The Internet of Things has exploded onto the scene as an inescapable engine of connectivity. It’s a technological phenomenon that’s only going to become more engrained in our lives as devices become more intelligent.
We’ve got smart watches, smartphones, tablets and wearable tech impacting and recording almost every aspect of our lives, from the amount of exercise we do to our sleeping pattern. The IoT is continuously gathering momentum, coinciding with an increase in the amount of data now available to companies.
Data is only useful if it’s sorted in a way that makes it insightful; otherwise, it’s just a long spreadsheet of incomparable data points that serve little purpose. ‘Noisy’ data has little value, especially when a company is operating on a large scale. It’s just a collection of numbers; it’s analytics that turn those numbers into actionable data.
Despite this, only 18% of corporations embrace analytics as a competitive advantage. As fully-fledged members of the IoT, this means that only a very small proportion of organizations are enjoying the advantages that the IoT can bring. As mentioned before, data’s value is commonly hidden beneath a wall of numbers, it takes analytics to find the numbers’ true worth.
Collecting disaggregated data is also unlikely to yield or make sense of any organizational objectives. With analytics, you can assess your desired outcomes and come to a decision as to what needs to be looked at going forward. This might mean audience retention or purely getting your hits up.
Gong forward, analytics are going to play an essential role in how both companies and consumers interact with the IoT. Data will be collected and insights will be developed that allow trends to be identified and even predicted. Without analytics, the IoT will never reach its potential, so it’s essential that every company embracing the IoT invests in it, or the term might just be seen as a gimmick, destined to be cut short.