Posted on April 7th, 2016
by Craig Harper
The second in a two-part series.
To follow on The Last blog, we know there is value in the world of lasts that sensors and true innovation are building but can we put numbers to it? Where’s the money in IoT or the Internet of Things? Does IoT have an ROI?
The answer lies in the incredible amount of data that is being collected, stored, sorted and analyzed. It’s not only about descriptive analytics; the real ROI is in the higher levels: predictive, prescriptive and combining them.
The money, the ROI, the answers are in the data.
Everyone is talking about cheap, disposable sensors, while at the same time they elude to fantastical analytical claims. However, it is often forgotten that sensors generate data, sometimes massive amounts of data, and data that requires processing. Regardless of where the data is processed, in the fog (more on this to come), or cloud, or at the sensor layer, it will require more and more compute resources to achieve the promise of predictive and prescriptive analytics. As sensors, the Internet of Things evolves and the amount of data is going to increase exponentially.
Sensors are powerful enough to do some processing and analytics, but we will never be able to do it all at the sensor level. In the IoT space, washing machines have sensors that will make an instant decision to continue drying clothes until the dampness is out but for the purposes of ROI we don’t want to focus on this level. We don’t want to know if there is milk in the fridge, we want to analyze extremely large data sets.
With immediate analytics, you can make adjustments for a new optimization model now instead of waiting for the next test period. Imagine the possible ROI.
This applies to many different industries, but one of my favorites is in agriculture. Agricultural businesses can stream data from the fields with tiny, smart sensors to collect information on soil, humidity, temperature and more, combine it with genetic predictive models and run an optimization model. With accurate results now, these growers are able to prepare another field TODAY instead of waiting for the next season. It’s a game changer allowing the growers that embrace this technology to “Jump the Curve” and leave their competition behind.
LightMiner combines descriptive, predictive and prescriptive analytics with in-memory, multi-parallel processing at an affordable level. It brings you the last time you need to use a batch upload – you can stream it in real time.
Your analytics are only as good as your data, and your data is holding your wallet. Give your IoT data the real time analytics it needs to make a difference before tomorrow starts and you’ll see some impressive ROI.
This blog was originally published at http://sysorex.com/2016/04/07/wheres-the-money-in-iot/.
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