Gartner forecasts 25 billion connected things will be in use by 2020. And most of it will be accounted by IoT adoption in enterprises. The Internet of Things (IoT) is swiftly taking the centerstage driving transformation and disrupting the way we live and work. The convergence of social, mobile, cloud and analytics propelled by IoT is threatening many enterprises, across sectors, forcing them to adapt to new ways to stay alive in the competition. It’s no longer a choice but a necessity for enterprises to embrace IoT and leverage it as a transformative force to drive change, be at the forefront of innovation and gain excellence. Here are 5 ways IoT will help businesses:
IoT in enterprises will facilitate smoother, intelligent and efficient operations leveraging data. Businesses will be able to make decisions on-the-go based on real-time data. For example, high-street retailers would be equipped with data on supply & sales of their products helping them to adjust prices accordingly. Supply chain would be able to better bridge the gap between the warehouse and selves through real-time tracking of goods.
Redefining Customer Experience
The Internet of Things will help enterprises to quickly understand and instantly respond to the needs of their customers. It will help them build processes that accentuate customer experience and create value for them. Automobile manufacturers can leverage IoT to improve driving experience by providing information on driving history, maintenance, boosting car efficiency etc.
With IoT, enterprises would be able to gather and process volumes of data to gain deep insights and leverage it in gaining new efficiencies and boosting productivity. Instant data boosted with machine learning platforms will help businesses across the value chain. For example, with connected sensors across the value chain and with each sensor reporting its state via data, enterprises will not only be able to detect and control defects and maintenance but would also be able to do predictive and relational analysis.
With more data in the hands of marketers, IoT will usher in a new paradigm in precision marketing. Big Data will enable more granular segmentation of customers, Analytics will bring deep insights into habits, behavior, shopping history of client helping advertisers to cut out hypothesis and run data-driven campaigns. The availability of previously unavailable data and the infrastructure where machines interact to each other will blur the lines between online and physical businesses. For example, high-street retailers will be able to push notifications, recommend products and upsell & cross sell just like e-retailers.
Enterprises adopting IoT till now are just plucking the low lying fruits. The possibilities with Internet of Things is endless and soon we will see businesses getting bolder in its application. IoT will enable innovation in enterprises with businesses creating new products & services, improvise on their existing offerings, reimagining the revenue streams and exploring new opportunities in business. For example, logistics providers in future may have a wider range of offerings engulfing the most, if not all of the supply chain activities.
Internet of Things : Building a Connected Enterprise – an ebook by [x]cube LABS provides a deep dive into application of IoT in enterprise, the challenges involved, explores solutions and identifies key steps to success in building a connected enterprise. Download the Ebook.