‘Analytics Automation’ – The New Business Opportunity?
By Bahwan CyberTek, November 15, 2017
According to ABI Research, businesses will spend more than 26% of their entire IoT expenditure on technologies and services that store, integrate, visualize, and analyze IoT data by 2020, which is nearly twice of what is being spent today.
It seems to be pretty easy to predict that the next big breakthrough in IoT will be automation of many of the more manual activities related to analytics. This blog lists out the points that are driving for Analytics Automation right now:
1. The efficiencies that automation can provide to data scientists will allow for increasingly difficult problems to be solved
2. Employees and business units will be able to better use analytical data to increase productivity and efficiency
3. Innovative companies will be able to break away from their competitors, as they lower their total cost of analytics, while raising the bar on more responsive, best-in-class offerings and services.
However, to attain the above benefits you need to have to have a ‘platform’ that can easily ingest new data, make adjustments to analytics models in real-time, and even automate prescriptive analytics.
In summary, thought leaders around the world have postulated that the big payoff of IoT for Enterprises comes in the form of real-time information and data analytics driving enhanced decision-making capabilities. As consumers of the technology, we can expect that automated decisions and micro-transactions across the digital economy will unlock new productivity and growth [hallmarks of Industry 4.0] in the near future.