Fred and Ginger, peanut butter and jelly, the Internet of Things (IoT) and… analytics?
Despite all the hoopla over what’s possible with connected products, the connecting part is easy compared to what it takes to develop and deploy analytic systems that transform the data deluge into something that gives companies a competitive business advantage.
“Analytics is at the core of the IoT value proposition — it’s the central component for enabling the automation and promise of IoT, whether for consumer or enterprise markets,” says Ryan Martin, an analyst at ABI Research. Given the importance of analytics to the value of connected systems, ABI is projecting the market for tools that integrate, store, analyze and report on IoT data to hit $30 billion in 2021.
With data pouring in at warp speed, the biggest challenge facing many companies is to figure out how to create value in the form of new insights or as a foundation for new business models and revenue streams, according to Ken Piddington, CIO at MRE Consulting, a professional services firm.