Transforming Business Decision Making with

Internet of Things (IoT) and Machine Learning (ML)

Mahmood Asad Moh’d Ali Abu Bashar Mustafa Raza Rabbani
College of Business Administration School of Management, Department of Finance and Accounting,
University of Bahrain, IMS Unison University Kingdom University
Sukahir, Kingdom of Bahrain Dehradun, India Riffa, Kingdom of Bahrain
mamali@admin.uob.bh abu.bashars@gmail.com m.rabbani@ku.edu.bh

Yomna Abdulla
Economics and Finance Department
University of Bahrain
Sukahir, Kingdom of Bahrain
yahmed@uob.edu.bh

Abstract— Disruptive technologies like Internet of Things, Business decision making process involves identifying a
Machine learning, and Artificial Intelligence is gaining goal, getting the relevant information and evaluating them to
acceptance among businesses and individual as they realize its reach at right decision, the IoT based solution coupled with
potential for driving business opportunities and revenue machine learning algorithms are not only providing right
growth. IoT is the hot research topic worldwide but there is still insights but also alternative solutions of a problem based on
a lack of research on social, behavioral, economic and predefined business specifications [6], [9].
managerial aspects. Business owners really want to exploit
advantages of these technologies and get essential inferences on An IoT based business model describes that how an
their data, but they are not equipped with the right tools and organization is capturing data, using them for value creation
people to leverage it. This paper is dedicated to enumerating and and communicating these values to the customers, the
to present the recent challenges in adoption of these disruptive network of sensors, gateways and front-end systems (Like
technologies in business processes. We have presented an PC’s, Mobile) are outpacing the expectations of the
architectural model of IoT & ML based application that can be businesses [10], [11], [12].
integrated to various other enterprise applications for enabling
real time data analytics, visibility and decision making. Few Adoption of IoT based technology for business modelling
specific business applications of IoT & ML based applications in need proper design of network plan (with definition of bill of
industries like manufacturing, pharmaceutical, and hospitality quantity of the smart devices), data migration plan (if
have been discussed briefly. Finally, we have listed out the major required), detailed implementation plan, testing and training
challenges and probable solutions. The unique charactertics plan. BPM (Business Process Modelling) is an established
about present paper is that, it presents IoT as a disruptive methodology which can help in reducing the overall steps
information technology tool which can help in managerial required in adoption of IoT based business models [13], [14].
decision making.
This paper is intended to propose an IoT and ML based
Keywords—(Internet of Things) IoT, Machine Learning business model to be adopted by businesses to drive
(ML), Business Decision Making, Adoption, Predictive efficiency, revenue growth and overall profitability. This
Maintenance, Facility monitoring and Control. paper attempts to describe & highlight IoT based business
model and how it is differing from other business models. A
I. INTRODUCTION detailed discussion is made on the components of the model,
Business decision making has seen a paradigm shift with it describes about data capturing, aggregation of data,
the advent of disruptive technologies which leads to database requirements and integration with other enterprise
digitalization of almost each functions and process of an applications. An extensive review of related literature leads
organization. Virtualization together with SMAC (Social to the following questions.
media, Mobile, Analytics, Cloud) enabled businesses to a) How IoT based business model is different from the
access right set of information at right time for critical other business models?
business decision making [1], [2]. A research jointly
conducted with Oracle and Enterprise Strategy Group (ESG) b) How the various components of the models are being
found that firms which are embracing emerging technologies connected when implemented?
are achieving exceptional operational & financial c) What are the challenges in handling distributed big
efficiency[3]. Billions of smart devices are connected to data and integrating with enterprise application?
smart building, smart production, smart supply chain, smart The proposed model shall address the above questions
maintenance etc. which are generating enormous amount of with probable solutions. The remaining paper proceeds as
data, this worldwide network of connected devices is the follows; section two present IoT based business models and
Internet of Things (IoT) [4], [5]. The evolution and explosion review of the previous studies. Section three presents our IoT
of transducers & sensors gave birth to opportunities for new and ML based business model for transforming the business
business applications based on IoT technology, business can decision making. Section four discusses the applications of
use their data in plenty of ways to exploit better visibility and IoT and ML based application and sections five describe the
data intelligence to drive quick and right decision, reduce cost challenges posed to these models and finally we conclude and
and redesign services [6]–[8]. present the future scope of the study in section six.
