Analytics for the Internet of Things (IoT)

Summary

In this chapter, we discussed the economics of cloud computing and open source software. We reviewed cost considerations for IoT analytics and how to think about revenue opportunities. We also covered ways to think about an IoT analytics business case.

The economics of predictive maintenance was discussed as an example of how to view the costs and benefits of an applied IoT analytics ML model. An example framework for calculating the cost benefit was presented along with some R code, demonstrating how to generate a cost curve based on the ML model.