Data now informs organisations about trends and problems they never knew existed. It shapes how people interact, share information, purchase goods, and how they’re entertained and how they work. It dictates political decisions and economic cycles. Data is the raw power that helps us optimise decisions and processes to iron out inefficiencies through use of analytics. Analytics can be utterly transformative.
Every day, there are news stories about exciting applications for analytics in robotics or on the edge of IoT. Analytics is helping to improve the quality of life for people. It is reducing costs or helping control consumption of energy or managing devices in the home, as well as reducing industrial costs, improving energy efficiency, and making goods cheaper as a result. Looking to the future, the IoT systems and artificial intelligence platforms that we create today will become the baseline for the way future generations think about and engage with technology. They will form the foundations for future ecosystems.
The business world has started to recognise that for AI and IoT to be successful, they must be mutually beneficial ecosystems. An IoT device is connected directly or indirectly to a data-transmitting network such as the internet. The optimum value one can get from connected devices is some level of automated, enriched, intelligent insights. This “artificial intelligence” must logically become more valuable than the sum of its constituent, connected parts just like in an ecosystem.