 II. IOT AND ITS BASED BUSINESS MODELS – REVIEW OF
PREVIOUS WORK
Internet of Things (IoT) is also called as the internet of
everything or the industrial internet [15], is a new, innovative
and disruptive technology intended to connect global network
of machines and technological devices intended to interact
with each other for better informed and scientific business
decision making [15]. The industrial internet of things also
called as internet of everything that integrate wide range of
equipment and machines capable of interacting together and
transit data over wide network [16]. The data being collected
with the help of IoT is needed to be processed further with
machine learning algorithms to sense data and enable smart Fig 2: - Proposed Business model Using IoT & ML
business decision making in sectors like healthcare, urban learning the consumption trend and environmental conditions
computing, telecommunication etc. [17]. Internet of Things like temperature, humidity etc. Next generation dynamic
(IoT) is the network of interconnected devices which can supply chain could be managed and controlled in real time by
communicate and transfer data over internet without human IoT framework integrated with workflow modelling, which
interaction, it has dramatically changed the data strategy of enable dynamic and efficient intelligent data processing [24].
the businesses [18], [5]. With the help of enormous amount The design and development of an operational manufacturing
of data generated from wearable devices, sensors and other plant needs various sophisticated equipment to be connected
connected devices businesses can make vital business together, collection of data being generated and using these
decision, but data collection is only one part of the process, data to make real time decision for various production
the collected data must be processed in a systematic way to aspects, it can be achieved by incorporating IoT based
get real time data visibility for making quick informed framework to capture, collect and analyze critical data to
decisions. We can use the huge amount of data by control most important processes [25].
intelligently analyzing them through coupling Internet of
Things (IoT) with Machine Learning (ML), Machine learning III. OUR PROPOSED MODEL
algorithms are helping organizations to reduce & purge junk We proposed the following IoT & ML based model to be
data, learning pattern and enabling data based unbiased used in almost every sector of business with little
decision making [19], [19], [20]. customizations as per unique business operations to enable
There is a lack of research on IoT and ML based models smart decision making. Our model consists of four different
for making decisions and use of these technologies for components that must be followed in a sequence to get
managerial decision making. The most notable work is done maximum efficiency and Return on Investment (ROI). The
by the researchers such as [4], [15], [20] and [21]. Top
components are a) Connecting the devices and getting data
executives in large and medium organizations are relying on
business intelligence embedded dashboard of their ERP, Transmitted b) Collections of data by filtering and
CRM, SCM and other applications [16], these tools are quite aggregation c) Analysis using algorithms d) Visualization
helping them to visualize and make timely and correct and smart decision making.
decision, integrating these applications with IoT meshed The IoT based business model architecture as shown in figure
networks and processing the collected data thorough Machine 1 is depicting the interconnection of smart devices, processes,
Learning algorithms will help the organizations to keep an data analysis algorithms and data visualization that gives
eye on the nerve of the critical operations [22] and [17]. IoT organizations enormous flexibility to monitor and control
their business remotely just by a single click on either their
mobile phones or on any other thin client.

Our proposed model figure 2, is a user level diagram which

shows that how IoT & ML based applications can be used to
manage high volume, high velocity data an organization is
generating every moment, by analyzing these data in real time
the companies can harness the power IoT.

IoT connected devices continuously generates large amount

of data chunks that are time & location specific. Both
structured and unstructured data consisting of simple key
pairs or containing images/videos/audios are regularly
generated and their flow vary according to structural design
Fig 1: - Typical Schematic of IoT & ML based business architecture complexity of IoT sensor network framework. The storage
and processing of this huge and unstructured heterogenous
combined with ML techniques can be used in optimizing data generated by IoT posing a real challenge. The massive
water irrigation by getting the future soil moisture prediction volume of data IoT applications generates and consume may
in an integrated IoT framework [23]. For example, putting a be classified as Big Data.
