The Internet of Things (IoT) presents an opportunity to collect real-time information about every physical operation of a business. From the temperature of equipment to the performance of a fleet of wind turbines, IoT sensors can deliver this information in real time. There is tremendous opportunity for those businesses that can convert raw IoT data into business insights, and the key to doing so lies within effective data analytics.
To research the current state of IoT analytics, Blue Hill Research conducted deep qualitative interviews with three organizations that invested significant time and resources into their own IoT analytics initiatives. By distilling key themes and lessons learned from peer organizations, Blue Hill Research offers our analysis so that business decision makers can ultimately make informed investment decisions about the future of their IoT analytics projects.
“Vestas is a global market leader in manufacturing and servicing wind turbines,” explains Sven Jesper Knudsen, Ph.D., senior data scientist. “Turbines provide a lot of data, and we analyze that data, adapt to changing needs, and work to create a best-in-class wind energy solution that provides the lowest cost of energy.
“To stay ahead, we have created huge stacks of technologies—massive amounts of data storage and technologies to transform data with analytics. That comes at a cost. It requires maintenance and highly skilled personnel, and we simply couldn’t keep up. The market had matured, and to stay ahead we needed a new platform.
“If we couldn’t deliver on time, we would let users and the whole business down, and start to lose a lot of money on service. For example, if we couldn’t deliver a risk report on time, decisions would be made without actually understanding the risk landscape.
Globally, the demand for power is increasing, driven by a growing population, mass urbanisation, and rapid industrialisation of nations like China and India. The consequence for those in the business of power generation, transmission and distribution is a need to achieve greater productivity and reliability, in a challenging climate of stricter environmental targets, severe penalties for supply interruptions, tighter budgets and tougher operating conditions.
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