Internet of Things (IoT) is no longer an eagerly-awaited futuristic trend. It’s here, and already beginning to make a difference in the world of business. IoT can hugely impact two areas — enhancing the customer experience and increasing the productivity of the workforce. In other words, IoT is changing the way consumers interact with products and also transforming the way companies conduct their businesses.
IoT enables organisations to develop a more holistic view of their customers and introduce new engagement models. The customer experience resulting from these models delivers value for customers and loyalty for brands.
Easy access
Today, consumers have a wide range of choices. So, they will choose a brand that offers easy access to its services and a customised experience while they make the purchase or seek after-sales support.
The experience has to be consistent for them to become loyal to the brand. IoT-enabled products and services allow brands to continuously deliver the personalised experiences consumers seek now.
Greater connection
Until recent times, interactions between brands and customers were restricted to the point of sale.
Now, with the rise of IoT, brands are able to establish greater and continuous connection with customers, thereby gaining insights into their buying behaviour, purchasing patterns and satisfaction drivers.
With these insights, they are in a position to offer improved and smarter products in new and innovative ways
Increased productivity
Through its ability to integrate multiple sources of data, IoT provides information to the employees that helps them personalise their interactions with their customers and also engage with them proactively. It also helps employees accomplish extensive tasks such as data analysis and management faster and with greater precision.
Through IoT devices, overall decision-making process in a business can be improved.
(Marzin Shroff is managing director and chief executive officer at Eureka Forbes Limited.)