Question: Reply to the below post - Big Data around Internet of Things ( IoT ) is an area where a lot of industries could see
Reply to the below post
Big Data around Internet of Things IoT is an area where a lot of industries could see crucial growth if data is collected and utilized appropriately. While there have been many advances in predictive analytics and their capabilities, the processing of Big Data is still in need of collection and use. "Manufacturing Logistics & Transport and IT & Technology respondents were most likely to report implementing, or planning to implement, big data" Maddox
Logistic companies like Amazon, UPS, FedEx, and USPS all have vehicles, packaging systems, and warehouses full of monitoring, GPS and other technologies. Real time customer tracking of packages is one of the most commonly used systems for IoT.
Real Estate companies like Zillow can use data around smart homes to collect details on property values, conditions of neighborhoods, and potential for growth or additional sales based on these data points. Real estate agents and construction developers might utilize this information for new builds or increased property values during higher sales seasons.
These companies collect some similar data such as traffic in particular areas. ConstructionReal estate companies might use this for better ways to build roads, whereas the Logistic companies might avoid certain roads due to the way they are built or maintained.
I work for an insurance company and we use big data through plugin capabilities with insurers that willing accept us tracking their data. This data is used much like logistic companies, to evaluate traffic patterns, minimize risk to loss, and even reduce customer pricing for good or minimal driving. The capabilities for profit with this have unleashed new insurance products such as pay for what you use, meaning if you drive less, you pay less. This increases cost on some commercial companies like pest, repair, or other fleet service types.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
