The large-scale adoption of the Internet of Things (IoT) by businesses is producing more data and metrics than ever before. California-based analytics software company FICO is hoping to give meaning to the seemingly endless stream of data with its new data management integration platform (DMIP).
“The Internet of Things will produce an astounding mass of data, but there is no value in that data until data-processing technology and analytics are ready to take on the challenge in real time,” said Doug Clare, vice-president of product management at FICO. “That’s where streaming analytics and real-time data processing come in.”
The IoT is an emerging trend in the Canadian marketplace as it continues to expand and grow. By 2018, spending for IoT in Canada is expected to reach $6.5 billion, according to IDC Canada. Clare explained that the true value of the IoT will “come from the decisions that are enabled through the analytics and software that stand behind (connected devices).”
With the launch of the DMIP, FICO hopes to help businesses working with big data manage the stream of information and bring insight and analytics to the real-time decision point.
“The right analytics software can collect, filter, (aggregate, batch and stream) data from hundreds of sources and analyze it on the fly,” said Clare. “(This provides) applications with greater agility and responsiveness to deliver the highest-impact decision when and where it matters.”
According to FICO, their DMIP will enable self-learning analytics to respond to changing circumstances, such as, markets, weather and consumer demand. This capability could prove to be an important asset to businesses as the IoT continues to gain significance in various marketplaces.
