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Key Reasons why BI and Analytics are Essential to Derive Benefits from IoT
With accurate data on customer preferences, a business can provide tailored marketing and boost products that meet customers' tastes and lifestyles, thus optimizing the customer experience and loyalty.
Fremont, CA: There has been a significant growth in smart, networked devices that can generate an enormous amount of data, with the potential to capture, interpret, evaluate and act on the information gathered.
Business Intelligence (BI) technology allows companies and individuals to access insights acquired and transferred between objects with internet connectivity. These insights can be utilized to improve services to market and enhance the business's operation and efficiency.
Here are four reasons why BI and analytics are essential to benefit from IoT:
Efficient Business Operations
The manufacturing industry can implement IoT to improve production and supply chains by leveraging connected devices across the production and supply chain operations to track efficiencies. In the same way, farmers can use connected sensors to track crops and cattle to enhance operational efficiencies.
Predict New Trends
BI provides the opportunity to discover patterns, anticipate trends, and predict with higher confidence. It gives access to these patterns throughout the organizations so that relevant users and departments can be informed on new trends.
Tracking data streams from connected sensors in intricate machinery/ systems can help recognize when a component may fail, enabling businesses to move to a state of preventive maintenance.
Optimized Customer Satisfaction
BI and IoT enable businesses to examine and obtain consumer-generated data to understand and predict customer needs. With accurate data on customer preferences, a business can provide tailored marketing and boost products that meet customers' tastes and lifestyles, thus optimizing the customer experience and loyalty.
Organizations can utilize BI to become more beneficial with the utilization of a large volume of information generated through smart and connected devices. These data-based insights can help enhance current products and services.
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