Is Business Analytics made easy with IOT?
Is any single avenger capable of defeating Thanos alone?
You know that the answer is no. They’re a team for a reason, functioning like a single unit even though their personalities and abilities are vastly different. So it stands to reason that when many put their opinions and experiences together even as it is taking place, the results are nothing less than phenomenal. The concept of Internet of Things (IoT) aims to do exactly that. With the internet we can reach out to people on scale previously thought unimaginable and it has been integrated in our lives in such a way that we can gain innumerable benefits. Think medical devices, courier services, weather stations, pipelines, smart meters and so much more.
IoT is essentially an octopus with a million tentacles in different oceans. Healthcare, fitness, business analytics, safety measures are just some of the few uses that IOT can be put to, of which business analytics occupies a major chunk.
There are three major demarcations of IOT in business: tracking, gathering and analytics. Data from different sources must be assimilated and analyzed. The current challenge that IOT faces is that many of the systems are not compatible with each other. Despite this, IOT data is changing the face of businesses.
V is for Volume, Variety and Velocity. According to the 3V’s model, Volume is the amount of data, Variety is the types of data and Velocity is the speed of data processing. All three must be synced during analysis to get optimum results.
Let’s look at some of the tools that simplify business analytics.
Predictive analytics: Isn’t it true that when you throw a ball, you can guess at its trajectory because you have experienced its pattern before? That is what predictive analysis is; it includes recognizing patterns and uses this to predict how a particular pattern will fall in the future. It can also be used to reconstruct the past.
Prescriptive analysis: This involves addressing problems and challenges by applying knowledge learnt from case studies and well-known formulae. These methods are well-researched and time tested and can help you follow the trail to a successful endeavor. Prescriptive analysis is an off shoot of predictive analysis.
Statistical analysis: Statistical analytics is the mathematical approach to every opportunity. After choosing a sample that is representative of a wider pool, this data is studied and analyzed followed by a suggestions and potential solutions. The concept of focus groups is a fine example of statistical analytics.
Dashboard: A dashboard is an extremely convenient tool because of its visual nature. It is a graphic representation of the KPI’s, metrics and other mathematical data laid out in one single visual. So with everything in one place, comparison and analysis becomes much easier. It is a preferable alternative to pouring over different channels of information especially when time is of essence.
Proactive insights: With the internet, no connection is too obscure to make. Employers can now get an insight into a customer’s mind with online surveys. It is a simple, cost effective tool that is deceptively powerful in keeping track of an employee’s engagement abilities, performance and satisfaction. A quality check like this can do wonders for a business.
These are but a few of the tools that make a wonderful aid for Business Analytics. There’s many more opportunities coming!