Various relationships between applications, customer data management, processes and business users are a complex puzzle that various enterprises want to solve. When a business user needs a holistic view of customer, he/she has to log into various applications that again have data stored in various sources and various processes are involved. This manual and exhausting procedure is blocking the capabilities of various business stakeholders like
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.
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.”
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.
Organizations like Google and Apple have taken customer experience through innovation to the next level. Ernst & Young say that by 2030 the purchasing power of middle-class sector would triple due to rapid growth in emerging markets. Be proactive by providing an effortless customer experience to drive loyalty and fuel growth.
Gartner has closely studied the relationship between customer experience and their willingness to buy more, switch to a competitor or recommend the company to family, friends or colleagues. Create more engaging and seamless experience to your customer to stay loyal and look less into your competitors. At the same time, these customers are likely to become evangelists for your products and services.
How does customer loyalty help in improving revenue?
- Revenue from cross-sell and up-sell can only happen when your customers are loyal to you. Example your customer would like to upgrade on a flight, take another loan from the same financial service provider, and get a family plan from a telecom service provider.
- Customer experience can have a positive impact on your revenue through the power of evangelists. Every business knows that “your customers are your best sales people”.
How does customer loyalty help in reducing costs?
- It is widely know that it costs more to acquire a new customer than to retain existing ones. A great customer experience reduces customer churn thereby driving profits. “Money saved is money earned”- is a globally known adage.
- Organizations should invest in innovative technologies that improve customer experience and reduce operational costs. Modernizing critical customer interfacing business processes like customer onboarding, self- service portals and communications across various touch points delivers immediate business benefits.
Innovative solutions that federate existing systems operating in silos to gain 360 degree view of customer interactions can quickly improve customer experience and help reduce expenses by equipping all stakeholders with right information of the customer at the right time in right format.