The first two waves of internet created companies like Google, Yahoo, Facebook, Twitter etc and gave growth opportunities to established companies like Microsoft, Apple, Samsung, IBM etc. This next wave of internet of things will also give rise to new companies while providing growth opportunities to existing brands
Internet of things connects people, processes, data, and things (devices & systems) to create new revenue streams, stand out of the competition, and deliver better experiences. Devices and systems start communicating with each other in the background to provide enterprises a better insight into the customers, streamline their operations, and offer relevant products, solutions, and services.
Today, in this hyper-connected world customers tend to switch between service providers to get personalized offerings. Businesses should engage more actively with customers to design services around their needs. Social media has given a platform where customer feedback/experiences are viewed by other customers. Likewise social media helps businesses proactively address customer complaints before they get escalated.
Big Data from IoT
When devices, systems, and people are connected a vast amount of data is generated. The big question here is how a business can leverage this data to provide customer experience. The volume, velocity, variety, and veracity of big data intimidate businesses. With IoT being everywhere one can imagine the size of data that will be available.
Solution for digital customer experience
For businesses to stay agile, they need to think far ahead from the point of conceptualization by having a platform in place that will help them leverage big data from IoT.
- Plan from the beginning by avoiding data silos
- Transform data into the required format for easy management
- Connect the collected data sets to the existing customer base to get a 360 degree view of customer behavior
- Gain insights into consumer trends, understand the customer’s environment, and carefully plan innovative service offerings.
- Design all services, applications, and platforms from ground up to enhance customer experience with intelligent service architecture.