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On the 'Internet of Things' and the rise of predictive analytics

Paul Newman Archive

Data is everywhere in our modern society. And while many companies out there may think they're doing everything in their power to take advantage, the odds are good that they could still be doing more.

Analytics is a rapidly growing field. While numerous organizations are already doing plenty to gather information about their customers and analyze it to achieve better results, the growth of technology is constantly presenting new options.

For example, think of how the mobile revolution affected the analytics climate. Once companies had a whole new channel for data mining available to them, everything was turned upside down. Suddenly, the business world was abuzz about a new area of "big data" that had great potential.

More developments like this are still coming. Business leaders have to stay on their toes.

Here comes the "Internet of Things"
Optimism abounds that as more and more of our household devices come online, we'll see an increased potential for real-time data mining, according to FCW. Thom Rubel, vice president of research for IDC Government Insights, told the news source that the "Internet of Things" is poised to change everything.

"Real-time situational awareness is a powerful new tool that can create high-performance programs operating on a solid foundation of continuous effective decision-making," Rubel stated.

This is an exciting new time - with everything from our cars to our toaster ovens poised to have an Internet connection in the near future, there's a massive amount of potential for real-time data to make a difference in people's lives.

Predicting the impact
Rubel speculated that if more information about our daily lives were available to companies and government organizations on a minute-by-minute basis, there is endless potential in that.

Specifically, he focused on the private sector - government agencies could quite possibly use data-driven programs to help with job placement services, employee training, family services, transportation and more. It all begins with an influx of data.

Striving for accuracy
Of course, the concern when working with any new source of data is that accuracy will be an issue. All the hype surrounding this "Internet of Things" trend is about getting more data, and faster, but with all this growth comes concern regarding data quality.

It will be important in the coming years for all organizations, public and private, to focus on accuracy as they go about collecting and processing information from new sources.