Vantaggi dell'IoT
With the rapid development of technology, the world is constantly changing, and we are looking for more creative and innovative ways to improve efficiency. From electric cars and automation to virtual reality and space travel, we’ve been able to change the way we live and interact. This forward-thinking allows us to focus on operational efficiency to optimize our bottom line and achieve our strategic goals through advanced technology.
When a product makes its way from the manufacturer to the end user, it almost always goes through a long and very specific process. Whether it’s advertising and strategy, machines or skilled labor, businesses invest significant amounts of time and money specifically to complete the process.
The emergence of the Internet of Things has made everything very efficient. The Internet of Things is an exponentially growing industry that will continue to make breakthroughs in all areas of life. Predictive analytics is a very important specific area where the Internet of Things is developing widely.
Predictive analytics use cases
When we extract data from things, the data is usually stored in a database, which is often of no use. However, with the power of IoT and predictive analytics, we are able to leverage this data and make real-time business decisions to optimize profits. Let’s walk through some examples of how we can use predictive analytics to monetize our data.
Manutenzione predittiva
As mentioned before, when you work in a manufacturing facility, there is a very methodical process for completing daily operations. This includes heavy and expensive machinery, which is a critical part of the entire process.
If a machine fails unexpectedly, business is disrupted, resulting in reduced revenue and increased costs. IoT can be integrated into these machines and send critical data and information back to the manufacturer’s cloud of choice.
For example, when a part is about to break, IoT technology can detect this and send an alert, triggering maintenance work in case a potential failure occurs. This can be maintained at the end of the day rather than during production operations.
Risk Management
Another key place to leverage data and analytics is in risk management. IoT enables businesses to manage risk and analyze whether we proceed with things like loan applications, insurance or even stock purchases. We are able to connect sensors and networks to obtain insightful data that can be grouped, classified and analyzed to gain strategic advantage for the business.
Key metrics from historical data or current conditions are used to measure and calculate how strategically a business wants to move forward. If we can manage data to mitigate the risks involved in operations, IoT and predictive analytics will become powerful and valuable tools for complex processes in businesses.
demand perception
Businesses are implementing demand awareness solutions to be able to understand and plan for market changes. You may have many different reasons for wanting to improve your needs awareness. If data is used properly, businesses can minimize any kind of inventory shortage or excess.
Additionally, we can understand which promotions are used and which areas generate a positive or negative demand response on key metrics. Naturally, this information will provide companies with decision-making opportunities that will increase efficiency and thereby maximize profits for the company.
To understand how accurately we estimate demand for a given period or location, there are two separate factors – there are internal and external data factors to consider. Some examples of internal data include, but are not limited to, current orders, promotions, and customer service. We can also take advantage of external factors such as weather, competitors, and current events. With these elements in hand, we send the data to the cloud, analyze it, and derive the best demand forecast for real-time business decisions.
Riassumere
Taken together, all the benefits of investing in IoT and predictive analytics are clear. Ultimately, I think we can safely say that relevant and insightful data will always be the most important factor in gaining insights into how to improve day-to-day operations and increase revenue.