Co-authored by Saratchandra Kakarla
With billions of devices across the world getting connected to the internet and communicating with each other, there are large volumes of data being generated every hour. While IoT enabled the collection of data of real significance in ways that were not possible before, analytics is what made it possible to extract the true value from it, for both businesses and end users alike.
We are on the verge of a paradigm shift where we have started witnessing a sea of rapid technology changes that are transforming the way businesses are operating and the way technology is impacting the end user’s experience and comfort.
Don’t worry if there is an equipment failure in your remote manufacturing plant, thanks to internet of things (IoT) you can predict (machine learning algorithms) it well in advance and cast a spell (Speech recognition and remote equipment control) to shut the equipment down before it causes any damage. Don’t assume a house with lights turned on and off automatically, to be a haunted house anymore. It is a smart, connected home trying to save your energy consumption by leveraging internet of things (IoT) enabled insights. Next time, when you are enquiring on a website, you must be thinking that you are chatting with a human but it could very well be a BOT. The very blog you are reading now, might have been written by a robot- You never know, it’s totally possible.
These instances are just a glimpse into the array of possibilities that analytics can offer. Underpinned by Information and Communication Technologies, advanced analytics is blurring the line between what we once called science fiction and the reality.
There is no dearth of end user-centric innovations being offered by businesses, be it in the form of new products or services. These innovations are predominantly aimed towards enhancing the experience and comfort of the end users. Driverless cars, chat bots, virtual assistants, smart homes, and intelligent street lights are some examples that we already started witnessing around us for real.
On the enterprise front, businesses are increasingly looking at their data and analytics as key factors for driving innovation and staying ahead of the competition. These predictions from IDC report “IDC FutureScape: Worldwide Big Data and Analytics 2016 Predictions” reinforce the need for enterprises to join the analytics bandwagon:
While enterprises are doing some PoCs and implementations in the analytics space, proving the Return on Investment remains a key in converting the PoCs into large scale implementations. So it becomes all the more important for enterprises not to get carried away by the numerous science-fiction-possibilities that analytics offer, but to have a business case that justifies RoI and makes business sense. So, the enterprises looking to invest in analytics should look beyond the hype and start doing the necessary groundwork to build the business cases, before going with full-fledged implementations. At the same time, the vendors providing analytics offerings should start taking a consultative approach to help their customers at every step in the journey of realizing true business value from their data.
- Organizations that analyse and generate actionable insights from all relevant data will achieve extra $430 Billion in productivity gains over their less analytically oriented peers by 2020
- By 2020, data monetization efforts will result in enterprises pursuing digital transformation initiatives increasing the marketplace’s consumption of their own data by 100-fold or more