With the increase in the number of interconnected devices, the amount of data being captured is also increasing exponentially. Data is considered as the world's new natural resource. Just like all other natural resources, data too must be refined in order to increase its value. Gathering mounds of sensor data is really good, but as we say, big data without analytics is just a bunch of raw data. A lot of big companies are monetizing the treasure trove of data through analytics offered by leading IoT solution providers.
The most commonly seen uses of analytics on IoT data are descriptive analytics through dashboards and data exploration. Apart from that, predictive analytics and machine learning deliver more proactive alerts before problems arise and prescriptive analytics helps to optimize the utilization of assets monitored by the IoT. Many leading business forerunners have started using more advanced analytics to increase the value of their IoT solutions.
In this event, you will learn how IBM Watson IoT and Analytics Platform together can provide the capabilities necessary to monetize your IoT solutions.
The following are the answers to the questions that were asked during the event.
Answer 1: General rule of thumb is, it's worth what people are willing to pay for it. The long answer is that we work with our partners to build business models to help them identify the business value of the analytics - https://www-01.ibm.com/software/info/eagletco/iteconomics/.
Answer 2: Watson IoT has some Edge capabilities, but we get a lot of power in Edge Analytics from our Informix database which can be embedded on the edge devices or gateways. To learn more, go to https://ibm.com/informix.
Answer 3: Depending on the skill set of the team implementing, we generally see the effort of organizing the data and modeling the data can be done in about 2-6 weeks. A lot is dependent on the complexity of the data structures. Once the modeling is done, the reporting and content creation can go pretty quickly, often times new, highly interactive dashboards are created in hours because there is no coding involved. We also work with SI partners, like Softweb, that have a tremendous amount of skill in modeling data and creating content that can help you get started.
Answer 4: I have posted here - https://ptdrv.linkedin.com/hngp8rz.