It seems like every quarter a new McKinsey report predicts that this will be the year trillions of dollars of IoT potential is unlocked. But while the amount of data IoT produces has skyrocketed, we’re still waiting for that return on investment. The good news is, the reports aren’t wrong. Actionable data can, in fact, enable data scientists to accelerate business growth.
The bad news is, businesses haven’t had access to the right tools to make their data actionable. In fact, examples indicate just 1 percent of operational data is being used in enterprises. The primary exhaust of IoT devices is time series data, i.e. sequential events indexed by time. Working with time series data is tricky. Whether it’s information coming from a machine on a factory floor or the trunk of a self-driving car, events occur in uneven intervals, different sized windows and formats that vary across datasets.
Author: Rohit Gupta