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As Spending on IoT Goes Up, the Data Delivered Drives Your Costs Down

The adoption of the Internet of Things (IoT) and its ecosystem development have picked up pace over the past few years – led by the adoption of Industry 4.0 approaches and rising use cases in industrial IoT, retail, smart grids, smart buildings and telematics.
According to IDC, IoT services is set to be the largest technology category in 2019, with worldwide spending on IoT expected to reach $745 billion in 2019, an increase of 15.4% compared with 2018. What’s positive is that the analyst firm also stated that the Asia Pacific region (excluding Japan) would be the global leader for IoT spending in 2019 with around 36.9% of the worldwide spend, followed by the USA and Western Europe.

There are now more IoT devices or ‘things’ connected to the Internet than ever. The number was last said to have passed the 7 billion mark and continues to grow at an accelerated pace. What this means is that the amount of data being created, transferred, processed and analysed will also grow. Businesses are increasingly using data generated by IoT devices to help them run more efficiently, gain valuable insights and make decisions that are based on real-time information.
Real-time analytics has grown in importance over the years because it essentially shows organisations the current state of their assets, as well as provides predictive and prescriptive analysis for a proactive approach to failure prevention and allows them to solve any problems before product quality, productivity, or human safety is severely impacted.

But in order to achieve all that and make the most of their IoT data, businesses have found that there needs to be certain changes in how they consume data as a whole and one of the biggest challenges with this is data integration. Data-driven businesses must be able to use the data they collect from sensors and other connected devices with the rest of their available data in order to obtain more complete, optimal results from their data analysis efforts.

To help businesses tap the full potential of their data, Hitachi Vantara’s Pentaho platform was designed to help organisations efficiently prepare and blend machine and sensor data with other assets and traditional data stores (such as CRM or ERP data). This will allow businesses to achieve significant operational efficiencies, minimise unscheduled downtime, optimise fleet activities, and improve the overall customer experience.

For example, with the platform, businesses can uncover patterns in equipment and device data through machine learning in order to gain a better understanding of not only an asset’s current condition but also conditions that will lead to possible failure in the future. Pentaho tightly merges data integration with business analytics in a modern platform that brings together IT and business users to easily access, visualise and explore all data that impacts business results.

How does this help the business’ bottom line? The Pentaho platform offers many capabilities to help an organisation maximise its return on investment (ROI) through productivity improvements, better customer intelligence, increased revenues and decreased costs – thereby saving them hundreds of thousands to millions of dollars.

For more on Pentaho’s IoT Analytics Blueprint, click here.
 

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