Only 25% of IoT companies are using the real-time data they collect, according to the Real-Time Big Data Analytics + Internet of Things (IoT) = Value Creation 2015 Market Insights Report by Vitria. Internet of Things and machine-to-machine connected devices create millions and billions of data points every minute of every day, yet the businesses deploying these devices arent always getting the most value from that data. What they need is a comprehensive IoT analytics solution to access their data, manage it, and analyze the data for relevant insights.
The best IoT/M2M strategies have Big Data analytics incorporated from the start. Knowing what data you will collect and then how you will use it lets your organization plan IoT analytics for visibility and insight into the deployment. In fact, Harbor Research suggests that if you set up connectivity without a long-term IoT data strategy, youre in the pervasive Internet of Things booster rocket. You may well have a great short-term lift-off. But when the booster runs out of fuel (product-centric profits), youll fall back to Earth.
Big Data Analysis: The Final Frontier
The bigger the data, the bigger the challenges. Multiple devices and applications in integrated ecosystems need common standards to exchange data. IoT security and data privacy are ongoing concerns in the open environment of the Internet. Managing and using your data needs specialized skills, and as ZD Net notes, very clear business vision, technical competence, and willingness to experiment in order to succeed.
For deep insights, companies will need to use a diverse set of Big Data analytics tools on their varied data sources. These are the ones that will be five times more likely to exceed expectations in their projects than those who dont, according to an IDC study.
The Future of IoT Analytics Is Hot
And steamy, according to Deloitte Analytics report, Analytics Trends 2015: A Below-the-Surface Look. STEM is a the big buzzword in education, meaning Science, Technology, Engineering, and Math disciplines, and many educators, students, parents, and politicians are pushing for more STEM classes and graduates. But Deloitte suggests that STEAM could be the future, adding an A for Art into the curriculum.
According to this report, businesses "are increasingly on the hunt for people who can balance quantitative analysis skills with an ability to tell the story of their data in compelling, visual ways. Design thinking, visualization, and storytelling are increasingly important."
Those who can shape Big Data into a meaningful output and help companies make solid, data-based decisions may have a place in the IoT/M2M business. Right now, less than 1% of companies report theyre using predictive analytics, yet those who do are finding valuable results, according to a CI&T survey. Industry is in need of more than just diagnostic analytics the future of IoT analytics is in insights that lead to predictions business can take actions on.
Check out our infographic for more on what Big Data analytics can do for IoT.