What are IoT’s :   

IoT stands for Internet of things. These are network of physical devices that are embedded with electronics, software, sensors, actuators and connectivity which enables these objects to connect and exchange data. The Iot allows objects to be sensed or controlled remotely across existing network infrastructures, creating opportunities for more direct integration of the physical world into computer based systems and resulting in improved efficiency, accuracy and economic benefits in addition to reduced human intervention. The term was coined by Kevin Ashton in a presentation to Proctor & Gamble in 1999.

The IoT in more general term be coined as Cyber-Physical Systems which also encompasses technology such as smart grids, virtual power plants, smart homes, intelligent transportation and smart cities. Few other examples of IoT are Heart monitoring implants, Biochip-Transponders on farm animals, automobiles with built in sensors, etc. These devices collect data with the help of various existing technologies and then autonomously flow the data between other devices.

What can these devices do??

There are lot of things these devices can do. So, it is pretty much depends on imagination of the designers and manufactures. More than 6 billion devices are connected to the internet right now generating billions of data. The IoT is an ecosystem of devices connected to the internet. The devices, with sensors embedded in them, send and receive data and communicate with other devices through the internet. Turning IoT data into accessible, actionable business insights enables new revenue, greater efficiency and lower costs: (for ex) One of the world’s top makers of construction and mining equipment uses a solution including sensors and telematics to enable advanced connected-equipment services. Its customers can monitor their equipment in real time and make required repairs or replace parts more quickly. This reduces downtime and boosts asset optimization. They can also gain new revenues from predictive monitoring services, incremental revenue from spare-parts sales, and savings from lower warranty costs.

How does it matter to data scientist ?

When two devices communicate with each other what is transferred between them, is data – or unprocessed pieces of information. These sets of data contain information on diverse things such as customer behavior, trends, the behavior of the device, activities carried out through the devices.

Ex- Heart rate recorded by your fit-bit can tell you about your cholesterol level and based on that piece information you can plan your diet.

All this information is very important for a data scientist as these can reveal lot of insights that can influence business and operational decisions. These vital information pieces also can help companies to keep track of market trends, expectations of a customer and competitors. A data scientist can use these data into accessible, actionable insights for maximum business value.

These data can talk a lot which would help gain valuable insights from it. Besides just helping in business decisions the data is also helpful for better automation and personalization, which Is achieved through machine learning.

It can help to increase the driving revenue of the organization. The use of data analytics in Iot investments will allow the business units to gain insights into customer preferences and choices. This would lead to the development of services and offers as per the customer demands and expectations which in turn will improve the revenue and profits earned by the organizations.

Types of DA used in IoT investments to gain advantages:

Streaming Analytics: This form of DA is also referred to as event stream processing and it analyses huge real time data. These data’s are analyzed to detect urgent situations and immediate actions. IoT applications based on financial transactions, air fleet tracking, traffic analysis etc. can benefit from this method.  One of the best ways to harness Iot’s full power is real time-analytics. IoT compliments real time analytics and vice-versa.

Spatial Analytics: here the data analytics is used to analyze geographical patterns to determine the spatial relationship between the physical objects. Location based IoT applications can benefit from this form of DA.

Time Series Analytics: This form of Data analytics is based upon the time based data which is analyzed to reveal associated trends and patterns. Applications of IoT such as weather forecasting applications and health monitoring systems can benefit from this form of DA.

Disadvantages:

Privacy and security : Since IoT’s exchange data among themselves , there is a risk of losing privacy, For, instance, how well encrypted will the data be kept and transmitted with. Privacy issues arise as a result of the compilation of fine-grained data about the consumption behavior of individuals and neighborhoods, and from the creation of predictive models from that data. It is not difficult to imagine a future city-wide information system that knows where you live, knows when you are home and can predict when you will leave, knows when and how often you watch TV or use your washing machine, knows when and how often you use your car, and can predict where you drive or which bus you are going to take in the morning. It would know this because of sensors in your home and car, and digital traces collected by your digital transport ticket.

Safety : Imagine if the data transmitted gets hacked. There is a chance that the software is hacked and your personal information can be misused. There are a numerous possibilities of having such a threat which can cause harm to individuals and also to the society. There is a chance that your account details get hacked. The possibilities are endless. The security of a system is often a starting point when considering the risks to personal data, and includes the confidentiality, availability and integrity of the data as it is collected, recorded or transmitted. However, it is important to remember that data protection means more than just implementing end to-end encryption or some other technical measure to prevent outsiders intercepting or eavesdropping on a communication.

Hence, all the safety risks become the common responsibility.

Conclusion:

The IoT raises many complex and potentially revolutionary opportunities and issues in a technological environment that is likely to be emergent and unpredictable. The IoT will touch on almost every aspect of public domain: education, environment, health, the economy, security (etc.), and involve a number of governance and regulatory challenges.

Conversations about the IoT are (and have been for several years) taking place all over the world as we seek to understand how this will impact our lives. Researchers are also trying to understand what the many opportunities and challenges are going to be as more and more devices start to join the IoT. For now the best thing that we can do is educate ourselves about what the IoT is and the potential impacts that can be seen on how we work and live.

References:

1. https://en.wikipedia.org/wiki/Internet_of_things
2. https://bcs.org/upload/pdf/societal-impact-report-feb13.pdf
3. https://www.forbes.com/sites/jacobmorgan/2014/05/13/simple-explanation-internet-things-that-anyone-can-understand/#73ca9c751d09
4. https://searchitoperations.techtarget.com/opinions/What-our-future-if-we-dont-secure-iot-devices

 

About Sumeet:

Sumeet is B.Tech with 3 years of experience. Currently he is working as Analyst Intern with Nikhil Guru Consulting Analytics Service LLP (Nikhil Analytics), Bangalore.