sensor into oil tank will help to know the fluid level, Big data is generally characterized by four V’s a) Volume-
temperature & humidity which will trigger automatic re- Data volume generated b) Variety – Various forms and
ordering of oil and maintenance if required, it also helps in formats of data c) Velocity – Speed of data analysis d)
Veracity – Data reliability. Other researchers have added critical in nature so needed to be segregated. The data being
more dimensions of big data [26]. generated from IoT middleware and stored in the database
The analysis of these big data needs extensive data that will be used as input for aggregation and can be recalled
management and intelligent analytics tools to unable smart for processing. The aggregation component of IoT is
business decision making. One of the best way for intelligent summarizing the collected data according to define periods
processing of big data is to preprocess the data collected from and formats. The data collection component is typically helps
IoT networks, the smart sensors are logging only important in communication interface, data capture, data filtering,
data and does not include unwanted data that help in reducing creation of metadata and grouping of data according to
the overall volume of data. The preprocessed data from IoT predefined periods [31]. The data is presented in summarized
sensors node are then transmitted to gateways that further form with aggregation mechanism. The aggregation function
send it to analysis software nodes [27]. helps in reducing the volume of data by creating
The processed data is being stored to be used in various summarization of data and creates context such as location of
context of analysis, meta data is used for storing the data in a devices etc. The important data set being analyzed with
specified format and queried by the system whenever machine learning algorithms to present the top executives
required information. Meta data is using additional field and with real time analytics and enable them to make quicker and
references to put data in a context and speed up the analysis smarter decision. The raw data streams are chosen from the
process [28]. devices to process further, analysis patterns can be selected
from number of available well accepted use cases scenario
with the help of intimating user interface.
A. Device Connectivity
IoT applications needed to be integrated with enterprise
The devices like simple sensors, controllers, gateways or applications, it can be achieved by using semantic web
sophisticated programmable devices can be connected over services such as SAWSDL, XSLT, API (Application
on prem or cloud data base. IoT middleware is combining the Programming Interface) like SOAP and RESTfull services,
sensors, actuators, aggregators and other heterogeneous AI planning techniques using JSHOP2 tool and SDK
components with IoT environments. In IoT architecture (Software Development Kit) [32]. The analyzed data then
layers, the upper is directly interacting with the application routed to integrated applications like ERP, CRM, SCM etc.
layer that receives request queries and sends related to lead further intelligence and trigger business value. For
information to middle layer. The physical layer is example, a data pattern of inventory turnover will help the
communicating binary information to lower layer and control inventory module of ERP to automatically raise the purchase
them with physical devices. These devices are transmitting request, it will also give idea about the expected sales and
data as per predefined standards which are then being delivery schedule can be checked and capacity building can
integrated with powerful Machine Learning (ML) business be done [33], [34].
logic tools with support of standard prebuilt architecture and
native platforms. C. User interface, Dashboard and Alert centre
The security and access management are also being done here The preprocessed data must be analyzed and presented in
to make sure that data transmission is safe over network and forms of graphs, lines, charts etc. to quickly observe any
there is no offensive intruder to either steal or corrupt your inconsistency in the dataset. Several techniques for
valuable data. The devices are being configured via client dimension reduction, aggregation of attributes and data
libraries and gateway that provide bidirectional data flow mining are used to efficiently handle massive data analysis.
between devices and applications [8]. Several powerful & sophisticated tools like Plotty, Sisense
The absorption and processing of large volume of data in real are available for data visualization. These tools can be
time brings new challenges for database management system customized by programming in python, R, Java Script as per
for IoT enabled architectures for business processes, theses specific requirement of a firm[32]. There are some tools
data flow and processing is entirely different from the available for big data analytics like Power BI from Microsoft
enterprise system because of its volume and scheduled fixed and Oracle BI from Oracle that are being used by large
intervals [29]. organizations. These tools features outstanding capabilities
Database or set of database choice is critical to effectively such as drag & drop, large data integration, data mining,
manage IoT data and its typical requirements which is not learning curve etc. in real time[35].
