Hadoop has led the procession of development in the area of big data analytics. Ever since the technology was invented, organizations have realized and started exploiting the immense potential in their data, and moreover, have started collecting data for analysis.
In data analytics, massive amounts of data are processed in batches to derive insights from it. The only way in which this differs from what is done in streaming analytics is that the data is not at rest, but fast-moving. This changes the complete picture of analytics as the methods of capturing, storing and analyzing this data in motion are very different from those that are employed when the data is picked up from a data warehouse or lake.
A study by Gartner suggests that more than half of new business processes and systems will incorporate some element of the internet of things by 2020. IoT is the backbone of IT infrastructure today, and analytics can be considered its fuel.
While streaming analytics has a vast variety of use cases in all major functioning industries, some of its use cases are not yet popular or are only in their infancy.
Marketing and sales is one facet that is affected by the surge in the IoT trend. There are several use cases in this domain that are yet to be explored — and yet to be discovered. For example, a customer’s needs can be anticipated in advance as data that comes in through several channels is analyzed in real time. This quick analysis and the insights derived from it can help organizations speed up their operations, change the course of their operations, introduce versions of their products or improve their services.
Outcome-based pricing, billing and subscription models are also integral to increasing market value penetration. These add-ons to the right business process and customer service can bring new business to any organization and enhance its marketing campaigns and sales efforts. Real-time business intelligence is the process of using analytics in real time to deliver information on business processes as and when they occur and is gaining importance lately.
The manufacturing sector can benefit largely from real-time analytics. Manufacturers in areas such as automotive, electronics, durable goods and chemicals are employing data analytics and streaming analytics in order to improve their production and efficiency of operations.
Manufacturing equipment with embedded intelligent sensors that can capture data and churn it for insights are already being developed and deployed in warehouses and factories. Smart manufacturing is the way to success in the manufacturing industry. Typically, a popular use case for manufacturing companies is to install sensors at various points in their manufacturing process. These sensors are installed to collect data, check for alarming factors and take appropriate decisions if the preset rules are met at any point in time.
Through this novel approach, companies are reducing their operational costs, saving themselves from disasters and improving the overall production and efficiency of their enterprise. These technologies can save organizations from losing a lot of opportunities for improvements and upgrades, and hence have proven to be cost-effective. Installation and implementation of these technologies are being seen as an investment as opposed to an expenditure by manufacturers.
Healthcare is another industry that is getting the heat from IoT and big data streaming analytics. Connectivity between people and healthcare providers is the center point of all innovations in the healthcare industry. Sensors are being embedded into medical devices and equipment, apps and portals are being used to better the customer engagement, and wearables are used to drive remote treatment and healthcare provision.
Connected medical devices are building hubs of patients and healthcare providers and delivering patient-centric healthcare facilities and treatment. When a problem is detected with the patient, trigger alerts and responses are initiated to help in medical emergencies.
Streaming analytics is changing the way businesses operate and is paving the way for innovative processes and operations across industries.
All IoT Agenda network contributors are responsible for the content and accuracy of their posts. Opinions are of the writers and do not necessarily convey the thoughts of IoT Agenda.