It’s all kind of chaotic, isn’t it? We’ve been inventing incredible new IoT things every year. We’re working faster, better, smarter. We’re making more, more, more. And it’s generating exponential amounts of data. Since everyone and their grandmother has a smartwatch now, we’ve got to start thinking about the ways we can analyze these raw datasets to improve our lives in detail. Across every industry, there are opportunities to reap the benefits. Let us count the ways!
So-called “smart manufacturing” has is probably the most established form of IoT, although it largely happens behind the scenes. Here, too, the data collected from consolidating controls and tracking materials and assets has massive potential. Let’s say you run a packaging firm. If you equip your machinery with IoT technology, you’ll be able to measure how much material you’re using. And after you collect all that data? You can work to eliminate waste and streamline your production line. Not to mention make your factory safer. Both retrofitting old equipment and making new, ready-to-use IoT solutions are in practice by big companies globally.
Not trying to be creepy, but the more your bank knows about you, the better. Or, rather, the more money you’d be able to save. If you could sell the data collected from your IoT devices, imagine how it could transform loans and insurance! Better monitoring of customer behaviour would make risk-analysis and fraud detection as easy as pie. Or, well, easier than it is now.
The IoT is a goldmine when it comes to marketing. Beacon technology is able to gather enough valuable customer data to form target audiences profiles in just moments. Before, you used to be a little surprised when your Facebook ads included the bicycles you recently browsed. Now, everyday objects have the potential to pick up on your habits imperceptibly— and cater to your shopping experience to them. This actually means a shift away from selling you things you don’t need. Here, data gleaned from the IoT can be used to support stress-free transactions.
Despite the possibilities, there are problems. Technology experts in all of these sectors worry about security vulnerabilities that would make this precious data subject to threats. This could go beyond a hacker making your Twitter feed go haywire— behaviour data of whole populations could be swiped. But don’t fear: many companies are already re-consolidating their resources to form digital transformation strategies and data retention policies (hello there, GDPR!) that will provide a strong yet flexible framework for IoT integration and data collection.
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We’re witnessing a revolution in motion. Already, over 80 percent of IoT-capable businesses have increased revenue using insight from big data. But it’s not just about the money— besides being a profitable integration, the big figures coming out of the IoT are bound to help us all live our best life. And lest we forget… we’ve only analyzed 1% of IoT-generated data so far!