The Internet of Things

The massive opportunity of IoT and how Qlik can help utilize it to better your business

The Internet of Things

Which Industries are driving the driverless car?

The Internet of Things (IoT) is a red hot topic today across many industries, and the Boston Consulting Group expects IoT spend to approach $295 billion by 2020. According to Business Insider IoT can be loosely defined by, “A network of internet-connected objects able to collect and exchange data using embedded sensors”. This broad definition can be applied to many use cases including smart meters, consumer demands, fleet management, connected cars, remote patient monitoring, automated inventory management, production, predictive maintenance and many, many other areas. The broad number of use cases that can be enhanced by IoT is the reason IoT is or will be implemented across many types of industries including manufacturing, retail, transportation & logistics, healthcare, utilities, insurance and government.

Industries Driving IoT Adoption?

Banking, Insurance, Pharmaceuticals and Government are the usual suspects when discussing technology spend by industry, because they have the most money to spend. Oddly enough, IoT adoption in Manufacturing, Transportation & Logistics, Consumer Products, Energy & Utilities and Retail are leading the way with use cases in place today or in 2-3 years. A great example is Japanese conveyor belt sushi chain Akindo Sushiro, outfits all of their sushi plates on a conveyor belt with RFID tags providing an unprecedented view into product freshness and sales conversions with an advanced analytics platform. Rentokil Initial installs sensors in their pest control devices for proactive risk management against the threat of pest infestations. Likewise, mesur.ioprovides devices for golf courses, agriculture and lawn & garden which collects in-ground measurements via sensors with advanced analytics to accurately seed, fertilize and water.

#Qlik's Scott Jennings details how #IoT is catching fire and how you can utilize it to your advantage

Taking Advantage of IoT?

IoT is a massive opportunity for every industry, but the window is closing due to adoption of IoT technologies in low margin industries. The best way to take advantage of this trend is start collecting and analyzing sensor data to test and check assumptions. To do this an advanced analytics environment that can do the following must be in place:

  1. Combine Disparate Data – IoT and sensor data will be a new and massive feed of data. In the Akindo Sushiro example they must combine RFID data which shows freshness with internal sales conversion data
  2. Proactive Analytics – Sensors provide point in time data, but to be useful they must allow a business user to spot a trend and take action. In the Rentokil Initial example, IoT devices can automatically alert technicians when a rodent is caught, while customers are kept informed through the myRentokil online portal
  3. Automate the Repetitive – Sensor data can show a repetitive pattern. In the mesur.io example repetitive tasks with predictable patterns like irrigation can be automated based upon what is learned by analyzing sensor data.

The common thread across 3 IoT examples above (restaurant chain, pest control and agriculture management) is the Qlik Analytics Platform. Qlik allows incredible flexibility to combine sensor data with any number of internal and external data sources. The Qlik platform also includes advanced analytics integration for IoT use cases like predictive maintenance which aid in proactive analytics. A great example is the Qlik Fleet Management Dashboard showcasing trends for not only a fleet of trucks, but also the operators of those trucks. The Qlik analytics platform will enable your business to automate the repetitive, and focus on IoT related use cases which fuel growth for many years to come.

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