A report has revealed data analytics will become a core competency as the internet of things (IoT) becomes more widely adopted in business.
8% of enterprises that have embarked on IoT projects have monetised more than a quarter of the data generated by these projects.
The findings suggest that businesses have barely scratched the surface as far as the effects that the IoT will have on the world of data analytics goes.
The report was produced by Oxford Economics on behalf of US network operator Verizon and claimed the IoT was on the verge of going mainstream.
The report found that monetising the data generated by the IoT would be the principle driver for enterprises and small businesses this year.
More than 50% of businesses expect to use more than 25% of their data by 2018-19 with data analytics being on the verge of evolving from a data collection to a more sophisticated model of predictive and prescriptive analysis.
The report also discovered a number of other trends pushing the IoT into the mainstream. By the end of the decade the report predicted the average person in the street will experience a much higher level of automation in their day-to-day life thanks to the ability to engage with the IoT.
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