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What is Internet of Things (IoT)?

The internet connectivity these days is typically limited to traditional devices such as desktop and laptop computers, smartphones and tablets. The Internet of Things (IoT) extends this connectivity to a wide array of devices and everyday things that boast embedded technology.

Gartner says, “The IoT is the network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or with an external environment.”

WhatIS.com Definition: “The Internet of Things (IoT) is a scenario in which objects, animals or people are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.”

Continue reading How Businesses Can Leverage IoT

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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The rise of technology, communications and mobile devices has transformed customer experience from human to human interaction to human to machine interaction. The digital customer is empowered more than ever and is willing to switch-over to other service providers to get superior experience.

Businesses that are going digital or expanding rapidly will lose the personal touch as they cannot physically interact with every customer, but on the brighter side they store every interaction of the customer. This treasured customer data can be analyzed to better understand the customer and provide expected experience.

Continue reading Use data to become customer-centric

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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Przyklenk, senior manager, digital insights, for TDBank Group talks on why relevant data should be used for marketing rather than big data.

“You don’t need a lot of data to make decisions, just the right data” says Przyklenk.

TDBank Group, the second largest financial institution in Canada, began re-evaluating their customer data when branch traffic declined without a significant increase in digital transactions. Przyklenk talks about the challenges referred to 5 S’s the bank is facing while data analysis.

  • Siloed: multiple systems for different lines of business to connect to customers
  • Structured: several layers of data ownership, governance and access levels, requires vast institutional knowledge
  • Super-expensive: internal cost structures including chargeback models for processing time and bandwidth
  • Strange: systems are older than the analysts using them and the information generated is difficult to understand
  • Speed: financial institution mainframes offer faster processing speed but without structured data analysis cannot be effective.

A huge amount of unstructured data from multiple sources is dirty and data analytics cannot make sense of it. Prospects and customers expect personalized and relevant offers based on behavioral and relationship data, which cannot be achieved with the above challenges.

Przyklenk said among customer data collection and analysis, enterprise should invest in centralized data warehouse, data management platform and customer journey mapping.

Centralized data warehouse will consolidate all the customer data which in turn will help marketers spend more time on launching campaigns rather than consolidating data. This consolidated warehouse can also be integrated with other applications like CRM to make customer data available to all stakeholders. A data management platform and customer journey mapping will provide a single customer relationship across different lines of business with a personalized communication. Finally these changes in an organization will provide a 360 degree view of your customer.

 

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In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

More Posts - Website

Read more