IoT – the analytical business intelligence approach
Business intelligence (BI) is a concept alongside big data, IoT and smart analytics that has captured the attention of the analytical industry. Unlike big data, which focuses on large, complicated chunks of analytics, business intelligence aims to analyse sets of data across different areas such as, software applications, infrastructure and sophisticated tools. This enables rapid query and visualisation of gathered information similar to a small interconnected IoT centre.
Business intelligence is particularly relevant to industries that require communication between many different types of information sources such as, wearable technology, sensors and devices. The emergence of BI has come at an appropriate time – a recent study by Verizon found that 90% of businesses aren’t able to utilise their collected data by more than 25%. The remaining 75% of data is unusable and incomprehensible, as the analysts don’t know where the best yield lies. This is where BI can help– it can highlight where the data can be pragmatic and how to work with the increasing complexity.
In addition to this, the BI model is customer friendly; the end users receive comprehensive key performance indicators, and instant communication about any changes in frequency or level. This output is the product of learning from the Internet, thanks to the BI connectivity between wearable technology, sensors and devices. Through the BI model the changing behaviour of the interacting device can be successfully communicated to the consumer.
As its own industry, BI is more complementary than standalone. It is a supporting tool for IoT and interprets rather than creates, suggesting how the data can be of assistance to improve and develop operations. While this can provide a completely new approach for professionals in the field, it also makes a case for just how important IoT is in understanding consumers, processes and materials.
Dashboard believes BI is the future for understanding and maximising the benefit of IoT. Our Analytics team, for example offers a very similar service but adds in the human factor. As we see it, our service is a form of BI too but has a wider outcome as the data is analysed not only by technology but by our extremely experienced team.