Welcome to part three in our “A – Z of Data Science in IoT” blog show, where we’ll be exploring the application of Data Science for IoT, otherwise known as IoT analytics. As we proceed towards a universe of 50 billion connected devices, IoT analytics help create new services and business models.
If IoT is the backbone of the infrastructure, IoT Analytics is the key that can help create meaningful insights from the massive plethora of data that arrives everyday from sensors and devices.
Here are 5 examples of IoT analytics use cases:
Retail: With 70% of global retailers seeking to invest in IoT so as to improve their business strategies, it’s no surprise that IoT is revolutionizing the retail industry. By controlling inventory and forecasting product demand, retailers can plan orders and maximise demand coverage, ensuring customer satisfaction and enhancing customer experiences.
Health: IoT wearables, such as smartwatches or fitness trackers, are just a few examples of the way IoT is helping improve our health. By tracking our sleep, steps, miles minutes or run without moving your devices allow us to analyse our own behaviours.
Smart Cities: City planning, transport, crime detection and sustainability are just a few of the processes and services that are greatly improved with IoT analytics. With the use of sensors, cameras and data analytics, ordinary towns are transformed into safer, greener and generally more efficient communities.
Connected Cars: The application of IoT analytics to vehicles allows manufacturers to enhance a variety of their business processes. For example, thanks to predictive maintenance, manufacturers can identify vehicle maintenance issues before they occur.
Factories and Warehouses: Thanks to IoT analytics at the areas of asset tracking and predictive maintenance, amongst others, factories are moving towards optimisation. Businesses can predict the failure of machinery, therefore reducing maintenance costs, as well as track their key assets so as to prevent the risk of theft and maximize maintenance routes.
- Retail tech
- Wearable tech
- Smart City
- Connected car
- Smart Factory
Businesses across all businesses are therefore able to use IoT analytics to increase their processes, decrease operational costs and improve brand relationships, thanks to these sophisticated analytic methods.