Internet of Things and its impact on Business Analytics

Objectives: To study the Impact of IoT data on Business Analytics. Methods/Statistical Analysis: An exploratory research to study the Impact of IoT data on Business Analytics was conducted. Through the Literature review process, various preliminary information on IoT and Business Analytics including the Advanced Analytics was gathered. Research papers, Journals, Internet Sites and books were used to collate the relevant content on the subject. Analysis of all the relevant examples was done. The gaps in the area of research were identified to arrive at the problem statement and its impact on Organizations. Findings: World is moving very rapidly towards the Industry 4.0, where the most impactful position in almost all the areas would be of IoT (Internet of Things). Profoundly IoT allows the connection between people and things at any point and any given place with devices that can transmit data over the network. Thus, the Smart environment evolves which consists of Smart devices transmitting the real time data over Smart networks. Business Decision Making is facilitated with a greater accuracy with real time data transmitted coupled with the relevant information. IoT and Business Analytics based on IoT data is gaining a lot of significance and importance in larger organizations. Right decision making at the right time and at the right place is the key to successful businesses in today’s dynamic environment. Application: The real time analytics becomes a reality with IoT data transmitted over the Internet and consumed by the Business Analytics. Use of Past data is to analyze and identify the hidden trends so that future predictability is built. Current data helps validate the relevancy of the Business Analytics Model. It also helps in taking some course corrections as and when required.