We are still in the early stages of advanced analytics. The elements of these systems have been under construction for decades, and now with the availability of ubiquitous data, cheap computing power, high-speed connectivity, and compelling user interfaces, the age of advanced analytics is about to flourish.

Consider, for example, the growing impact of the Internet of Things (IoT): small devices connected to the Internet with the ability to communicate data about the environment that they are in and the elements that they are monitoring. Think of the explosion of data as more and more devices become connected, not just cars and equipment but also healthcare monitoring devices, household appliances, clothing, and so on.

These devices, or “things,” are the end points in a network. One step up in the network is the IoT gateways: small, special-purpose computers that collect signals and information from the things. Each gateway, which...