- February 28, 2019
- Posted by: admin
- Category: Big Data, Entrepreneurship
If you, like many others, are not really sure about the fate of Bigdata and IoT in business, then this article will explain all that you need to know.
What is Big Data and IoT?
Yes, Big Data is indeed high-tech but you need not acquire a technical degree to understand its benefits.
To start with what is big data, you can think of it as a massive set of both structured and unstructured data related to business consumers. It also comprises of techniques for examining this data to derive insights into the latest market trends.
And the Internet of Things or IoT refers to a network of entities like computers or even people, which are connected via the internet. And each of these network elements can be recognized by their unique identifying addresses (UID). Now, these connected entities can transfer data without any human intervention, thereby forming an ecosystem of their own.
What is the relation between Big Data and IoT?
If you wonder how the best of both Big Data and IoT can act together in creating something massive, valuable and profitable for businesses worldwide, then it is important to understand the relation between bigdata and iot first.
Simply put, the data sets generated by interrelated units in IoT can be analyzed using the principles of big data analytics. So in other words, the role of Big Data in the IoT paradigm is to store and also examine real-time data derived from IoT networks.
How can Big Data and IOT help businesses save money?
With big data powering iot,huge enterprises are now aiming to leverage all possible benefits. Companies are not just earning big, but saving better than before.
Here are some of the very prominent ways in which Big Data – IOT empowers business owners to run a successful setup while cutting cost.
~ Improved retail performance and customer satisfaction
In the retail sector, the combo of big data and IoT is used to track historical purchase trends of customers and also to keep a check on market conditions. So company owners stay not only updated about current buying trends and customer behaviour but also move ahead amidst steep competition. Analyzing Big Data helps determine consumer demands as well as keep tabs on competitor marking of similar products, there by prompting dynamic price changes as required.
If your company’s aim is to boost your relationship with your customers then iot data services can help you accomplish it. For instance, by incorporating speech insights, you can deliver top class customer experience via any of the various social media platforms.
~ Optimize maintenance costs
We all know that “a stitch in time saves nine”.
And in business, this is very true, for maintenance costs usually rise up due to the accumulation of issues remaining unaddressed. Collecting and examining the data needed for iotand by applying Big Data analytics, companies can get a clear insight into underlying problems that need immediate resolution.
Differentiating between minor issues and those that can get serious in near future, can help expedite on-time maintenance, subsequently eliminating unnecessary expenditure.
Incidentally, predictive analysis is a brilliant technique of gauging core problems so that measures can be adopted to resolve them at the earliest.
How can businesses save money with Big data and IOT?
Talking about predictive analysis, production businesses can benefit the most out of it, by estimating the best time to buy raw materials when the prices go down. As for the digital industry, this helps to develop stronger customer relations and strengthen the brand goodwill, by understanding user requirements and fulfilling them accordingly.
To know more about how Big Data and IoT help in optimizing your business expenses, you can watch big data tutorials online.