IoT: Opening Up A Whole New World of Online Business Transformation

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Internet of Things (IoT) is a giant ecosystem of an invisible network of connected physical objects and people to the internet and to other objects which are accessible over the internet.
The IoT network of connected objects and people collect and share data in a defined format which further is used and/with/by the environment around them.

Why people should adopt IoT?

The existing scenario of IoT is as diverse as it grows – and at the same time,
this makes one thing stronger than ever: people should be at the center of this development. IoT is not only about connecting people and objects it’s also about empowering people to “use” IoT in order to achieve their respective goals in a digital way. People and objects should be connected and enabled significantly to offer great solutions for the ultimate end-customer satisfaction jointly and at the same time boosts the use of IoT.

Linking people & objects empowers companies to penetrate into new business lines and also offers entirely next level services to their customers. By evaluating data from customers’ connected objects/products, companies can collect valuable feedback on how their products or services can be actually improved. This is what the next-gen level of IoT experience is all about: Utilising IoT data to enhance products and services – along with the newest IoT security approaches.
Internet of Things (IoT) holds huge potential in helping everyone how to better engage and satisfy end-customers. But that potential still depends largely on our ability to process and act on the data we’re gathering in such a way that it is meaningful and positive for our customer base. End-customer satisfaction gives an added advantage to the data.
Today, companies can easily find out their customer’s dissatisfaction, if any and take
an action to improve it promptly. You can say the days of guessing about customer
satisfaction are officially over.
The data generated can be used to provide enhanced after-sales service or predictive
maintenance services. This data can also be analyzed to identify technical weaknesses or customer needs and helps to conceptualize and design the next product. The possibilities with IoT are just endless and will significantly boost customer satisfaction.

How Big The IoT Bubble Can Blow?

IoT is like present-day Darwin’s theory: companies can either crunch-in or crunch-out ineffective/productive product features, marketing campaigns, instructions—and even full set of products— in real time. Hence, your choice of either accepting or ignoring IoT as part of your customer satisfaction strategy plays a major role in making your company- the next Blockbuster.
Further, data allows you to contribute less time into ‘hunting for information’, and more time brainstorming on ‘how to use it’. The question is no longer, “Is this working?” Instead, it’s, “How can we make it work even better?”. As a player, if you incorporate IoT rapidly and smoothly then, not only you will be enabled to transform your business digitally, but also you will gain guaranteed end-customer trust and satisfaction.

Worldwide spending on the Internet of Things (IoT) is forecast to reach $772.5 billion in 2018, an increase of 14.6% over the $674 billion that will be spent in 2017. A new update to the International Data Corporation (IDC) Worldwide Semiannual Internet of Things Spending Guide forecasts worldwide IoT spending to sustain a compound annual growth rate (CAGR) of 14.4% through the 2017-2021 forecast period surpassing the $1 trillion mark in 2020 and reaching $1.1 trillion in 2021. (Ref: https://www.idc.com)

The core reason for IoT to gain so much momentum is that it allows you to track and monitor on-field product when it is with the end-customer. Here are five simple steps to make you an IoT-ready business which can wow your customers:
1. Determine the best use cases: Review and understand which products and services will benefit the most from IoT enablement.
2. Calculate the impact: Use existing data to study the financial impact of IoT on your products and services.
3. Conduct proof of concept: Implement IoT-based solutions to one product or a product-line to understand its impact on your business. Doing so will help you create a strong business case for an organization-wide IoT rollout.
4. Make a platform for customer data sharing: Ensures customer expectations are managed well, and they are informed in advance about the value they will get in exchange for sharing their personal data with you.
5. Create a strong IoT foundation: Assess your needs and build the foundation you require to manage the torrential inflow of data, to truly transform the post-purchase customer experience.

Conclusion:

The early-adopters will secure a strong competitive advantage, and win – the hearts of customers, a share of their wallets, and a greater chunk of the market.
Customers are not the only ones who will be benefited from a strong IoT strategy but also the data you gather will help you to create a clearer vision for your business, as well. IoT can help you build a digital ecosystem that is effective, organized, efficient, purposeful, with clear and significant goals that can truly accelerate your business.

-By Tina Dutts, GCR