In the article Big Data Analytics: The Force Behind the Next Internet of Things Wave, the author delves into how the cutting edge of the IoT is giving us the Big Data that will shape our future. With more devises in more place, more data is being collected and thus more data must be analyzed. The true value in this Big Data is our ability to make sense of it consequently create value. The author examines a number of case where cutting edge sensors are allowing the IoTs to collect data that drives increased performance, predictive ability, and cost savings.
One of the first places the IoTs really took off was in our own homes. Smart devices collecting data from meters, data on demographics, and data on energy consumption have helped customers save energy and money. One smart meter company actually saved its customers over $500 million in energy spending. With data analytics, forward-thinking energy management companies are able to run analyses on consumer thermostat data to better understand energy usage patterns.
Another case presented is that of an energy company using sensors in its oil and gas wells. The company collected data about the average production of oil, gas, and water from each of its wells. It combined it with historical well performance and geospatial data to look at efficiencies and deficiencies based on location and equipment. Based on the combination of this data and the sharing of this data with its operations, the company experienced 126 million per year in incremental revenue.
What are everyones thoughts on when we will begin to be fully connected, that is, when almost every device and thing we use is connected to each other?
Do you think we are collecting too much data?
As a customer, at what point do you believe collecting your data is an infringement on your privacy? Is there any real way to track such invasions of privacy?