Importance of Data Science for IoT business

Here, we have explored how IoT businesses can leverage data science for IT strategies, service analysis stack, capacity planning, hardware maintenance, competitive advantages and anomaly detection. Along with, the different application in multiple IoT industries.

The connected world generates large volumes of data which needs to be understood and analyzed to extract vital information hidden in it. This job is well performed with the help of Data Science. You can refer to Data Science as a combination of various processes and systems that work systematically to analyze large volumes of raw data and extract useful piece of information to be used for developing future IT strategies.

Fig. 1 How Data Science helped IoT in digging out opportunities in various business sectors.

Data science and IoT business goes hand-in-hand to achieve higher efficiency. Data Science primarily aims to enhance the value of silos and to utilize the data across various facets of your IoT business. It also helps to enhance your business areas like CRM, service analysis stack, capacity planning etc.

Fig. 2 ‘mobile data usage’ growth assumption. Through this data analysis, companies can prepare themselves according to assumption of growth patterns.

Data Science: Hardware Integrates IoT

Hardware has alway assisted IoT business in enhanced working. Just imagine of computers that think like you or any other human beings. Well it’s not just an imagination, it has turned intoreality with IBM’s SyNAPSE chip. Through a design based upon biological brains, IBM has come up with a chip that bridges gap between machines and humans which can efficiently recognize and process patterns, images, sound and other sensory data. These innovations in hardware has resulted IoT companies to flourish more. Devices are now enabled with artificial intelligence and are connected to internet.

Fig. 3 Data Science: Key Benefit

Large IoT data held with your business itself is not sufficient to produce any significant result. Various IoT business data analytical tools and predictive analytic models are used to identify hidden patterns, expose frauds by figuring out the anomalies in operational data.

Competitive Advantage – 

  • Data Science provides deep analysis of large data that can help your business to have a competitive edge over other businesses. You can leverage predictive analytics report to grab upcoming market opportunities before competitors.
  • Right Approach to business problems – Data Science offers an end solution to the data analytics problems which your IoT business is facing. Not only Data science will help you with analytics but will also help in digging innovative ideas to lead your IoT business.
    1. Data mining is one of key element of data science. CRISP-DM is a comprehensive data mining process that provides a better understanding of business and its related data by evaluating and presenting large volumes of raw data in meaningful and presentable form. In addition to other tools like Oracle Data Mining Tool (ODM) it helps to integrate data mining with oracle database and uncover data mining via various interface like Java, Graphical and PL/SQL Interface.
Fig. 4 ‘Hype Cycle’ of various IT industries in 2014.