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.
- Real time Revenue processing/management – When it comes to revenue collection or handling real time pricing data etc. Data science can cater and manage continuous flow of pricing data and bids by applying statistics and mathematical algorithms. Instead of considering historical data, data science algorithms are applied to real time streaming of various financial data including various sources like Organised Team Activities (OTAs), website and users PMS.
- Fraud Detection – Your IoT business always remains under a threat of hitting with a fraud but with data science the threat of fraud is reduced to a great extent. Data science has primarily two techniques for fraud detection i.e. Statistical Technique and Artificial Intelligence.
- With help of neural networks it examines fraud patterns in historical data and this data is further used to detect suspicious patterns.
- Data mining and pattern recognition helps avoiding fraud by classifying and clustering the data as per set rules and detects suspicious clusters and patterns with suspicious behavior.
For complex and real time data processing, time series data sets are inclusive of architecture like Python, Spark and storm. From over a decade, Hadoop has proved to be a useful framework for distributed storage and computing. It has been the key element behind scaling analytics, large scale machine learning etc. and has proven its importance while handling real time data and bidding in sectors like Airlines, Railways and IoT Stocks Exchange.
Data Science and Commercialization
For any IoT business in combination with these platforms tools like PowerBI which makes data mapping and visualization simple and allows your IoT business to search for open data from different sources to integrate with your current visuals and query in an easy way.
To boost business activity, HFT traders took help of data science and with predictive analysis they were able to employ sequential trading strategy. In addition to data analytic report, they identified specific market participants. They succeeded in predicting their future actions and utilizing business advantage.
Data Science: Application in IoT
Data science plays a key role in making IoT successful. Imagine a situation where devices are connected to each other but their data is not being monitored? Well, it can lead to disastrous situation. Now the question arises how? Lets find out an answer to how far Data science has its application in IoT –
- Industrial Application – Talking about industrial sector let’s consider automated trains that are laced with sensors to monitor each and every detail of the train. These sensors can efficiently provide vital information even about the minute repair and maintenance needed in train which, if ignored, can adversely affect lives of many.
- Smart Cities – Imagining about a smart city is easy but it wont be possible without data science. Data Science help in decision making process and provides solution to questions like what would be appropriate location for essential buildings like hospital, college etc. and helps in planning infrastructure (healthcare, transport, education, power etc.) and managing working of smart cities.
- Data Privacy and Security – Data Science also helps to raise standard of privacy and security in IT sector. Data Science is being used in encrypting security applications to ensure data safety from cyber-attacks, malware’s and virus and other vulnerabilities.
- Financial Sector – Data Science and IoT have come together to improve working in financial sector and make transactions more secure and speedy. Online market giant Alibaba, in order to measure creditworthiness of their vendors take help of data science by collecting data from eCommerce and payment platform, track and analyzing customer rating, shipping and transaction records.
So maybe it is hospitality sector, Stock Exchange, Airline industry, Gaming industry or any other business, data science has proved to be a high value asset.
Bio: Yash Mehta is an active blogger who blogs on howtogetrid.org and many other Internet of Things blogs. Yash has written many ‘how to’ guides on IoT eg: How to find correct IoT Stock? for IoT investors. He also runs a IoT and data science blog named Iotworm. You can read more about him from Yash Mehta.
- Data Science of IoT: Sensor fusion and Kalman filters, Part 1
- Impact of IoT on Big Data Landscape
- Data Science for Internet of Things – practitioner course