always in line with the traditional database systems. Some of The user dash boards, and alert center are making
the most important database characteristics to be considered visualization of all the processes in real time on the go. These
for IoT data management are integration with enterprise dashboards can be drilled to the last line of function to
systems and analytics tools, big data absorption, flexibility of investigate about a process or service. For example, the
schema and cost. The distributed database system is generally monitoring of production facility will allow to see the
being deployed for IoT applications using local servers and productivity and health of each machinery being used in
scaled by adding more resources as and when required. IoT production. The prebuilt dashboards and Key Performance
database must be highly available and there must be any fault Indicators (KPI) allow the users to locate the critical
that may interrupt the operations [30]. operations as well as problem areas and take corrective
measure if there is any deviation from the standard. The alert
center helps the users to keep an eye on most critical
B. Data Capturing, filtering, Aggregation and Analytics
operation by getting automated alerts in forms of mobile
Varied nature of data is generated and being transmitted to SMS, voice call or e-mail alert which allows them to either
server either on premise or cloud, all these data may not be actuate it via automated programmed controllers or manually
[36]. C. Hospitality
D. Feedback Mechanism and Corrective Actions Hospitality industries has optimized their total cost of
operations and achieve excellent guest service. The IoT
The most critical part of this model is the feedback
enabled devices are tracking the behavior of the guest and
mechanism where the system is alerting the users about a
allowing the hotel representatives to design personalized &
machine which is going to breakdown, a service encounter
unique services to delight their guest. They can integrate
which need attention, unauthorized access in a restricted
guest mobile devices to IoT application from where the guest
zone, temperature or humidity is not in the favorable range.
can unlock their room and control all the utilities like TV,
etc. The users need to learn quickly about the problem and
AC, curtains, Lighting, music etc. The backend operations
instruct the program to take over and correct the process to
like boiler, chillers, gas detections, air quality etc. can be
fix the issues. The machine learning algorithm is presenting
sensed and controlled accordingly. These inputs and analytics
with alternatives to choose from, it gives both the probable
are allowing hotel authorities to make quick decision to
reason of a problem and possible solution set to select from.
assure that guest is getting seamless experience while they
The users will correct the process by choosing the best
stay, and total cost of operation is optimized.
alternative which will help them in reducing cost and reaping
maximum benefits & efficiency [24]. D. Financial sector
Based on a recent report conducted by MarketsandMarkets
IV. BUSINESS APPLICATIONS OF IOT AND ML BASED (2020), the size of IoT in financial industry is predicted to be
$2.03Billion by 2023. Similar to other sectors, the financial
APPLICATIONS
sector can have utilized IoT in several ways. For instance, it
can allow financial institutions to provide customer-driven
Some of the major IoT based systems are deployed for services by collecting a lot of information that can help to
predicting natural disaster, water distribution & scarcity better identify the customers’ needs. Furthermore, risk
monitoring, smart home, smart cities, intelligent transport assessment can be enhanced by utilizing IoT in know your
system, agricultural applications and medical applications. customer (KYC) procedures, managing credit risk as well as
The following are some of the use cases in various business handling the requirements of AML compliance to fraud
verticals. We have limited ourselves to describe the user layer prevention. There is also a new trend in financial sector
discussion and its business applications perspective. known as Internet of (Things) Payments which involves the
A. Manufacturing starting and processing of payments through IoT objects. It is
expected that this trend will cause a revolution in the financial
With industry 4.0, robotics and autonomous manufacturing
sector [37], [38].
and proliferation of IoT & ML based applications the
manufacturing industry can utilize IoT to remotely find out V. CHALLENGES IN ADOPTION OF IOT & ML BASED
that whether the machine is running properly, predictive APPLICATIONS
maintenance (getting critical data from machines to predict
There are plenty of advantages of these applications like real
the failure of a component or entire assembly) that can be
time monitoring, agility, enhanced productivity, better
done by comparing the collected information from the actual
customer understanding and cost saving, but still there are
performance and indicate the type, intensity and time of
several challenges that needed to be addressed while adopting
maintenance required. It will help the production, sales,
IoT & ML based applications for improving business
distribution and procurement manager to carefully decide
efficiency & profitability. The following are the major
about their respective operations efficiently.
challenges
B. Pharmaceutical
IoT has opened plenty of avenues for pharmaceutical industry A. Technological Complexities
to exploit it advantages and achieve innovation-based
efficiency. Almost all complex equipment like pressure The IoT based business models is having technological
gauges, pumps & vacuum equipment, material handling complexities due to integration with other systems (ERP,
equipment and production facilities can be monitored to SCM, CRM etc.) and IoT layers of software, hardware,
assure that they are fit to run scheduled productions. They networks and protocols. Each stakeholder needs to align
have a better look on their supply chain mechanism by close according to the value proposition they add to the overall
monitoring and control through production & distribution business model. Thus, each actor of IoT ecosystem need to
cycles, more personalized & effective treatment by using play their role, and processes should be standardized to
patient monitoring devices and wearables that gives remote minimize the complexity [39].
