Internet of Things and Business Analytics

internet things - business analytics

Imagine walking into your room from outside and the air conditioner adjusts the temperature level on the basis of data sent by your mobile phone, even before you reach home! Now, isn’t that amazing feature?

Today, the Internet of Things generation is making a strong impact on the Heating Ventilation and Air Conditioning (HVAC) industry.

Similar Examples in Every-day life

  1. Smart devices in homes will make everyday life easier, like a machine which alerts you in case your sundries are low. Imagine walking to a market and your phone reminding you to buy them! This way, there is lesser dependency on humans and improved efficiency.
  2. IoT can help detect traffic congestions and even avoid it: you can choose your routes, rather your car could derive information from other cars and decide the next direction to move.

Examples of Businesses that are harnessing the benefits of IoT.

  1. Pizza Hut has recently introduced a new eye tracking device (Tobii’s eye-tracking tech) that can detect the toppings on the pizza which the customer wishes for. (Source: engadget.com).
  2. Costa Coffee in collaboration with Intel will be introducing a self service expresso bar that can give the right product mix to the consumers. It uses an anonymous video analytics tool that studies how the consumers are buying in locations, thereby providing the right product mix according to the choices of the consumers. (Source: educationvideos)

Internet of Things (IoT) has proved to be a game changer in the field of data science. Business Analytics (BA) has been seeping over the past decade and has created a strong hold over the various businesses. The IoT technology has a lot to offer to business analytics. Since BA uses various tools to analyze the data and prepare data that can be useful in strategy building by managers in businesses, the the ease in availability of data plays an important role in accelerating processes.

First let’s see what exactly is IoT in simple words.

IoT is advocating reducing reliance of information from humans and is stressing on how machines could capture information on their own. What if machines would be given information and they could accordingly perform activities when required? for eg….IoT is nothing but connecting ‘things’ through the Internet. Every thing will have an IP address and can be connected to each other to transfer information.

History

It is said that the term ‘Internet of Things’ was first used and popularized by Kevin Ashton, co-founder of Auto-Id. Today, the word speaks about the rising influence of internet technology, and the ability to process information so that tasks become automated, reducing the need for human intervention i.e, reducing human to human or human to computer interaction. It can help you record large amounts of data, and use it to improve efficiency in time.

How IoT will impact Business Analytics

IoT is going to bring a revolutionary change in BA, by redefining the way data is processed. Since IoT works on the concept that sensor chips can be embedded in all things, data can be transferred from one thing to another, instead of data being stored only at one place and being available to only some of them.

Examples of Internet of Things

  1. With more information about consumers and their preferences, businesses can make better decisions and cater quality services to the consumers.
  2. In the logistics department, a machine can capture information and automatically set orders for inventory, reducing errors due to human intervention.

Peculiar to fictional Hollywood movies, where super machines guide you, IoT may make them true! Of course, with the availability of big data, new concerns about data security and integrity which will be raised and it cannot be devoid of any threat or misuse.. However, IoT is here to bring a change in the history of mankind, just like the computers did.

In fact, IMS Proschool has also introduced a complementary module of ‘Machine Learning’ in its Business Analytics curriculum. This will enable students to understand how IoT and machine learning are going to impact BA and make a strong impact on industries.