How do the IoT & IoT-analytics revolutionize business models

Mikko Varila Advanced Analytics, analytics, analytics knowledge, avarea, big data, IoT, iot-analytics

Analytics offered by the internet of things create some massive competitive advantages for companies harnessing it. For example, in manufacturing industries, the IoT can enhance the quality of the end product and lower the maintenance and production costs due to the accurate forecasts of machine part’s life-cycle.

Internet of things offers information based on facts, which ensures processes with increased efficiency and builds trust in places where it is really needed – think about the turbines in airplanes, for example.

Next time when you’re heading for deserved vacation or flying to an important work meeting, the IoT can be harnessed in the airplanes functions and keeping it in the air: some airlines buy a certain “lifetime” from a service provider. The turbine includes numerous of sensors which sends real-time data from its functions and state of the materials in it. This is a way to predict possible malfunctions beforehand.

Hence, analytics can be used in many ways. You might be interested how we started to fix drainage networks leakage problems with the help of data!

Internet of Things will open new business opportunities

A simple example of the advantages of IoT-analytics could be as following:

Five different paper machine manufacturers offer the same kind of a machine. In addition, one of the machines uses IoT and thus it can predict the life-cycle of corroding parts and spot the malfunctions before they appear. This keeps the process ongoing due the predicative part ordering process.

Analytics safe resources in many ways. In the paper industry, it can be used to improve cost efficiency and quality of the end-product. This resonates with end-customer and brand perception: lowered costs and increased reliability of delivery generates competitive advantages.

We have a project ongoing called MoveMe. It is a solution to help companies to lead the well-being of employees. In a nutshell: MoveMe uses data gathered with activity bracelet/ sports watch and it is cross-examined with various business data and variables. The end-product is called ‘Wellbeing Dashboard’ where managers can monitor the bigger picture of the company’s wellbeing and act according to that.

Data gathering: a growing trend

In the year 2017, more data were gathered and created than past 5000 years combined. The amount is huge, obviously! Gathering and analyzing data is a growing trend; although these processes have been done for a quite a long time, but in the bigger picture it has only begun.

It is quite possible that in 10 years we’re collecting more data per day than we have accomplished to gather until today. For example, self-driving cars are gathering gigabyte of data every second (and increasing amount in future) to ensure safe “driving” experience.

What to do with all the data gathered with the Internet of Things?

Gathering data from machines and things isn’t a new process in its essence. But the amount, complexity and diversity is a fresh aspect. This provides a challenge to use the data. How can we utilize all this data? How can we use data to make our own process better and provide added value for the end-customer?

An essential part of IoT-projects is analytics which is used to create an understanding of targeted phenomena, build behavior models or even predict the future. Product development, new innovations, finding new business opportunities and other business development processes are possible only when data is analyzed to gain information to support decision making.

If you don’t have competencies and skills in your company already, the easiest and efficient way is to use an external partner. The needed competencies should include at least capability to gather data, analyze it and then report it in plain language. After these steps, it is essential to get accurate development suggestions from the partner. Otherwise, the gathered data will be only data with hardly any beneficial characteristics.

You’ll find help and solutions from us

We’ll provide a pervasive experience and readiness to produce IoT-projects from start to finish.

You can tack us into your IoT-projects in short timeframe and we’ll complete them professionally from business and analytical angles. In essence: you’ll get all you need from inside the one house. Our service includes everything from strategy to the practical implementation and all the way to the clear and beneficial conclusions. After that, we’ll give accurate suggestions to develop technical, analytical, and most of all, the business side of your company.

Get yourself familiar with our IoT-services. With it, you can get the Internet of Things to work for your organization and reach a whole new level!

Contact us! We’ll be glad to help you.