To bring more clarity on the same, IOT evolution can be broadly divided into 3
- IOT in the current world
- IOT in the future world
- IOT and Customer Experience Management
IOT in the current world
IOT is currently in its infancy stage and there is a lot of R&D on how it’s going to make our lives easier and simpler. Connected devices is going to make a new ecosystem for data and information.
Devices with newer features and futuristic technology is rampant in the market which also makes more user data available on the public domain. This would mean more insights into user behavior and more patterns that can be mined. Data-enabled mobile phones are used not just to make and receive calls or texts but also act as smart assistants letting you line up all your appointments for the day factoring in delayed traffic times. Mobile phones also make the need for other devices like camera, radio, data storage devices redundant.
Another device that have made a popular entry into the lives of consumers are wearables, which tracks calorie burned, kilometers walked in a day, alerts on heart beat and blood pressure levels. All of these devices are internet enabled and would communicate either with an app or a web page from where all the information could be got. These devices use various communication means like Bluetooth, Wifi or NFC (Near Field Communication) to transfer data. This harvested data needs to be aggregated, processed and then dash boarded to mine meaningful insights.
In IOT world RFID’s are used for stock monitoring, ordering and routing. A lot of courier companies use this to track the consignment and give accurate information to customers on the current location of the goods and expected delivery time. This saves lot of time and money for the company as well as for the customer as both are updated in real-time. Remote surveillance is another use case for IOT where the cameras installed in the ATM’s can remotely track and monitor the users and prevent any fraud from happening. The camera and the ATM transaction details can also help in understanding when the visit rate in ATM is high, when the maximum volume of transaction happens, this helps in lowering resource costs like remote powering of air conditioning within the ATM’s.
IOT in the Future
In the current world, we just talked about few cases where some of our daily devices have become smart but in future, lot of new things are in store and IOT is going to be the main player here. To illustrate my car would send alert to my handheld when the service is required and would provide information on how the various parts are functioning. For example, an alert would be sent in real-time informing of low air pressure and the information of the nearest service station where that can be rectified. The refrigerator which would send an alert when it’s low on milk or eggs and add that to the grocery list or remind when entering the supermarket. In short, our daily devices / machines would start intimating us on what is the problem how and where to rectify the same. Devices would proactively help in maintaining themselves and provide solutions.
Wearable devices or body chips can maintain a register of the various bodily functions like heartbeat, pressure rates and make it available to the family physician during a check-up or even alert the hospital in case grave medical help is required. Due to an increasingly connected world, the devices would learn and share its learning to other connected devices and in the process, would make the whole eco system an intelligent one. As said earlier when devices start to communicate, high volumes of data would be generated which can be preserved through cloud storage and used for intelligent interpretation and predictions. These high volumes or big data is used by companies to gain deeper understanding of customer behavior and thereby enhancing business sustainability and profits.
IOT and Customer Experience
IOT would add a lot of value in enhancing customer experience. If the manufacturer knows what the customer wants, what are the features of the product the customer would use frequently necessary modifications in the product can be made. In the same way devices based on the customer’s usage would predict what the future updates should be thus paving the way for better acceptability. Current customers and potential customers would keep giving direct or indirect feedbacks about the product or services through text and voice which machine or devices learn, understand and process to give meaningful insights for execution. Unstructured analytics, mainly text and voice, is going to be big play where analytics would tell the customer sentiments, intent and journey which would help organization to understand its customer much better. Enterprises should be ready to invest in big data as well as customer analytics as these are the future methodologies on which business would be run and customer would be served and first movers in this would surely have advantage in terms of getting more customers and thereby increasing market share.
When devices provide data, manufacturers would know when the product is going to have a problem and when the product requires an update. This would enable them to provide an auto upgrade rectifying the issue thereby giving a specialized customer experience. In the connected world, marketing and sales would be driven by two major factors- one being the product functionality/ features and other being the customer experience the product or the service team can provide. The data which is shared by the product needs be interpreted to make predictions and modify the features suitably.
A combination of big data and customer experience would be the determining factor in the coming time. The world would be on connected devices which would be sharing data 24 x 7 thus helping in predicting factors like demand, where the product is required, who is consuming it, when it should be delivered, what should the features be, pricing and what type of offers and promotions would induce people to buy it. In short, the entire world of IOT with data analytics, text and voice analytics would play the lead role for all future developments and to give a seamless and excellent customer experience.