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The world around us is becoming easier to manipulate thanks in large part to the Internet of Things (IoT). It no longer seems like a Space Age or Jetson-like reality for devices to automatically alter the temperature inside your home or to change the schedule of your lawn's sprinkler system based on local weather forecasts. You might never feel the frustration of running out of milk again if your refrigerator sends you a timely alert when the carton gets low. And it's certainly possible for doctors to receive patient information directly from devices worn by patients which monitor their biometrics.


These advancements offer consumers convenience in their day-to-day life. But increased connectivity among devices and sensors through IoT also benefits businesses, offering a wealth of data ripe for analysis. Data from IoT devices and sensors can affect how businesses operate and increase their revenue and growth, but first it must be analyzed. 

The challenge for businesses and analysts is that this data could become endless. Both analysts and software must be ready to handle the volume and velocity at which it is generated. Businesses need to hire a capable vendor with both a powerful backend and the services of experienced analysts who keep their client's goals top of mind.

What Is the Internet of Things?

The Internet of Things, or IoT, refers to devices embedded with software, sensors, or other technology connecting them to the internet and each other. These devices exchange information and generate data. They can be as varied as jet and car engines, or coffeemakers and thermostats. Some sources say that by 2020, there could be as many as 26 to 100 billion devices connected to the internet.

Through IoT, devices and sensors are networked together and communicate with each other. The opportunities offered by this type of connectivity are enormous. According to The Economist, 75% of global business leaders are exploring the economic opportunities afforded by IoT. Plus, technology research firm Gartner suggests that across all industries, global economic value-add from IoT could soar as high as $1.9 trillion by 2020. This number is not trivial.

Internet of Things and Analytics

The conversation has recently come to focus on how businesses will manage the data generated through IoT. This information offers huge potential for data-driven decision making by businesses of all sizes. That means that is becoming critical that businesses work out a strategy to track, store, analyze, and gather insights from the volumes of existing -- and continually growing -- data. 

Infoworld notes that "As tools mine countless new unstructured data sources, the problem is no longer the absence of enough data...it's making sure you aren't missing out on the data you really need while spending too much on data you don't need."

Succeeding at this task is no easy feat. To leverage this data, businesses need access to analytics software and experienced data scientists who are willing to work closely with them to address business goals and user needs. 

How Solution as a Service Can Help

A new approach to data analytics, Solution as a Service (SolaaS), can help businesses that are struggling to manage their data or launch analytics projects. Through a single vendor, SolaaS joins a powerful backend capable of handling vast amounts of data with experienced analysts. 

These data scientists work in close collaboration with clients to fully understand and address business goals and user needs. The analysts have experience across a range of industries, equipping them to identify actionable insights and present them via a proprietary, user-focused visualization layer. 

A vendor that takes a SolaaS approach to analytics, such as PolyVista, prioritizes flexibility and offers clients monthly, and multi-month contracts. Proof of concepts are available, and PolyVista is always willing to start with a smaller, one-time project that fits within a client's' budget if needed. When the smaller project's ROI is identified, the client can always scale up to larger projects.

Summary

As the idea behind IoT gains traction and more devices are linked to the internet and each other, businesses will face a glut of data. This information must be sorted, stored, tracked and analyzed for businesses to make data-driven decisions. The volume of data being generated makes this task unwieldy. Businesses will be best served by working with an analytics vendor that embraces Solution as a Service (SolaaS). Through a single vendor, SolaaS marries a powerful backend with the services of experienced data analysts. These analysts collaborate closely with clients to understand their needs and goals, delivering targeted, data-driven insights.