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Analytics and reporting are two of the most potent tools that allow us today to be accurate in our approach towards any decision or transaction that can result in a major shift in sustainability and profitability, no matter what the scale. The effects of analytics and reporting are now being amplified several folds by UX across industries.
A big role in empowering the role of UX in reporting is that of IoT. IoT has enabled a streamlined, efficient and sustainable system that can allow for data to be collected in real time and leverage the time savings for faster, more accurate analytics.
Analytics and Reporting for Business
Why analytics is one of the key aspects in keeping a business agile and growing, is no secret. The right brand of analytics can enable big data processing in a manner that it makes a behemoth of data processing look like minor calculations. Analytics allows companies to inculcate a culture of smart decision making and aids it with data visualization. Safe to say, that Analytics in itself is a tool for UX.
So far companies have used outdated and error-ridden methods for reporting data and processing it. Manual data reporting and the shortcomings of the process have cost big organizations millions till date but with the new age of IoT enabled reporting processes the costs of data collection have never been lower.
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How UX amplifies the benefits of Reporting and Analytics
IoT has undoubtedly worked wonders for the field of analytics but if not employed correctly, it can also drown an organization into piles of irrelevant data and cause severe functionality issues. A Parstream report on Big Data and Analytics, states that 94% of the IoT employing companies say that they face challenges in collecting and analyzing data. The reason for this is poor coordination between the operational expertise and information technology expertise. Additionally, the data that is collected and processed has to be comprehensible by the decision makers in order for the data to have any real value.
UX tackles these complications by ensuring that the process is user-focused. In terms of reporting, the IoT devices are calibrated for user convenience as opposed to IT convenience. This ensures that there are no on-site impediments, and the data collection is unobstructed. With Analytics, however, as the user changes, the focus of UX shifts to data visualization as the objective of analytics is to aid decision-making processes in the organization.
In many organizations, this process has been riddled with errors owing to the issues of scalability, but that hurdle too is conquered by cloud services. Effective machine learning and cloud services now offer unlimited scalability to any organization.
Role of IoT in UXifying analytics
According to the report by Parstream, 53% of the businesses that use IoT, employ it to optimize their existing business processes and 47% of businesses perceive it as a strategic business investment. The reason being, that the big data and IoT combo, is the new sought-after business combo. IoT is being employed to optimize business processes all over the world with various successful tests and results.
To cite an example, Microsoft, in partnership with Fujitsu has been working on a project called ‘Connected Cow’. This project uses ‘Fitbit for cows’ in order to determine the optimum mating period for female cows. The project has resulted in an impressive 95% accuracy rate.
IoT can be and is being used in several other practices which amplify the speed and accuracy of data generation.
A compelling example of IoT aiding the UX process on a large scale is the way oil companies are employing IoT for analytics.
With the combination of IoT, machine learning, and the cloud, these companies are exemplifying efficiency as they respond to safety issues and on-site activities in real time. Oil companies are now employing what they call ‘predictive maintenance’ for avoiding any mishaps or breakdowns. This is possible due to the data being collected and processed in real time with IoT devices on every possible site.
Analytics and reporting practices have been radically updated in the past decade and one of the driving forces behind the same has been UX. UX has introduced a new realm of possibilities in terms of streamlining the process and making it more accurate. Another example of this is the healthcare industry. Healthcare is one of the most rapidly evolving sectors around the globe and it keeps up with the pace of technology around it. Healthcare has effortlessly integrated the use of IoT devices for data collection as well as patient interaction. This has helped various organizations reduce costs, improve the accuracy of data, better hygiene practices, and real-time assistance.
IoT, machine learning, and cloud are the three pillars on which analytics is thriving today. With real-time information generation and processing, the possibilities of scaling now seem endless. The bigger the scale, the more accurate the process needs to be, and in that endeavor, UX is the best bet for Reporting and Analytics.