While the Internet of Things is primarily used to collect actionable insights, companies should recognize the value of data generated by IoT analytics and learn how to use it to drive innovation.

　　

　　As the commercial value of the Internet of Things becomes more and more obvious, its adoption in various industries is receiving more and more attention. Most leading companies have applied this technology outside of the pilot phase, while many others are planning to implement it as soon as possible. The Internet of Things combines data collection and analysis, communication with networked devices, and the ability to trigger actions based on execution analysis. The technology is primarily used in enterprise businesses that require continuous automated analysis and rapid response, such as oil and gas security mechanisms. However, companies should be aware of the value of the Internet of Things generating large amounts of data to perform its own functions. Companies can use IoT analysis as an upgrade to existing big data initiatives.

　　

　　Internet of Things analysis is an upgrade to big data analysis

　　

　　While big data and IoT analysis focus on data collection and analysis, they differ in the amount and quality of data collection.

　　

　　In essence, the IoT network further enhances the main features of the amount, speed and diversity of big data. The IoT network consists of a number of sensors that continuously collect large amounts of data, much larger than the amount of data collected by big data analytics.

　　

　　With IoT analysis, the speed and rate at which data is collected and processed is also higher. Because of the large number of different types of sensors used to collect data, there are more types of IoT data analysis. Compared to big data, the data collected by the Internet of Things is also highly structured, while big data is mostly unstructured because of the different sources used to collect the data. IoT data is structured because data is acquired using specialized sensors that are designed to collect only certain types of data, making it easier to classify and index data, for example, thermal sensors measure only relative to time. Heat, which can be easily indexed.

　　

　　IoT data diversify investment returns

　　

　　As the IoT infrastructure generates a lot of useful data, companies that don‘t plan to use the Internet of Things are missing out on growth opportunities. The growth opportunities brought about by using IoT data analytics may be far greater than the growth opportunities brought about by the use of IoT automation operations. For example, companies that use the IoT to predictively maintain devices can redesign using data generated by IoT sensors. Equipment to eliminate the most common causes of failure. Look at another example: A company uses IoT sensors to identify customers entering its stores to provide personalized services and product recommendations. Using the entire database of the Internet of Things to mine customer behavior patterns to generate innovative products or creative service ideas can even lead companies to find new sources of revenue.

　　

　　While most IoT vendors use IoT technology as the ultimate solution to business problems, business leaders should recognize that valuable information can be obtained from IoT data analytics. Companies seeking innovation should actively develop and utilize the vast amount of data generated by the Internet of Things to maximize the return on investment of the Internet of Things.