Significance of Data Science for IoT Businesses

With rapid technology advancements and advent of digital media, the world has become a small place to live in. This digitally connected world is a “treasure trove” ofbulk amount of data, which needs to be efficiently understood and analyzed to extract valuable and business-critical information that can be used for various applications.This is where Data Science comes into the picture. It is a combination of different systems and processes that operate systematically to help Internet of Things businesses to analyze large amount of raw data and extract vital information from them that can be leveraged to develop effective IT strategies.

For the Internet of Things, millions of data points across all industries represent lucrative opportunities. Data Science helps IoT companies dig out these opportunities in different business sectors. Therefore, Internet of Things and DataSciencework together to help achieve higher operational efficiency. The latter not only aims to improve the importance of silos but also focuses on harnessing the information across different facets of IoT business.It also helps to improve core business areas like Service Analysis Stock, Customer Relationship Management, Capacity Planning, etc.

Data Science: How Hardware Integrates IoT

Needless to say, hardware has always helped IoT businesses achieve improved operations and efficiency. Imagine computers thinking like human beings. With technology advancements, it is not merely an imagination. There are organizations working on a design that is based on biological brains, helping to bridge the gap between human beings and machines. The technology would be capable of recognizing and processing sounds, images, patterns and sensory data just like human brains do. Such breakthrough innovations in the field of Data Science and hardware have helped IoT businesses to flourish rapidly. Today, modern devices are enabled with artificial “intelligence”, and connected to the Internet for more powerful applications.

Key Benefits

Bulk IoT data held with your enterprise is not enough to render significant results. A wide range of predictive analytic models and IoT data analysis tools are leveraged to identify hidden images and patterns, or detect frauds by diagnosing anomalies in operational data. Discussed here are the key benefits of Data Science to help IoT businesses gain a competitive advantage.

•   It provides in-depth analysis of large volumes of data that can help your company have a competitive advantage over other organizations. Predictive analytics report can be used to identify and leverage latest marketing opportunities before your competitors do.

•   It offers end-to-end solutions to your data analytics problems. Data Science not only helps in deep analytics, but also aids in bringing creative ideas to help your IoT business grow and lead in the industry. It provides the right and comprehensive solution to business problems. 

•   Data mining, which is an integral element of Data Science, provides in-depth understanding of IoT business and its related information by analyzing and presenting bulk amount of war data in a meaningful form. With the help of other tools, it helps integrate data mining with Oracle database, and uncover the potentials of former via different interfaces like PL/SQL Interface, Graphical interface, and Java.

•   Being an IoT company, it is more prone to the risk of fraud. However, with data science, the risk of fraud can be minimized dramatically. With the aid of Artificial Intelligence and Statistical Technique, it examines and identifies fraud patterns, which is used to detect malicious patterns in the future.

•   To facilitate effective revenue handling or collection, real time pricing data, etc., Data Science can help to manage continuous flow of bids and pricing data by applying mathematical algorithms and statistics.

•   It also provides commercialized platforms such as DocumentDB, MapReduce, Microsoft Azure, etc. for IoT businesses to leverage.