IoT data provides insights on how to improve products/services

August 28, 2019 | IoT data provides insights on how to improve products/services

Today IoT data is being generated in zettabytes, businesses are using this data to perform various monitoring, reporting, and decision-making tasks.

1 zettabyte = 1 trillion gigabytes 
IoT data is unique and that it’s only valuable to us if it’s actionable, and that percentage of the massive-and new streams of data coming in — will be easier to manage. By combining IT and OT data, IoT analytics helps extract actionable, valuable, and meaningful insights to help in improving the business value. In this blog, you will get to know how IoT analytics can help with important business insights.
The Internet of Things (IoT) may change the way to provide information, but the framework and fundamental concepts are still there. If you want to make the right choice, make the right product, and to reach the market at the right time. To get this information to act on and communicate throughout the company, you have to think of these all in parallel.

How IoT Analytics helps you in gaining business?

IoT(Internet of Things) analytics encompasses data collection from OT data and IT and subsequent storage, processing, integration, visualization, and analytics to generate valuable, useful, and actionable marketing insights.
There are several events for which IoT analytics can be applied. For security and automation, data collected from different smoke, temperature, fire alarm sensors, humidity, etc. can be combined with customer data to improve customer experience, to provide proactive data-driven services, and to bring operational performances through remote monitoring, integrating visualization, and troubleshooting.
In a smart building area, energy utilization dashboards can help in sensor control, identifying specific times to increase temperature or decrease the temperature of rooms, finding air quality intimidations. As per the research results of HVAC and lighting IoT solutions, energy use can be reduced by 40% just by sensor control and thermal comfort to improve human productivity by 3%.
The IT and OT data collected will make useful sense. Unfortunately, the traditional analytics tools and technologies are invented to look at only the IT data and do not work directly on this combined dataset. Challenges of Analyzing IoT data come in huge amounts, are highly unorganized. Moreover, while the operational technology is associated with the data collected from alarm sensors, pressure, smart devices/tools, etc., information technology is associated with the data collected from enterprise systems, CRM, legacy systems, ERP, and finance systems.

How IoT(Internet of Things) is Transforming Customer Experience?

The Internet of Things is transforming customer experience with internet-enabled ones like laptops and mobiles. It’s possible to connect different home appliances to the internet as well. The rapid growth of the IoT is changing marketing as well. Numerous brands are reviewing their strategies because of it.
By consolidating the IoT, it is possible to not just improve businesses but also improve the customer experience. Although the IoT is not only limited to the B2C segment whereas it also helps to improve customer experience in the B2B market as well. In this blog, you will get to know how IoT can help you to improve customer experience.

1. Provide real-time and accurate information

Business companies can enrich the customer experience by providing accurate and real-time information. It is usually troublesome to track products during deliveries. Customers have to wait for their product with delivery delays.
You can place alarm sensors in the devices and carrying them with you so that this will enable you to give real-time updates to your customers regarding the whereabouts of their products. This will make the transport process hassle-free for you and your customers. You’ll be able to monitor and send reminders to your customers to place new orders when necessary. IoT alarm sensors can also save your customers a lot of trouble.
You can follow the lead of the ThyssenKrupp Elevator in using real-time data to provide an IoT-based predictive maintenance solution. Growing your IoT infrastructure will enable you to provide better service in the B2B industry. There are many platforms like Cloud Management Suite that can improve your IoT management process and optimize the service you provide to your clients. Using this solution, you can patch various devices, manage inventory, remotely control inventory, and more. You can even remotely access your clients’ desktops from anywhere. With the support of Windows, Mac, and Linux, you can be assured that it can be installed on all of your computers and those of your clients.

2. Optimize usage of the product

The IoT data allows you to collect loads of data. IoT data collection can help you optimize your products. You can use your IoT data to analyze and detect the performance of your products. Based on this, you can find potential issues and build better products. You can improve the overall value of a product based on the data you get about its usage. You can even use it to alert your customers about the performance and identify when maintenance may be required.

3. Send personalized communication

The alarm sensors that you have placed on the products can feed data back to you regarding their usage patterns. You can use this data to send across personalized communication to your customers and you can also find out the interests of your customers that can improve the customer experience as they will feel that your brand is taking care of their needs. You need to be transparent and tell them that you are using their usage data to optimize your products. A great way of succeeding in this task is by using CRM software. Not only does it helps you automate the emailing process, but it also helps improve your overall sales and relationship management.

4. Develop new products

The data that you’ve gathered from the usage of your products can be used to develop new products. You can rectify what part of your products can be improved and then pass this information to your product development team. This ensures that the customers always have the best possible updated configurations of the product. By using the IoT, you can significantly improve customer experience and satisfaction. This tremendously impacts your relationships and can help you retain your customers longer.

5. The IoT and e-commerce

Just like how you can provide real-time, accurate information in the B2B industry, you can do the same in the e-commerce industry as well. You can keep updating your customers about the location of their products once they’ve ordered. You’ll be able to use IoT data of your customer’s preferences to modify your advertising campaigns. You can market your products to the customers at the right time when they require it. These “at the right moment” offers are more relevant to the customers, meaning they’re interested and to convert into sales. Through IoT data, you can get a better ROI on your marketing.

 Improving customer’s overall experience

 The IoT helps you to improve your relationships with customers, marketing insights and you can easily detect the needs of developing better products and send personalized communication. 

What are your views on the importance of the IoT? We’ll be glad to know about your views.

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