Analytics allows businesses to execute efficient solutions with the help of connected insights into the workplace. Whether it is about a manufacturing process or to figure out the productivity levels of a development team, analytics can help realize an asset’s full potential. The merger of the Internet of Things and analytics has come a long way. Proponents of these technologies and systems want to embed IoT analytics in the manufacturing and processing industries.
A workplace fully embedded with sensors, who are constantly monitoring and communicating with each other, will help manufacturers run a smooth operation. Let’s find out such trends and insights to look for in 2023 in the IoT Analytics domain.
IoT Analytics Trends for 2023
1. Artificial Intelligence and IoT are coming together to form AIoT
The merger of Artificial Intelligence and IoT will form AIoT, which can provide unimaginable insights and trends. Until 2019, only 10% of IoT projects were capitalizing on AI to develop better insights and trends. But in the coming years, this trend will scale and gain importance. Gartner predicted that by the end of 2022, over 80% of enterprise IoT projects will integrate AI into their processes.
A report found that by 2025, the billions of connected IoT devices will generate more than 73 zettabytes of data. One ZB is equal to roughly 1 trillion GB.
Imagine the amount of data that will be created and exchanged. Now the human workforce can't analyze and make sense of this data, not at least in the required time span. This is where artificial intelligence and machine learning technologies will play an important role.
Companies like Walmart are already using AIoT to manage their workforce and work on a daily basis. Every day, Walmart manages more than 1.5 billion messages catched and transferred by IoT devices. They use AIoT to understand these messages and execute several tasks, including managing day-to-day tasks, predicting maintenance of the store, customer needs, etc.
AIoT has several use cases, including maintenance of the supply chain, reducing discrepancies in transport, reducing inefficiencies on the work floor, and much more. Until a couple of years ago, companies were not interested in AIoT, but as the trend is shifting in AIoT’s favor, almost every business is looking to integrate AIoT into their workings.
In a nutshell, even when IoT devices are collecting and extracting data, it is useless without AI and machine learning.
2. IoT-led Sustainability
Another IoT trend that includes analytics to a great extent is creating and distributing sustainable products and technologies. With the help of analytics and IoT’s connected devices, we are able to achieve consistent environmental monitoring, territorial management, and energy optimization. As a result, businesses are suggested to take the desired course of action that aligns with sustainable development and management.
But how can IoT and Analytics help with this activity?
The world’s governments are coming together to build a green economy, to live sustainably, and to promote sustainable energy utilization. The benefit of all these measures, which also include promoting energy production from renewable sources, will help build better cities and communities.
It can help us steer into a direction where more green energy is used, and we can implement precise measures to mitigate climate change. Moreover, we can follow this by reducing energy costs and monitoring the failure points along with predicting them, leading to timely maintenance and remote deployments.
All these elements will come together to help us build a global sustainable economy only if the IoT and analytics solutions are used in the right direction. For instance, if governments can learn and identify traffic patterns, they can implement solutions to reduce their impact on gas consumption. We can ensure sustainable agriculture, marine life, transportation, and air quality. All of these can help move forward to a healthier and sustainable future.
3. IoT Analytics in Manufacturing
IoT Analytics has the biggest advantage to the manufacturing industry as it covers the entire sphere of operations and activities in this area. IoT Analytics will allow companies to connect and integrate a diverse set of assets. As a result, they can benefit from increased efficiency in the manufacturing process.
Right from the perfect product design to customer support, IoT and analytics have advantages across the spectrum.
Pre-Manufacturing: In the pre-manufacturing stage, businesses can use the information to select the best suppliers, manage risk, optimize material costs, and manage fluctuations with prior information.
They can use this information and knowledge to fine-tune their design and production processes. The interconnectivity of different devices will give them better insights into product designing in the pre-manufacturing stage.
The potential is great as manufacturers can predict the product’s performance, find its flaws, and add specific features to plan products according to their market needs.
Manufacturing: In the manufacturing process, businesses can streamline the production process, reduce inefficiencies, and sudden breakdowns, optimize costs, and improve productivity. With the help of predictive tools and solutions, manufacturers can identify potential problems in a machine or process and take corrective action well in advance.
Post-Manufacturing: In the next level of manufacturing benefits provided by IoT and analytics, we have customer support, package tracking, distribution, and branding. Manufacturers can take advantage of the information supplied by IoT and analytics to deliver better customer services.
Especially auto manufacturers can leverage the information provided to deliver better services to their customers. Every manufacturer can deliver better post-purchase support, identify the customer’s preferences and build better products.
Manufacturing and other business processes are turning into insight-driven mechanisms. The higher visibility into the business processes, manufacturing processes, customers, and market trends enables a manufacturer to become clear about the market requirements.
4. Industry 4.0 and IoT
The fourth industrial revolution cannot get a full bloom without the help of IoT and analytics. This era of the industrial revolution will see a significant change in manufacturing, services, and other sectors. As a result, every company implementing the requisite industry 4.0 technologies and processes will benefit from increased efficiency and large-scale automation. With every type of technology implemented in industry 4.0, including automation, artificial intelligence, machine learning, augmented reality, big data, virtual reality, cloud infrastructure, etc., data will be generated and exchanged.
Without the pertinent data analysis structure, it will be virtually impossible to explore the full potential of other technologies. Moreover, according to a Deloitte survey, IoT, with a 72% share, is most important for organizations. This is followed by other technologies, including,
AI - 68%
Cloud infrastructure - 64%
Big Data/analytics - 54%
Nanotechnology - 44%
Advanced Robotics/RPA - 40%
Sensors - 40%
Blockchain - 17%
Other technologies in this category are 3D printing, AR, Quantum computing, and Edge computing. Every component and technology will generate data, and IoT analytics is at the forefront of interpreting this data.
5. Connecting with Customers
The last important IoT analytics trend for 2023 is using them to interact and integrate with customers. Firstly, IoT analytics will help gain visibility into how customers are using a product or service. The businesses can use this data to analyze customer behavior and make changes to the product or service accordingly. Knowing this information opens up new revenue streams. They can understand how to build brand loyalty, how to gain customer’s trust, and how to attract customers.
For instance, car manufacturers are now more aware than ever about how customers are using their cars. The IoT data generated helps them analyze a customer’s behavior and preferences toward a car. They understand how a customer interacts with the car and what proactive action they can take to build better relationships with customers. This model can be replicated with every type of manufacturer and service provider.
Conclusion
The amount of data we will generate won’t come down, so the only option here is to implement measures to understand and interpret this data. IoT Analytics is one of the best ways to make sense of every bit of data exchanged between devices and connections. Leveraging all the benefits of IoT Analytics, businesses need to implement requisite solutions into their workplace. Intuz helps your organization take the advantage of easy data management, interpretation, and execution with the help of IoT solutions.
Top comments (0)