“Companies didn’t have the skills, resources, or appetites to build a big data ingestion platform,” says Frederic Bastien, CEO at mnubo. “The main problem is that companies don’t know where to start. If we wanted the IoT to be billions of devices, we needed to lower the barrier of entry for transforming data. At the end of the day, it is all about what value you derive from your sensor data.”
mnubo was the answer to a major challenge that many companies didn’t know they had—how to extract and interpret actionable insights from connected object data.
Take for instance, the example of a company deploying their first batch of smartwatches. The company has successfully designed and manufactured their connected product, but failed to understand product performance and user engagement—factors leading to the retention or churn of a product. With an average churn rate of three months for consumer products, engagement is important for avoiding attrition. By correlating user behavior and product performance with actual churn, managers can pinpoint behavioral triggers that lead to attrition and make targeted recommendations to increase upsell opportunities.
We are going towards a world where everything is connected; businesses capable of harnessing machine learning and AI technologies to digest and transform IoT data into actionable insights will lead the market
mnubo stays on top of evolving trends. IoT analytics help companies take billions of data points and boil them down to what’s really meaningful. “We are going towards a world where everything is connected; businesses capable of harnessing machine learning and AI technologies to digest and transform IoT data into actionable insights will lead the market,” says Bastien. IoT analytics review and analyze data to find patterns or similarities that can be learned from, so that better decisions can be made. mnubo’s SmartObjects solution has easy-to-use APIs, existing integrations and a suite of turnkey insights libraries. They also take care of the background work so companies don’t have to worry about preparing raw data, aggregation, data enrichment and indexing.
As for the next big step, Bastien says mnubo is building partnerships with companies that provide connectivity and application layers. They are also expanding geographically to Japan, Sweden, and Switzerland. The company is tackling a new wave of connectivity head on in with its purpose-built IoT solution.