet and other logistics operations to increase efficiencies and reduce costs.
- Performing preventive maintenance to avoid costly failures.
- Identifying and understanding quality-control issues.
- Maintaining pipelines and network loads to avoid accidents and outages.
- Conducting video analytics to optimize operations, improve safety, and manage crowd movements.
Read the entire article here, Leverage IoT Data Analytics for Your Business
via the fine folks at Chaos Sumo