Technology is in a constantly changing phase, and the rise of large volumes of data help in no small way to spur this change. We are talking about big data and the revolutionary Internet of Things.
It is in the predictions of many tech analysts that the Internet of Things, or a wide web of connected devices, will comprise at least 70 million devices and appliances by 2020. These devices and appliances will communicate with each other and with humans as well, through the IoT platform.
That means hardware makers will need to rethink the way they do business and production. A lot of challenges concerning innovation and development lie ahead of them. At the same time, the growing presence of connected objects will give birth to a heavy influx of data that organizations will have to deal with using new and innovative software programs to keep pace with the growing amounts of data.
Analytics is one way to make full use of this big data, as it is called. In order to be viable in the market, an organization’s future relies on analytics.
So how can you transform your business with analytics and the Internet of Things? One way big data analytics and IoT can help businesses into transformation is through the sharing of information, which will then be used to inform business related data.
As this sharing and collaboration initiatives are increasingly formed, new sources of data will also be discovered. These new sources of data will be responsible for enhancing existing data. This on top of existing sources of data such as social media and public platforms.
The birth of cognitive data derived from artificial intelligence is expected to provide a way for drawing additional data from consumers and the public at large. As people interact with machines, these machines also get to improve their recognition of things as if they were humans with the faculty of brain.
IBM, for example, is the leading purveyor of artificial intelligence with its Watson cognitive computing. Other companies also want to try to address a host of technology and economic issues using AI.
Customer satisfaction is one area by which you can gauge whether your business is faring well. One way to improve customer satisfaction is to help them predict and address problems that may arise from the products they bought from the store. If you put something into that product which will help to predict failures, for example in appliances, that will be of tremendous help to the customers.
The idea of connected devices with sensors will play a crucial role in that respect, because by then the appliance will be made aware of the situation and inform the owner about it before things go out of hands.