Edge analytics is the new hot buzzword. With industries looking for any chance to optimise their systems for incremental improvements, any analytics platform that can refine the data analysis process is a huge boon and is bound to garner a lot of attention. The edge analytics market is expected to grow from $1.94 billion in 2016 to $7.96 billion in 2021, with a growth rate of 32.6 per cent.
With edge analytics generating this much interest and traction, I think we need to delve behind the curtains of this new entree and figure out what exactly is going on in there!
According to Gartner’s report, edge analytics is the method that will enable users to leverage data analytics to go beyond conventional business insights and increase operating efficiency. The analytics platform aims to accomplish this by zooming into the smallest detail with precision to make analysis more accurate and relevant.
First, let us break down what this new buzzword even means. Edge analytics refers to the approach of capturing, monitoring, and analysing the data from edge network devices such as sensors, routers, gateways and switches. The analytical computation is done at the edge of these devices in real-time, without waiting for the data to be sent to a centralised storage system, then the system computes the analytical applications and sends commands back.
Edge analytics is an innovative addition to data collection and analysis because it reduces decision-making latency on connected devices, improves the rate of data processing and increases deployment scalability and effectiveness.
According to the International Data Corporation, the growing number of IoT devices will increase the amount of data available to 79.4ZB by 2025. This results in a massive accumulation of unmanageable data, 73% of which will not be used.
Edge analytics is believed to address these problems by running the data through an analytics algorithm as it’s created, at the edge of a corporate network. This allows organisations to set parameters on what information is worth sending to a cloud or an on-premise data store — and what data offers little value.
With edge analytics, we will see better data security due to decentralisation. Having devices on the edge gives absolute control over the IP protecting data transmission. It also ensures that applications are not disrupted in case of limited network connectivity. Furthermore, your expenses are driven down with edge analytics minimising bandwidth, scaling operations and reducing latency of critical decisions.
Without the need for centralised data analytics, organisations can identify signs of failure faster and take action before any bottleneck can arise within the system.
The edge analytics model enables users to generate valuable and actionable insights in real-time, bringing order to unstructured content and feeding relevant data to cognitive-oriented systems.
Edge analytics is in demand and its features could be leveraged by most industries to supercharge their operations. For example, remote monitoring, maintenance and smart surveillance could be utilised for a diverse spectrum of industries. Industries, such as energy and manufacturing, may require instant response when any machine fails to work or needs maintenance.
Organisations can use smart surveillance and benefit from real-time intruder detection edge services for their security. By using raw images from security cameras, edge analytics can detect and track any suspicious activity. Local and national governments have invested in edge analytics to boost public infrastructure effectiveness. For example, analysing data from sensors triggers real-time action, a function which can be used to improve security.
Sensors on trains can trigger stop signs in the event of an emergency without human intervention, send a message to the police or alert the fire department instantly. Edge analytics can go a long way in boosting security and improving the quality of public services using already existing resources, making them a worthwhile investment for local and national governments.
Edge analytics is said to be the future of data analytics because of its ability to optimise data collection and analysis from network devices. In some cases, it is already preferred over conventional data analytics systems.
Visit our website for more information on how edge analytics is refining our approach to data analysis.
A barrage of changes in the world of data has sent organizations scrambling to manage their requirements through comprehensive analytics platforms. In this day and age, organisations are increasingly under competitive pressure to not only acquire customers but also understand their customers’ needs to be able to optimise customer experience and develop long-standing relationships.
Data analytics platforms help organizations harness their data and use it to identify new opportunities. That, in turn, leads to smarter business moves, more efficient operations, higher profits, and happier customers. Research done by MIT Management Review and SAS back in reports that 67% of companies gain a competitive advantage by using analytics platforms. Each year, this percentage grows exponentially with more companies opting every day to adopt an effective analytics platform.
With such an emphasis on analytics, it’s important to know when you need to make a shift. Here are a few signs that indicate its time to change your analytics platform.
Is your company using the right analytics platform to complement your industry?
More often than not companies are not fully utilising their current data analytics platforms because their platforms are not complementing their company’s needs or taking into account the industry they are in. It is no secret that data analytics can prove to be exponentially valuable for companies of all sizes. After all, 61% of corporate decision-makers have said they struggled to access or integrate the data they needed last year. This begs the questions, are they using the right platforms to support their company within the context of their industry?
For example, if you’re in insurance, you need greater visibility over your claims and how your payouts are taking place. This needs to be facilitated by your platform. Similarly, these requirements will vary from one industry to another. Therefore, it’s imperative that your analytics platform has the capacity to uniquely cater to your industry-specific needs.
Expansion to multiple sites means you need a platform that can grow with you
Businesses are constantly growing – especially ones looking at cross-regional expansion. This level of growth will require much more than what an ordinary data analytics platform can offer. The ability to share and host data through multiple sites is integral for operating seamlessly and effectively.
In this day and age, companies are on the lookout for effective data analytics platforms that accommodate multiple sites. Analytics platforms like SAS facilitate the accommodation of multiple sites in this manner.
This renowned platform has a deep bench of analytics solutions, bolstered by experts with broad industry knowledge, that can facilitate any company in seeking immediate value from data across multiple sites and location. Identify what’s working, fix what isn’t, and make more intelligent decisions. This will drive relevant change.
A comforting statistic to mull over is that over 90 per cent of the largest global firms have SAS – organizations and companies like Bank of America, the World Wildlife Fund and Honda have all adopted SAS into the fold of their companies and are reaping the benefits of this intricately designed analytics platform.
You’re not happy with the support services
Analytics companies know that not everyone is as data-minded as they are, so they put a lot of effort into building platforms that have interfaces that are simple and easy to use. You can get most of the information you need with very little effort. However, even with this emphasis on user experience, some analytics users require additional assistance and guidance.
It’s with this in mind that many companies rely on support services that come with analytics platforms – as opposed to standalone platforms themselves. One major advantage of an analytics platform like SAS is that it has many partners around the world capable of both selling SAS software and facilitating services. As a company that offers comprehensive support services in this regard, we are one of the first organisations in Australia to obtain the Visualisation competency badge from SAS.
To accommodate the ever-changing landscape of data analytics, we are constantly developing new, efficient, and creative ways to improve the insights companies obtain through their SAS systems.
The analytics industry is evolving rapidly, both in terms of the data it can collect and the myriad of ways software can slice and dice this data to help you find actionable trends. This data is there for the taking and you can easily use it to optimise your business’ operations – especially with SAS. Additionally, keep in mind that your competitors are doing this too — so be sure not to get left behind.
Businesses, both large and small, can benefit from analytics. Whether you sell one product or a thousand, whether you’re a solo entrepreneur or a multinational conglomerate, the principles, techniques, and goals of analytics are the same — identify which business activities generate revenue, and use this to guide future decisions.
For more information on how you can supercharge your company’s impact through an effective and comprehensive data analytics platform, visit our site.