Smarter ways to leverage analytics tools and technologies
Cloud analytics, artificial intelligence, mobility, analytics outsourcing and the “Internet of Things” hold vast potential to help all kinds of asset intensive enterprises improve the value of their data assets with analytics.
These five emerging trends are exerting a powerful influence on the evolution of analytics technologies and practices. Some are already having an impact here at Oniqua, both on our business and on our customers’ businesses.
Here’s a glimpse of the five hottest analytics technology trends happening now:
- Cloud analytics – The trend away from complicated, costly “on premise” implementations of enterprise software is picking up speed. In fact, most or our customers across the globe have already embraced the convenience and reliability of Oniqua’s cloud based MRO analytics. As one Oniqua customer put it, “Isn’t everyone on the cloud?” Today’s cloud solutions deliver cost-effective performance with security and convenience.
- Artificial intelligence (A/I) – All eyes are on new developments in artificial intelligence (A/I), the science and engineering of making intelligent computer programs or machines. Sometimes referred to as machine learning, A/I was originally developed to enable computers to learn. A/I algorithms span several branches of computer science and mathematics including: pattern recognition, predictive modeling, heuristics, inference, and data analytics. Today, the technology is based on a number of advanced mathematical methods for optimization, regression and classification and finds application in a variety of fields, from gaming to speech recognition, expert systems, heuristic classification and medical diagnostics. The convergence of AI and business analytics promises to model intelligent decision processes and further extend the scope of analytics into structured and unstructured information, human behavioral patterns, and interactive learning of knowledge. A/I has the potential to help organizations answer today’s data analytics challenges and create more value from their data assets.
- Mobility – MRO is going mobile these days. More and more MRO professionals can securely share information on mobile devices like tablets and smart phones. Getting the most from mobility requires a well thought out strategy and plan. But for many asset intensive enterprises, mobile solutions are already boosting MRO efficiency, asset performance and ROI.
- Outsourced analysts – In their recent MIT Sloan Business Review article Should You Outsource Analytics? authors David Fogarty and Peter C. Bell discuss the pros and cons of this emerging trend. Outsourcing gives your team easy access to elite level expertise, extends your resources, and helps users better understand how they can leverage technology to drive ROI. But the surge of interest in big data is creating growing demand for analytics teams. As in any strategic partnership, getting the full benefit of outsourcing analytics requires a carefully constructed relationship.
- The “Internet of Things” – You’ve probably heard the hype around the Internet of things (IoT), I’ve even seen it referred to somewhere as “the last computing frontier”. If you’re not yet familiar with this trend, Whatis.com describes IoT as “a scenario in which objects, animals or people are provided with unique identifiers and the ability to automatically transfer data over a network without requiring human-to-human or human-to-computer interaction.” According to a recent BI Intelligence Report, it is predicted that by 2018 the number of IoT devices will equal the number of smartphones, smart TVs, tablets, wearable computers and PCs combined. Its ultimate impact on asset intensive industries remains to be seen, but we are currently seeing quite an uptake in wireless sensor technologies across Utilities, Mining and Oil & Gas within the context of asset performance management and maintenance strategies. As more and more data is generated by the IoT, particularly as it relates to field assets, an attendant need for analytics will certainly track closely behind.
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