From smart cities to connected cars, the Internet of Things sounds like a dream come true for consumers. But for service providers, the business value of the IoT goes beyond lifestyle enhancement. It enables organizations to collect and analyze vast amounts of data from all connected devices, making effective IoT data analytics a critical component of its development.
Prior to the emergence of the IoT, analyzing all of the data generated by M2M devices was exceedingly difficult. Yet in digital transformation, data is an immensely valuable and often untapped asset. It is often said that “big data is the new oil” because, like crude oil, the more data is refined, it can be applied in more ways and its value increases — like a barrel of crude petroleum versus one of jet fuel. IoT technology offers automated mechanisms for pulling machine data into big data platforms for analysis.
Moving from M2M to IoT holds the promise of creating significant value. Service providers, application developers, and end-users will reap the benefits from being able to analyze and repurpose data in new applications and business models. However, building and running the applications required for IoT data analytics isn’t a simple task. A secure, standards-based, simplified, and horizontal IoT platform is essential to any organization looking to build and scale new IoT services.
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Data analytics are a crucial part of the IoT's business value.