October 29, 2018 | Written by: Mark Swinson
Categorized: Article | Platform
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You won’t need much research to discover that IoT sensors create massive amounts of data and opportunity. Yet all this data creates business “sink or swim” scenarios leaving business leaders overwhelmed: all this new data with no way to manage and understand it. That’s because finding any useful insights from IoT can be like searching for a needle in dozens of haystacks. The bottom line: IoT can create millions of dollars in potential economic impact, but most companies watch as the data passes by. And that’s where analytics comes in.
Two Vs of IoT
“Volume” and “velocity” are the two “Vs” of IoT data, and are at the heart of the struggle to monetize the data. Another way to look at it is quantity versus quality. Consider that a single twin-engine aircraft with can produce up to 844 TB of data during an average 12-hr. flight-time. Or that only one percent of data coming from the 30K sensors in an entire oil grid turns into actionable insights.
It’s no wonder that business leaders are overwhelmed! They have the challenge of capturing, timing, and monetizing those two Vs. Ultimately, leaders are only capable of focusing and acting upon a fraction of the potential. This is the new frontier of IoT Analytics, called Analytics 3.0. The demands are different, and as analyst firm IDC predicts, “…more than a quarter of all data will be created in real-time [and] bulk of that data (95 percent) will come from IoT systems.”
IoT outgrows ERP and CRM
Today, most businesses are working in Analytics 2.0. They use Excel and other tools like customer, social and call center logs to determine fraud, churn, retention, and more. This is the older analytics of operations (ERP) and engagement (CRM) and rely on standard and structured data. However, this approach is not designed for the age of IoT. Gartner VP and distinguished analyst Ted Friedman offers an opinion that, “… data and analytics leaders should evaluate the suitability of existing capabilities for dealing with the scale and distribution requirements of the specific IoT deployment and the unique governance issues of IoT data by assessing whether those technologies can deliver to the level needed.”
Analytics 3.0 and the potential in ‘things’
For the new frontier of Analytics 3.0, you now have the Watson IoT Platform – Analytics Service. It’s the newest add-on to the Watson IoT Platform, providing an extensible catalog of analytical functions designed to enrich, augment and gain insights from your data. You don’t have to be an IoT or analytics expert to realize the full value of your data from your Industrial Internet of Things (IIoT) devices. This new add-on offers you insights in a simple and intuitive way.
With the Watson IoT Platform – Analytics Service, you’ll be able to:
- Create and Innovate. Build your own analytic routines, alerts, and measures to meet your requirements
- Share Insights. Derive and publish insights for wide-scale distribution
- Realize Value. Operationalize and monetize IoT data to improve processes and services
- Tune and Test. Improve the use and quality of your analytical models
There’s never been a better time to embrace IoT analytics. Use your IIoT data with the right analytics on the right IoT platform to improve business productivity, lower costs, and gain the competitive advantage you need. Learn more about the IoT Platform today.