alert and notifications to all stakeholders like caretaker, B. Network & Data Security
doctors and nurses. The laboratories where specific
This is one of most challenging issue in the adoption of the
temperature, pressure and humidity must be maintained, it
IoT & ML based applications, the IoT devices are most
can be assured by IoT based applications, the data can be
vulnerable to cyber security crime because these devices are
sensed and sent to the concerns and they can make corrective
being configured once and there is no patches afterwards, it
measures, the automation can also be done depending upon
can be solved by patching the IoT sensors & devices in the
the importance and criticality of operation.
same way as we do for our PC’s and smart phones [40], [41].
C. Compatibility Issues upgrading new firmware and middleware updates rather it
Compatibility issues with underlying machinery and can accommodate these updates and upgrades without
technology is increasing day by day with increased number changing the core ICs [47].
of device manufacturers and suppliers. For example,
VI. CONCLUSION AND FUTURE RESEARCH DIRECTIONS
Bluetooth was the standard in home automation IoT but now
with the advent of mesh network it is no longer compatible, We have discussed about the possibility of adopting
new terms have been coined like zee wave, Zigbee wave. disruptive technology and its probable outcomes. We
There is a need of standardization to come over this serious proposed a user-based model for the operations of a business
issue of compatibility [42], [43]. using IoT & ML based applications. IoT & ML based
applications are promising with infinite potential of
Integration with Legacy Applications
innovation to change the way we live, conduct businesses,
IoT devices are streaming data from various parts of the
spent our leisure time. We notice that IoT based business
enterprises and each data streams are having different models are differing in various ways from other models
structure and utility. Integrating with legacy systems like because it deals with complex network of things and
ERP, CRM, SCM etc. need specific API’s to migrate data in distributed big data.
a specific table structure. Most of the time it is difficult to
automate two-way data transmission because of unmatching The IoT framework and connectivity of middleware
field in the data bases of various sensors and enterprise and other layers are challenging and needed to be
applications. For this specific API’s needed to be on the place standardized for better adoption. The database requirement
to enable integration, data flow, analytics, reporting, for absorbing and processing the massive data is also
challenging in embracing IoT based models. Integrating the
compliance and decision making.
IoT solution with other enterprise wide applications software
D. Bandwidth needs specific tools & skills to get desired data formats that
Connectivity might be a critical challenge in the adoption of can help in quick & intelligent decision making.
IoT & ML based applications because of the proliferation of Also, all the stakeholder’s of IoT economy such as
IoT devices & controllers, these devices are being connected tech developers, supplier & distributors, governments and
to a single server which authenticate and control traffic over consumers need to be on the same level to embrace the
IoT network. Sometimes, it becomes difficult for the servers technology and exploit the advantages and to overcome
to bear these loads mostly in the case where camera various challenges.
integration and video streaming are required. The best We have enumerated few major challenges like
solution for this might be using the mobile network security, compatibility, integration, network power
portability as and when required to manage load and divert consumption, data interoperability and customer expectations
traffic accordingly [44]. that this industry is facing and suggested its probable
E. Customer Expectations solution.
Managing customer expectations is another key area to be This study is limited to the secondary source, the
considered seriously in the adoption of IoT & ML based proposed model is a generalized one and not intending to
applications and proper strategies are needed to be designed, specify a particular sector or process. It focusses more on
to communicate, attract, persuade, transact and keep them business applications of the model, challenges in doing so and
loyal. Everyday new players are entering into competition its applicability in business decision making.
wagon wheel and promising innovation, customer love to The future research should be focused in designing
have thrilling and seamless experience so can switch any more secure, flexible and agile models that can be embraced
moment to best solution available. So, the marketers need to by the businesses. The current model can be tested
be attentive in gaining both customer and market nerve to empirically and performance analysis may lead to adjustment
keep overall control on their business operations [45]. in the model. Another important research may be performed
in designing more robust data collection and aggregation
F. Green IoT system.
With increasing number of connected devices and network
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