Closing the Gap to Decision Part II: Benefits of Data Analysis
by Exosite, on March 16, 2016
In previous posts we have noted how a vast amount of companies are not using IoT data monitoring and analytics to their full potential. As we continue to break down the Data Analytics for IoT: Business Transformation Through Connected Products white paper, it will become increasingly apparent why implementing and using IoT data efficiently is becoming a growing opportunity or concern for companies. In this segment we will briefly cover just a few of the many benefits of incorporating data analytics into your monetization strategies for IoT products.
Data analysis allows companies to operationalize business insights and device behaviors quickly and easily. As data is utilized more and more effectively, the distance human input has to traverse in order to make a decision can be greatly reduced. The ability to make empirical and grounded, what was once hunch and assumption, is the hallmark of data analysis. In the increasingly competitive landscape of connected product deployments, the maturity of a data analysis program may mean the difference between merely surviving in the connected market and fully transforming into an industry-leading connected product company.
A mature IoT data analytics program can provide new avenues to reduce costs or monetize a connected product, shedding light on customer segmentation, predicting maintenance needs, and preventing unintended and costly downtime.
As analytics strategies increase in sophistication from descriptive through prescriptive, the human input required to turn information into action can be dramatically reduced, minimizing costs and improving efficiency, results, and customer experience.
These outcomes can only be realized when based on solid data collections standards combined with the stages of analytics maturity that comprise a full-fledged IoT analytics solution.
Download the complete Data Analytics for IoT: Business Transformation Through Connected Products white paper or contact us to kick-start your IoT strategy today.