Data Science and Big Data, in order to be useful for the real world, must get down to the individual level be it a customer, patient, student, physician, coach, technician or any other. Application of data science to the growing tendency of human purchase, social engagement and interaction data allow organisations to trace consumer patterns, buying psychology, interests, affiliation and relationships. All of this is condensed into “The Power of One”, driving the business monetisation prospects.
Analytic profiles deliver a frame for bagging individual’s behaviours and inclination which refine and share these digital valuables across multiple corporate and operational use cases.
What’s more interesting is the fact that these particular behavioural patterns aren’t developed only by humans. Automobiles, construction and manufacturing machinery, power generation units, healthcare and medical equipment along with many other “things” also take on these unique tendencies which is the core concept of “digital twins”. Another fine example is of a 100% PCI compliant data centre which executes its operations and digitalise them per the latest technology.
About “Digital Twins”
Digital representation of industrial assets and procedures allowing corporations to better comprehend and envision performance as well as outcome of the things, identify profitable opportunities and optimise business operations; all refers to the “Digital Twin”.GE promoted the concept of “Digital Twins” to apprehend detailed history of the assets from design and prototype to maintenance and retirement/salvage. All can be quarried to provide practical insights of the product’s operations and necessary repairs.
Gartner selected “Digital Twins” as 2018’s top 10 strategic technology trends. Here’s an excerpt from the report:
“In time, digital representations of almost every aspect and fragment of our world will be connected dynamically with its actual counterpart, integrated with AI capabilities to facilitate advanced simulation, operations and analysis. Healthcare professionals, digital marketers, city and industrial planners, all can benefit when shifting to the integrated digital twin world”.
Digital Twins supports the organisational frame for Artificial Intelligence and development of smart/intelligent apps and things.
Just as Analytic Profiles complements to a 360-degree representation if customers with the capability to monitor their consumer patterns, relationships and behaviors, Digital Twin goes beyond the demographic and performance data of a device. To fully profit from the Digital Twin concept, it’s important to look at similar performance and behaviors, leading to authoritative actions.
One of the key analytics to perform on “things” is determining how specific devices can perform equal to the similar equipment. This is the basic concept of Cohort Analysis.
About “Cohort Analysis”
The very word “cohort” refers to a group of individuals who formed an alliance for a particular time period;that is unless the unified goal has been achieved.
“Cohort Analysis” is a subdivision of human behavioural analytics which considers purchase and interactive data rather than just the performance at collective level. It classifies the performance assessment into an interrelated group of individuals.
The procedure allows a company or even a PCI compliant data centre to monitor style and pattern of the group over a certain lifecycle. This data is then quantified through which a company can adjust and tailor its services per the unique requisites of these particular cohorts.
“Cohort Analysis” can collaborate with classification and clustered filtering to predict product needs of a group and its intent to buy or any other particular action that might be taken by consumers. Besides humans, cohort analysis also works for a bunch of assets allowing companies to understand trends of similar devices in time. The data is them optimised for maintenance, upgrades and End of the Line (EOL) decisions.
The ability to benchmark performance and operations of a device against likewise group or a bunch of similar devices to deliver effective benefits in the following areas:
- Predictive maintenance
- MRO and inventory management
- Optimisation of device performance, repairs schedule, network and supply chain
- Reduction of Obsolete and Excessive (O&E) inventory
That said, almost any analytics that can be performed on humans also coincide for the things or assets for better understanding and collaboration.