New insight is gained and strategic decision-making is improved using historical data which is analysed by statistical methods and technologies known as business analytics. Data aggregation, data mining, identifying predictable actions and sequences, forecasting and optimising trends are all included in business analysis.
IoT or the Internet of things is the next big technological revolution after Artificial Intelligence. Internet of things as the name suggests helps you monitor all your appliances as well as operate those appliances remotely. For example, operating your air conditioner using your cell phone devices is an example of IoT technology. IoT is used by consumers and businesses alike to optimize their device applications and usage.
How Business Analytics is useful for IoT
As IoT is used to connect devices, huge data volumes are generated which when analysed can bring great information about further business growth. Business analytics examines data sets from huge volumes of data and draws conclusions from the information they contain. The conclusions are drawn using descriptive, predictive and prescriptive analysis. Rapid product application development and operation, as well as collection, analysis and sharing of huge volumes of data, can be done using IoT.
Business analytics tools are used to derive insights and understand as well as predict trends which can help IoT businesses to stay ahead in the game and start working on the future after making strategic and tactical business decisions. BI tools or Business Intelligence tools help in harnessing data from all of the IoT devices. This data is then visualised and analysed to understand business performance and effectiveness.
IoT connects all of your devices via the Internet to make accessing and operating multiple devices easy for you. Business Intelligence reports give you a 360 analysis of the performance of all aspects and activities of your business which makes the entire process hassle-free.
The main purposes or strengths of Business Intelligence tools are to be the point of consumption of data, blend data, make coexisting with other devices easy, support ad-hoc analysis, build guided analysis and all in all be a hub for analysis.
The main purposes or strengths of the Internet of Things (IoT) are connectivity and the point of generation of data. To explore, mine and understand consumer-generated data regarding the Internet of Things, which then helps in anticipating future needs, we use Business Intelligence tools.
Business Intelligence tools can give an in-depth insight into how the Internet of Things is working and what people demand or expect from the Internet of Things to make their lives and operating multiple devices easier. The best way to find out consumer needs in the present and future is definitely by using business intelligence tools and analytics. All organizations across the world have heaps of data, which is useless if you do not collect, evaluate and use that data to help your business processes be more effective and more profitable.
Using business analytics to enhance the functionality of the Internet of Things will help it grow faster, Pivot as the market changes using big data analytics, take businesses to the next level by allowing organizations the opportunity to focus on predictive analysis, forecasting future events, uncovering hidden patterns, and helping you to conduct what-if analyses to predict the effects of strategy changes.
Also Read: Top 5 Benefits Of Business Intelligence
Sreeram Sreenivasan is the Founder of Ubiq. He has helped many Fortune 500 companies in the areas of BI & software development.