Change is inevitable in the technology based industry but the data derived from Internet of Things (IoT) has taken this change, disruption to another level. Any enterprise which is involved with the analytics in order to improve the customer experience, customer relation, business process and its decision-making capabilities is in cognitive business. Future is unknown to everybody but those who predict it, say, that by 2020 there will be nearly 50 billion to 75 billion connected devices in the market. If this happens to be true then this revolution will bring in tremendous challenges for hardware manufacturing and development and software engineers will be needed to revamp the existing programs to compensate for the changes and advances.
Whatever the future holds one thing is relevant now and will remain in the future: Analytics is for every business and businesses viability in any marketplace depends on the data analytics.
Repeated iterations in order to solve a problem to achieve a workable solution will be backed by the large volumes of data and data aggregation will become the new foundation of everything ranging from prototyping to manufacturing.
Existing data streams will be dependent on new data streams for the information. While corporate partnerships will increase in order to share the data with each other they all will also feed on the free data available from the government, and social media platforms in order to map the needs, trends and correlations among the customers.
AI is an important part when it comes to deriving value from the existing data because of its higher interactive abilities. AI is already addressing a wide range of issues and its ability to synthesise natural language is the foundation of this trend.
IoT devices can highlight the appliance before any serious issue arises causing major damage. Using IoT sensors will increase customer satisfaction as a leaking hose will be able to trigger a text message warning the owner to fix the problem before it gets out of hand and becomes a mess. IoT sensors can even send the list of supplies when the supply goes below the preset level in the refrigerator.
Companies have access to large amounts of data but they are unable to exploit it largely because it is unstructured in nature. The best example would be the call logs of the call centre or large email archives of the big company which were stored but never get to see the light of day again. Such data is known as dark data. It is stored. The information, the data is there but it is doing either nothing or very little. In some of the worst scenarios, it can even become a liability for the company. But as of the new cognitive business ecosystem, the captured data is being used to extract all the information and to uncover some unseen patterns about the customers, products, services and business and about the entire market.
Internet Of Things has the power to change the entire landscape of data analytics by making the most of the available data.