Analytics underpin business value of IoT technology
We can no longer deny the fact that the Internet of Things (IoT) is quickly making its way into our lives. IoT, the network of connected objects that are able to collect and exchange data using embedded sensors is growing rapidly! There’s personal devices – smart phones, watches, fitness trackers; home and business devices – thermostats, cars, lights, speakers, room scheduling, device control systems…and expanding to city-wide applications to solve traffic congestion issues, provide communication signage, etc.
Data from the IoT World News* says, “the Internet of Things market is growing exponentially in value as well as size. Smart building technology alone is projected to be $25 billion by 2021. A year from now, approximately 3.3 billion IoT devices will be present across the world’s cities, and almost one-third (one billion) will exist as part of a building’s smart technology network.”
Combined with the proper connections and data, these devices and applications eventually comprise Smart Cities where IoT has the potential to transform entire cities by solving real problems citizens face each day. This is due in part on the capability of smart technologies to collect and analyze data. One example is Arrive InfoPoint – an interactive room scheduling signage device that can issue reports related to room usage or maintenance. The reports can provide data patterns which can be used as references to implement proactive work place programs that save energy and repair costs.
According to Sudhi Sinha in an article entitled The Future of Smart Buildings, Smart Building Technology & IoT: “Energy savings, sustainability, regulatory requirements, occupant comfort and productivity, and asset productivity are the drivers for solutions to make building equipment and systems smarter. IoT and big data analytics are enhancing the technology leverage in buildings”.
Within the IoT ecosystem, analytics and data provide pivotal roles between connected devices, command systems and the internet, along with the business value that underpins IoT technology. IoT applications are not only about control or the ability to command devices remotely, but also to help understand IoT data – which is the “corporate side of things” with focus towards reducing maintenance costs, avoiding equipment failures and improving business operations.
Reference:
*IOT World News http://bit.ly/2j3N0fi
Further reading:
http://internetofthingsagenda.techtarget.com/feature/Analytics-holds-key-to-business-value-of-IoT-technology
