Decisions that give power
The artificial intelligence component of the API allows systems to analyze and understand complex data sets, providing insights and predictive analytics that can inform strategic decision-making. AI is a great way to combat big data, a problem that affects 95% of businesses .
Big data is a problem that has plagued businesses since the advent of Web 2.0. But apps and endless social media feeds are just the beginning. The Internet of Things (IoT) is about to open a new set of data floodgates.
The IoT places a sensor on physical goods, collecting thousands of data points on refrigerators, trucks, and even Brita water filters. In 2012, the internet’s gatekeepers opened up 340 billion new IP addresses—enough for every grain of sand on the planet to have one, and enough for every star life insurance email list in the known universe to have one. But in practical terms, the move has allowed innovators to embed everything from smart washing machines and thermostats to information superhighways.
As Harvard Business Review predicted in 2014, IoT will force organizations to reexamine their core offerings , leading them to ask themselves: “What is our real business?” Every company, regardless of industry or market, is now a data company.
A 2020 acquisition by yoga pants giant Lululemon underscores this shift. The retailer snapped up Mirror, an interactive device that guides users through workouts, while Lululemon walked away with a treasure trove of insights into consumers’ fitness habits. Similarly, Amazon’s acquisition of Roomba surprised outside observers. But if you look through the lens of IoT, you’ll see the benefits of mapping the layout of millions of homes.
As businesses collect more and more IoT data on consumer habits, manual analysis will become unmanageable. This is where API comes in, and it will play an infinite role in IoT.
The API will integrate into automated workflows to provide valuable insights in finance, marketing, accounting, and more. In transportation, AI can reroute a fleet of trucks in poor traffic or weather conditions. Internet-connected accelerometers and gyroscopes flag erratic drivers who need to be pulled aside for retraining.