The Internet of Things – Big Data, Bigger Opportunity
April 27, 2017
By 2020, experts predict that knowledge will double every 12 hours – primarily due to the explosive growth of the Internet of Things (IoT). Gartner predicts that the Internet of Thingswill include 26 billion units installed by 2020, generating more than 400 zettabytes (400 trillion gigabytes) of data each year. This influx of information enables smart companies to analyze data in real time and react quickly and efficiently to challenges and opportunities.
The Internet of things is the connection of physical devices – including vehicles, machinery, and buildings – embedded with electronics, software, sensors, actuators, and network connectivity that enable these objects to collect and exchange data. IoT devices provide a constant stream of information, enabling companies to react to changing conditions in real time. Reducing lag time between events and event recordings improves efficiency, decreases costs, and sometimes even saves lives. Farmers in the UK are using IoT sensors to cut bovine mortality rates. 160,000 cows and calves die each year during calving, but tail sensors can inform farmers when there are issues in calving so they can intervene or call a vet if needed – saving the cow and the calf.
The biggest value from IoT comes from combining IoT data with advanced analytics to evaluate situations and determine the best course of action. Knowing that a copper mine is behind in output this month enables the company to shift shipments to accommodate delays, improving efficiency. Understanding why output is down in real time provides significantly more value. Analyzing data to determine the cause – bad weather, underperforming machinery, human error, unscheduled maintenance – enables the company to address root causes of failures, improve processes, and get production back on target.
To gain the most value from IoT data, use technology that can integrate and analyze large quantities of data quickly, so you have time to evaluate options and shift course. Eka Analytics provides real-time advanced analytics, analyzing data from internal and external systems including IoT sensors, CTRM, ETRM, CRM, and spreadsheets as well as feeds on weather and market conditions. Eka’s platform allows you to answer your most pressing questions about operations performance, supply chain, P&L, risk, and more, so you can maximize performance, reduce risk, and improve profits.