A much-touted benefit of adding sensors to products and connecting them to the internet is the ability to capture everything that is going on with your products. Knowing this information in detail is useful, and it drives companies to start collecting and storing different types of data.
In the beginning, it became evident there was so much information that the analytical tools everyone used for decades no longer worked. That is when a new buzzword — Big Data — and a new approach to analytics were invented. The method uses analytical algorithms to answer four critical questions about the products the data comes from.