In 2008 alone, the number of connected devices exceeded the total number of people. It is said by 2020, there would be a total of 50 Bn connected devices and the profits earned from these connected devices will be $19 Tn. Enterprises have started adopting IoT strategies to transform the way their products/services communicate with the end users, partners as well as internal employees. This connected world of devices, sensors and machines with people present at the different nodes is creating multiple opportunities for different industries.
The design principles and technological evolution of IoT can be extended to the service industry; the premise of connectivity here would be business, competition, applications, infrastructure etc. Instant and continuous flow of information between two different objects, collation of the different data points for meaningful insights and understanding consumer behavior is the purpose behind extending IoT to the service industry.
Let’s understand how the different emerging technologies & devices combined with IoT can enhance service industry.
A new ecosystem has been created for the service industry, with their adoption of IoT. There has been a transformation in the sales, fulfillment and supply chain services, which have begun using the predictive modeling that will help understand the demand of the participants in the ecosystem, and channelize the efforts accordingly. These predictive systems are optimized based on analytics, peer benchmarking as well as personalization services that are being targeted to the audience. The new ecosystem comes with a new user experience design which understands the machine behavior, user interaction with the machine, and their expectation and delivers accordingly.
Value of Information
A lot of companies are benefiting from the data received from connected objects to improve their performance. This valuable information is the key for better and improved services. They can identify their target markets, the kind of services the people are expecting, and gain feedback in a more structured way. You can easily understand the gap that exists between your services and the expected services, and improve what you are providing with this information made available from connected devices. There is a whole load of valuable information available at your disposal, which you can use to benefit your business.
Effective Decision Making
Vertical communication is important when it comes to integration & control of complex business systems. By adopting IoT as part of your strategy, you will be able to achieve seamless communication across the different verticals. This will benefit in improving the operational efficiency, as you will be able to get real-time data of the different verticals that you have been monitoring. You can communicate with participants of the ecosystem as and when you want, and gain access to information. Service industry thrives on information and meaningful insights which requires seamless communication. This seamless real-time flow of information will in turn help the companies make effective and more informed decisions.
Pulse of the Consumer
Wearable have been quite effective in collecting the sample data and improving services for the end user. When you tag your end consumer with the wearable, you understand the consumer behavior better. For example, you have a sensor that can pull details on how your consumer behaves at the supermarket then you can offer better services that will enhance their experience at the supermarket. IoT has been able to pull information related to consumer behavior, which has helped enhance the services, thus improving customer satisfaction.
Smarter & Enhanced Services
You get access to real-time monitoring, which helps you gain valuable information that can be converted into meaningful insights. This will help improve quality of services offered by you. Effective mapping of the customer’s business will help innovate the service offerings. The performance and analytics’ dashboard helps improve services through automated solutions and continuous improvements.
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