Billions of Internet-connected devices are expected to generate massive amounts of data in the near future. According to Cisco, the number of connected sensors, devices, and objects is expected to reach 50 billion by 2020. This explosion of sensory and connected data that’s occurring is creating incredible opportunities for operational managers and business leaders across multiple industries to identify ways to streamline operations, catch equipment failures in advance before they result in costly downtime, as well as find methods for spotting customer and market trends that can boost business performance and achieve competitive advantage.
The key to maximizing IoT data is through Fast Data. Fast Data provides companies the ability to capture insights from the rush of different data sets available to them by processing high-velocity, high-volume data in real time.
For instance, there’s been extensive discussion about various applications and opportunities for using Internet-connected appliances and the data sets that can be generated by them. An intelligent thermostat can determine whether there are any people at home and trigger activities on other intelligent appliances (e.g. prompting a microwave oven to begin warming a meal in anticipation of a homeowner returning to her home or to set a dryer cycle to fluff in advance of a resident’s arrival).
Coca-Cola is an example of a consumer-packaged goods company that’s already taking advantage of Fast Data for more effective decision-making. The beverage giant uses data from its Freestyle and other vending machines to obtain a deeper understanding of how, when, and where customers are purchasing and consuming its products.
Through its analysis of connected data, Coca-Cola has reported that it’s able to see spikes in consumption on college campuses just prior to certain television shows airing. These insights are helping company executives gain a better understanding of its customer demographics, along with richer opportunities for target marketing.
Meanwhile, automotive insurers such as Progressive are now evaluating GPS data to monitor driving behavior for developing a more data-driven approach to determining insurance rates. For example, Progressive tracks a variety of driver data, including mileage, how often a car is driven, as well as braking habits, that can help indicate whether or not a particular person consistently exhibits safe driving habits.
Fast Data is revolutionizing the way we live and do business. Read more real-life examples here.