Internet of Things: Transforming Business As We Know It
More large corporations have incorporated the internet of things (IoT) into their operations. Laptops, smartphones, smart watches, you name it — more devices now connect to the internet and provide companies with solutions to everyday problems. Here are just some of the ways IoT is transforming business as we know it.
1. In-Depth Analytics
Before the internet, organizations had to collect feedback from customers and clients via paper questionnaires and conduct market research. This was time-consuming and expensive. Today, IoT provides business owners with the latest insights into their products and services with in-depth digital analytics.
The latest analytics tools, supported by good IT infrastructure, serve many purposes. Business owners can track customers as they move through the sales pipelines. Monitor customers at different touchpoints, for example, and convert prospects into genuine leads. Alternatively, you can discover what people are saying about your brand on social media.
“The IoT has the potential to completely rewrite how businesses think of their customers,” says Software Advice .
2. Better Customer Service Outcomes
Customer service might be the most crucial component of your business model. Countless studies show that large organizations will experience a sales slump because of poor service. Research even suggests that the customer experience will be more important than prices and products by the year 2020 .
Looking for ways to improve the customer experience in your organization? IoT can help. The internet, for example, allows you to send personalized communications to your customers via email. This can help you target consumers and move them along your sales and marketing funnels.
IoT can also help maintain healthier relationships with your customers. Internet-enabled devices like smartphones, for example, help you collect big data from customers about your products and services, that can then be fine-tuned for your marketing and sales campaigns in the future.
“The internet of things enables brands to play a much more important role in consumer’s lives — facilitating and enhancing everyday experiences,” says eConsultancy .
3. Tech Solutions
Research shows that around 29 percent of organizations have already installed IoT technology — up from 12 percent in 2013 . As you can see, IoT continues to proliferate, and more companies are using the latest technology to automate many day-to-day tasks.
Large organizations now have IoT ecosystems — huge networks of processors, servers, and devices that store, collect, and transfer data. These ecosystems provide business organizations with solutions to many tech-related problems. Companies now can improve workflows, for example, without any human intervention. This is because IoT automates many manual processes and, as a result, saves times and money.
If you’re interested in incorporating IoT into your business, our team at MelroseINC can help facilitate the complex process by providing infrastructure and IT support.