Big data analytics is the commercial enabler for the Internet of Things (IoT). A vast network of sensors embedded in connected devices conveys large amounts of information back to a cloud or data centre instance where it is analysed and then used to improve services and products in various industries. This could be product or service improvements to generate more revenue or cost savings from optimisations. Either way, big data, analytics, and IoT are increasingly commercially connected.
The number of IoT devices globally is running into the billions and big data analytics is helping to make sense of the billions more real-time data points collected by these IoT devices. The specialist big data analytics platforms take data collected by IoT devices and organises the information into digestible datasets.
Using the power of Internet of Things (IoT) connectivity can dramatically simplify the process of digital signage deployment, installation and updates, even for short term placements such as music festivals or seasonal venues.
Big data is big business
Lynx Analytics has been providing big data analytics solutions to public and private industries globally for years, including telecom, retail, banking, and public transport.
Lynx Analytics provides a full big data analysis life-cycle service, including data collection, organisation, model creation, algorithmic enhancement, business rule applications, and end-user applications. The company can develop tailor-made big data graphs and AI and Machine Learning-based algorithms to solve generic and specific problems.
Making use of the massive data collected from IoT devices can assist many industries, including:
- Smart cities, including monitoring of municipal assets such as street lights, parking meters, recreational equipment, etc.
- Agriculture, including monitoring of field and farming conditions via drones
- Supply chain management including cellular trackers so users can keep tabs on a shipment’s location and condition in real-time
- Theme parks, events, and hospitality, including crowd management and monitoring, providing access to areas and rooms, and payment services
- Public transportation, including optimisation, diagnostics, route management
- Logistics, including route optimisation and planning, and fuel reduction
- Retail, including inventory consumption and planning
By collecting vast amounts of data from IoT devices, Lynx Analytics is able to help its customers perform analysis and make better business decisions. Lynx Analytics partnered with PCCW Global to leverage their Console Connect IoT service and global connectivity network in order to capture rich data from connected devices and sensors on behalf of its customers.
Insight is everything
In one example given by Lynx Analytics, a retailer had deployed CRM tools as well as cameras to capture the flow of customers entering, shopping, and leaving the physical retail stores. Because retailers are challenged to maximise sales productivity and understand customer preference and purchasing habits across different locations and times they need to analyse the data on hand to answer questions like what is the most effective store clustering? What is the right mix of products for customers on the shelves? How to improve sales margin and inventory utilisation? How to do better forecasting, assortment planning, size-optimisation, promotions planning, markdown optimisation or replenishment scheduling?
Because massive amounts of data can be collected through the sensors in IoT devices every second the challenge is to make sense of the collected data in order to provide accurate predictions and decide an action plan to take advantage of the insight gained from big data.
“PCCW Global is our natural partner in the value chain as their Console Connect IOT service provides a secure network capable of collecting millions of data points globally for real-time big data analysis. Together we can provide a total end-to-end Big Data analytics solution to our customers,” said Amit Akhelikar, Chief Operating Officer, Lynx Analytics.