In this IoT era, we are provided the opportunity to collect accurate, detailed performance insights from data produced by a multitude of instrumented devices.
The Internet of Things is no longer just about using your mobile phone to turn on and off your lighting, heating or oven; owing to the constant technological advancements, we are now seeing benefits in all industries and lines of business. We are using the obtained performance insights to improve the quality of products, their functionality, and reliability.
So far, we have seen medical companies produce devices that will alert doctors of their patients' health issues much earlier than before, car manufacturers monitor vehicle performance to alert their owners of a possible need for a repair, and energy companies take advantage of sensors to identify generation, distribution, and transmission infrastructure maintenance issues.
Gone are the days when the IoT was just a vision – these intelligent systems are real; they are connecting things with processes and people and help unlock a multitude of new opportunities.
Calculating the value of “things”
Instrumented devices generate time, temperature, location and a number of other relevant metrics you need in order to create the absolute best product or service out there. In the IoT, the accurate value of the “things” is not measured just by the data generated, but also by the way they connect with people, organizations, etc.
Nevertheless, we are no longer talking about a traditional, instantly available analytics packages. In order for you, as well, to experience the benefits of the IoT, you are required to efficiently manage the volume, velocity, and variety of the data, employ predictive analytics to model IoT device performance properly and to adopt a predictive strategy to monitor, optimize and maintain your IoT offerings. According to Picnet IT consulting company, for utmost results you need advanced machine learning and deep learning technologies, joined in a streamlined delivery framework which will provide accurate answers about the business conditions of the future, which will, as a result, improve your decision-making and risk-assessment skills.
Predictive analytics in practice
A statistical analytics like predictive and real-time analytics can deliver many benefits to both customers and line-of-business teams, as well. These technologies can be utilized to determine the data that will predict and warn you if there is a possibility of seeing improve usage, degrade performance or possible failure of your products or services.
Ultimately, you get a clear picture of how things regarding their products work – whether there are some unexpected uses if there are any faulty components, and even develop further ideas on what to do to improve them. All in all, predictive analytics provides valuable insight to your quality control team, customer service, and your warranty management team.
From the moment you start introducing the IoT strategy, the data you collect along the way will facilitate monitoring in real time and will enable a predictive maintenance approach. You will be notified if the need for inspections or modification of the product arises. Such proactive approach allows you to tweak and fine tune without removing the product from service. In the long run, you will improve the availability of your asset, as well as its quality, while possibly lowering the costs of its maintenance.
How your customers will benefit
Overall, the IoT provides businesses with an opportunity to achieve their goals; to deliver first-class products and services their target customers yearn for, improve customer service and satisfaction, all at an affordable cost. Your business model will switch from a product- to a service-based one, thus putting the focus on your customers, that is, putting their needs and requirements first.
When it comes to customer experience, thanks to the predictive analytics you will be able to, for instance, provide them with an extended warranty which will include an agreement in which you promise to manage the product they buy from you proactively. What we mean by this is that you will have a team of people who will inspect, repair or replace the product even before the customer discovers there was a problem in the first place.
The bottom line is, there is an unlimited potential for organizations that plan on capitalizing on the opportunities that come from the combined power of the IoT data and predictive analytics.
For years we have been in the midst of the IoT hype, but as the technology landscapes have evolved, we are seeing more and more companies looking for a way to strategically use the potential of the data originating from IoT devices. They are automating their processes, improving their productivity levels, boosting customer engagement, streaming work, and much more.
The fact is, the costs of implementing IoT solutions are in constant decline, platforms are mature and with most of your competitors already reaping the benefits of IoT, you will be at a disadvantage if you choose to miss out on this unique opportunity.