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4 IoT Analytics Tools: Achieve Greater Visualisation & Insights

Internet of Things (IoT) spending is forecast to reach a staggering $1.79 trillion (£1.25 trillion) by 2020. With Big Data and the Internet of Things already revolutionising the business world, companies are striving to find valuable insight with IoT analytics tools and data visualisation.

Smarter IoT devices and sensors will soon allow companies to personalise and send offers to qualifying customers in real-time.

Not to mention, these devices will also ensure business processes are as streamlined, secure and efficient as possible.

However, without the right insight, the raw data you collect from your customers or endpoints will remain undercooked. In this blog, we’ve listed four IoT analytics tools that can help you discover the signal in the noise and take your business to new heights of innovation.

4 Internet of Things Analytics Tools to drive Business Intelligence

Power BI

Microsoft’s data analytics and visualisation tool, Power BI, is simple to use and can help your business extract valuable insights from your Internet of Things data.

The software collects information from hundreds of compatible sources (including your IoT devices and sensors) and is able to prep and model your information for immediate analysis within a few clicks.

With its friendly user interface, fast processing power and data visualisation tools, Power BI is a powerful asset for the financial sector.

For instance, say you’re a commercial bank trialling new 24/7 ‘smart ATMs’. You want to know when and how often your customers are accessing these devices in comparison to using an in-branch machine. Power BI can collect data from both the IoT ‘smart ATM’ and your customers’ mobile location or transaction history to visualise trends in their usage.

From here, your business can take the reins and turn your IoT insights into action.

Power BI - IoT analytics

Tableau

Tableau is an Internet of Things analytics tool that ingests and processes rows of data quicker than many other programs. So much so, that users will see up to a five times quicker query speed, as well as a three times faster extract speed.

With its Hyper data engine technology, Tableau analyses large and complex rows of data to help bring you closer to your data. Additionally, Tableau’s dashboard also offers valuable IoT data visualisation graphics, enabling users to visualise their data in more convenient, easily understandable ways.

So, if you’re an organisation that needs to process and analyse real-time IoT data quickly, this program can help. For example, if you wish to track a customer’s mobile banking application, wearable payment device or ATM transactions, Tableau will allow you to analyse real-time data. This, in turn, provides you with better customer insights, as well as helping your organisation track fraudulent or criminal activities in smarter, data-driven ways.

Tableau - IoT analytics

sqlDashboards

TimeStored’s Internet of Things analytics tool, sqlDashboard, is simple, affordable, and powerful.  The process of analysing your IoT assets is as simple as:

  • Capturing the real-time data from your server connections
  • Entering your specific query
  • Transforming your data into accessible charts for IoT insight

The TimeStored team specialise in providing financial software, particularly surrounding market data capture and analysis. For this reason, their software is incredibly valuable to organisations which depend on real-time stock tracking and financial trend analysis to recommend build effective investment strategies.  

For example, in a TimeStored video demo, the team uses sqlDashboard to create a database that stores historical stock data and simultaneously pull the latest live prices from Yahoo Finance. With this information, your business could view live time series graphs of the latest stock prices. The insights gathered from these graphs helps you make smarter, more informed, investment decisions.

Although this program doesn’t provide the same bells and whistles as tools such as Power BI, it does interact seamlessly with complex IoT infrastructures.

sqlDashboards - IoT analytics

Thingsboard

This IoT analytics software provides remote control visualisations and graphs for data such as: weather conditions, fleet and vehicle tracking, and energy and smart meters.

We believe Thingsboard can be particularly useful for insurance firms investing in smart Internet of Things analytics. For example, if your organisation wanted to monitor a specific IoT endpoint (such as a usage-based sensor in a car or a smart home insurance device), Thingsboard would enable you to calculate mileage and other telemetry in real-time. As a result, your business can underwrite accurate insurance policies for each of your customers.

What’s more, if integrated properly, companies can use the insights gathered from Thingsboard to approve claims automatically and remotely, as well as detect fraudulent behaviour more efficiently. This can cut down on time spent manually approving or investigating claims and give your customers the reassurance that their money and possessions are safely monitored.

Thingsboard - IoT analytics

Follow your Chart: Investing in the right IoT Analytics Tools

More than half of all businesses are now investing in IoT technology, with reports predicting 25 billion internet-connected devices by 2020.

At its current rate of adoption, it’s clear that the Internet of Things is an unmissable business opportunity. As a result, it’s important to find the right analytics tools to help you get the most from your devices, sensors and customer data.

To ensure IoT implementation is a success, your organisation needs to choose tools that not only deliver actionable insight, but are also accessible, user-friendly and able to handle large pools of real-time IoT data. Without the right software, your business won’t make the best use of the data you collect.

As cloud specialists, we often find ourselves at the forefront of business innovation and our work with IoT is no different. To learn more about the ways data analysis and visualisation can change your organisation, get in touch today.

 

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