In a VENTUREBEAT article last week, Qualcomm President Derek Aberle predicted five billion non-smartphone connected devices will ship by 2018. He believes everything from homes to cars, health care facilities, smart cities and wearable IoT devices will churn out data.
That data is only as good as the ability for home products manufacturers, car manufacturers and others to understand and act on it. Typically, different sensors will create data in different formats, complicating analysis. But, those who get it right will offer new levels of innovation and engagement and easily outsmart their slow-moving competitors. Think about a health care facility where devices monitoring a patient’s vital signs not just signals that her blood pressure is high, but predicts that based on a combination of data she will have a heart attack in the next 24 hours; and recommends a specific treatment plan that will avoid the heart attack. Or, think about a city where planners adjust bus routes, frequency and other variables based on data generated by each bus.
The cornerstone of these capabilities is not the data, but the ANALYTICS behind the data. These analytics provide three types of information: studying events based on specific rules (proactive), predicting events before they happen (predictive), and both predicting events and recommending future action (prescriptive).
Adding “smart” to our homes, cars, health care facilities, cities – the products and infrastructure that impact our lives – is here to stay. Forward-thinking manufacturers are embracing this trend and leveraging the insights from analytics to gain a new competitive edge.