Internet of Things (IoT) & Analytics Drive Business Growth

access_time January 12, 2020
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Technology plays a crucial role in shaping business growth by providing all the inputs needed to enhance business operations across every vertical that companies operate. Digital platforms such as AI, IoT, machine learning and analytics are successfully transforming businesses with their rich capabilities, providing quality insights and helping companies arrive at better – informed decisions. Though each of these digital platforms singularly can bring in an array of benefits to organizations, a combination of Iot and analytics is capable of driving businesses to greater heights. IoT will provide the data that emanates from every connected device and analytics will analyze this data threadbare and help managements make informed decisions. According to a report by Gartner, revenue generated from IoT products and services is expected to exceed $300 billion by 2020. An MIT Sloan Management review report states that more than data collection , what is important is its analysis and interpretation. Let us take a look at the manner in which IoT and analytics are empowering enterprises to drive business growth. Real- time management of company systems Having all its assets connected within the IoT framework throws up a huge volume of data related to every such asset, thus facilitating the easy monitoring and collection of data pertaining to all such assets. Additionally such close monitoring would help in tracking any disruptions to the supply chain, detect any frauds and generally scrutinize the functionality and successful working of all assets within the organization. Such real – time monitoring of company operations emanating from a close analysis of available data on all of the company assets will help businesses operate their businesses in the most profitable manner. Remotely access all data sets even via mobile platform With communication technology advancing at a fast pace, enterprises are able to access real- time information from anywhere in the world, including while on the move through hand – held devices. Cross – platform mobile apps integrated with IoT and analytics driven cloud solutions deliver real- time insights on mobile devices. Company executives far away from their headquarters can track and closely monitor the day to day functioning of their organization using a mobile app. The advent of modern day technology such as the IoT platform that is inter connected with every asset in an organization will help company executives have a real- time view of every happening in their organization. Disaster planning and recovery Organizations that adopt the IoT platform have sensors installed in  every asset, which in turn provide valuable data on the condition of those assets in real- time. This will in turn help businesses effectively monitor and analyze every piece of data that continuously pours in and ultimately helping to make informed decisions. An engineer sitting at his company office room and analyzing a piece of information generated from a sensor in boiler finds that a boiler needs immediate repairs. He then directs his subordinates to do the necessary repairs in time to avoid any mishap. IoT sensors continue to emit useful data that will help managements safeguard the health of every asset in an organization. Productivity Increase & greater business growth Each and every organization will derive immense benefits by the close alliance of IoT and analytics, spurring its economic growth. Companies that are able to mould their marketing strategies and launch products that are in tune with consumer preferences and market demands, will definitely reap rich rewards and steal a march over their competitors. The continuous flow of data and its quick analysis will be the defining factors that will make this possible.

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