By making devices smarter, the Internet of Things has improved how users interact with everything – in both the enterprise and the consumer worlds.
Digital technology has become the dominant source of engagement, which has required businesses to focus more on their customer experience strategy. Some companies have already embraced Internet of Things (IoT) technology to enhance connectivity of their devices with their targeted audiences. In fact, a Gartner research report anticipates that 8.4 billion connected things will be in use worldwide in 2017 and will reach 20.4 billion by 2020.
The IoT has helped businesses create personalized experiences that are accessible over all devices at their convenience. This concept has a significant impact on how work is done in an organization and facilitates business leaders to deliver smart marketing solutions. Looking at the growing speed of IoT technology and the number enterprises that still haven’t implemented, it’s a good time to look at five ways the IoT can benefit your business.
1. Smart Data Access
Data is an essential part of any business. Without data, it’s impossible for the business to unmask the variability and optimize its performance. So, whenever there is a customer interaction his/her data is stored in the company’s database.
With the help of IoT connectivity, a business can enhance its reach by creating multiple advanced techniques to interact with their customers. Which means more access to consumer data. Consumer behavior like their shopping style, their interest, are easily traced and recorded by IoT-connected devices. That’s not all: It can absorb and memorize from the customer’s activities and start sending them recommendations. Therefore, real-time and near-real-time access to data provides business with the opportunities to market their product by targeting the correct audience efficiently.
2. Smart Checklist
How enterprises approach work has been transformed by the IoT. Keeping a track of inventory has been a daunting task. Now product management is more manageable. IoT has served a huge comfort to the employees to manage the company’s checklist and keep it on track.
For example, in a departmental store if there is a shortage of any items or if any item is going to expire, smart tech will send a notification to the store manager. Once the store manager received the notification the information will be sent to their warehouses and then stock delivered to the store quickly. This will help the store to run smoothly without running out of any items. In the coming years, IoT-connected devices will cut down the manual work by making all the inventory management process fully automatic. This will help employees to focus more on priority and important task.
3. Smart Machinery Communication
In the consumer world, IoT-enabled refrigerators are built with sensors that remind you to get groceries while coming back home from the office. Similarly, manufacturers can optimize their machine task without being physically present in the location. It saves a lot of time and cost as most of the work is automated.
It has also unlocked new opportunities for remote workers by networking machinery. Employees are now able to connect and perform their tasks in a remote location by monitoring the devices from other parts of the world. This helped businesses to increase the engagement with delightful employee experience and boost the company’s productivity.
4. Smart Purchase
With the enormous amount of IoT devices available in the market today, customers have unlimited means of shopping. Customers no longer need to type the exact and complete words to find a product. IoT offers a smart way of purchasing and exploring products just by speaking few phrases, and they will be able to spot what they were looking for and place an order immediately.
Emerging technology has prompted competition among the sellers whose delivery system is faster and who is going to build customer loyalty. IoT gives smart access to the consumers’ data this help them to customize their order and delivery the exact product and serve faster than ever before.
5. Smart Optimization
It’s not always about how fast the work is done. It’s about doing more in less time. IoT-connected data helps an organization to manage extensive businesses quickly with a significant amount of accuracy. Integrating IoT concepts into business processes will refine the operations while optimizing the complete internal activities.
For example, Uber introduced a user-friendly app that connects the rider. The app help drivers find an alternate route in case of huge traffic jam. How it’s benefiting Uber as a business? IoT smart connectivity tracked the demand and based on the demand the prices are adjusted and so the supply of drivers.
That’s only one example of how IoT technology is going to take the future of business to the next level by customizing and providing a personalized use experience.