From Neanderthal days to Nissan’s latest promise of driverless cars, technology has elevated human life to a position that was never ever imagined or dreamt off!!
One such wave of technology that is bound to create a complete overhaul of businesses and indeed revolutionize the life of an average individual is the Internet of Things (IoT). Thanks to all those embedded sensors, mobile devices and smart interconnected systems!
Does the potential of IoT however cease with aggressive automation of systems and the efficiency brought in through real time monitoring of businesses? What happens to the volumes of data generated through these devices?
While Cinderella has found her Prince Charming, the pumpkin reincarnates into the magic chariot called Predictive Analysis – the chariot that will drive organizations to redefine their business models, reinvent new products and refine their service offerings!
The Significance of Predictive Analysis
Businesses are investing in instrumented devices where each one of them offers an individual piece of information. But to make this information interesting one needs a story!
For instance, a fitness wearable can educate an individual about his cholesterol levels. If the device is able to access the diet and activities of the particular individual and denote the impact of his everyday routine on his cholesterol levels, it probably would be more useful. If the same device can remind the individual of his missed physical routine and send a reminder for the same, it is very well-appreciated.
This is precisely, PREDICTIVE ANALYSIS! The ability to add true value to all IoT offerings and enhance the business through building an end-to-end solution for not just collecting data but to turn it into the right actions!
The Major Benefits Of Marrying IoT With Predictive Analysis
- Predictive analysis optimizes the IoT offerings by converting the reactive product or service management strategy into a more proactive one.
- The essential data extracted through the lifecycle of the customer can be modeled to yield maximum cost benefits and also lower operational costs.
- The synergy between IoT and predictive analysis elevates customer experiences to higher levels. For instance, a product-based company can use the predictive analysis model to determine the warranty period of a product based on a number of parameters like location, customer type and predicted level of usage.
- Sophisticated predictive analytical systems help businesses to develop new ideas for product enhancements and optimize service offerings in terms of time and cost.
- It helps build a strong and sustainable competitive advantage by combining every source of valuable data and ensuring that no cards are left unturned while making key decisions.
Case Study: NCR becomes wiser with predictive analysis!
NCR, the world-renowned leader in consumer transaction technologies collects data from various sources such as its ATMs, ticket kiosks and self-checkout machines at different stores. The advanced predictive analysis model implemented by NCR leverages the significance of the high volume of data collected in numerous ways.
For instance, NCR now knows precisely how many card swipes an ATM machine can handle before succumbing to technical issues. Thus, the company can “predict” the failure of a system before hand and send its staff to service the machine in advance. Its predictive analysis model combines the performance data from its sensors and ICs and blends them with the environmental information.
The predictive analysis model is robust enough to ingest data in various forms and yield the most relevant insights for the continuous progress of the company. The result is the highly customer-centric, cost-effective and streamlined business operations.