Just 20 years ago, technology experienced a surge as companies and consumers alike were racing to rule the internet.
Since then, the internet of things has become more and more connected by the day. You can talk to your car, turn on your tv with your phone, and chase Pokemon in your backyard.
These everyday innovations feel normal to consumers, but businesses are focusing on the big picture.
The internet of things is more than a way of making life more fun and convenient. It is a powerful tool shaping the world of tech innovation and business processes.
IoT data analytics are a necessary aspect of any modern-day company. Here are three ways companies can shape the world with this tool.
1. Analytics Access Knowledge in Real-Time
The internet of things opens doors for innovators to learn everything from your driving patterns to music preferences and shopping habits.
It is a vast source of information for practically anything, which has sparked ideas like fitness wearables and online marketing.
Wearables track your activity level in real-time. They can come to understand the quality of your health through the amount of steps you take a day, how long you sit in one position, and more.
Native advertising can increase sales by using special algorithms to advertise things you are already looking for. This means if you search for a new car online, don’t be surprised to see a local dealership ad pop up on your Facebook stream.
Basically, it is all connected. Thanks to IoT analytics, everything is streamlined to best serve you and boost business.
2. Data Helps Predict Trends
The ability to access a world of data in the present helps prepare companies for the future.
Innovators live and breathe this truth to stay ahead of the research and development curve in many industries. They know information is the catalyst of innovation.
As companies track new trends in their industries, they can leverage information to identify new opportunities. No matter how big or small, recognizing the gap in services provided is the first step in turning a market out of it.
This holds true for any field from healthcare to gaming and entertainment.
The more in the know innovators are, the more likely they are to get ahead.
Outside of human behaviors, IoT data analytics can alert us about patterns in nature or be used to automate machine processes.
3. Streamlining Is Simple
Speaking of automation, one of the biggest opportunities in applying IoT data analytics is understanding how to make operations more simple.
Stand-out examples of this include the iPhone X’s face recognition technology or Tesla’s self-driving car. They are made possible by smart technology and make life easier.
Also in the mix are sophisticated algorithms like Google AdWords or internal performance analyses. These can boost performance metrics across marketing, revenue, and accounting goals.
Expected Growth for IoT Data Analytics
The possibilities truly are endless, but there are some clear expectations many executives have for the coming years.
Among them is the prediction for investments in the internet of things to rise up to 10% in the next three years. This may be partially due to 25% of senior leaders reporting a boost in innovation thanks to the use of IoT data analytics.
Everyone is getting on board with the fast-paced, connected world we live in, and only the best will get ahead.
Where do you think the internet of things will take us next? Tell us below!