“The more you learn, the more you earn” - Frank Clark
The more you know about your customers the more likely it is you will come up with newer ways to interact and engage with them, which will lead to more business and better profitability.
Helping you to do this are multiple devices which provide inputs on multiple variables impacting your product, service, and customer experience. Individual reports have been there for a long time, for example weather or transportation status. What is different now is the diversity and real-time nature of the data connected to the internet that allows you to connect say, the weather and traffic status, with the wait time at the checkout counter for each individual customer. The Internet of Things (IoT) is transforming the way we do business and is disrupting each aspect of business function.
Given its ability to provide information relevant to individuals rather than just the aggregate target audience, it is being used to create personalised customer experiences (CX) and brand differentiation. This ability to make data-driven decisions and offer highly customised solutions opens the door to targeted and more efficient CX. Early applications of IoT helped reshape the concept of the customer and helped create new, disruptive business models. Reduced friction and touch points for each consumer goal can be achieved.
With this vast potential for improvement and rising customer expectations, businesses need to figure out how to be contextually relevant and responsive in order to grow or even retain their customers. How will they do this? Progressive companies are turning to cognitive technologies that can analyse large amounts of unstructured data. This helps them to better understand consumer behaviours and deliver a differentiated, personal, shopping experience. In an IBM study, 94 percent of retail executives familiar with cognitive computing say they are likely to invest in the technology in the near future.
IoT can also improve operations and efficiency by optimising store operations, inventory and supply chain management. Analysts predict that the IoT retail market will grow 20%, to $35 billion in five years.
Soon we will be walking, running and sleeping data streams that will constantly update contextual information through all of the products around us, in our home, our car and our workplace. By 2025, it is predicted that data from connected devices will yield insights driving the potential economic value by as much as $11 trillion. Companies can constantly observe how their customers interact with their products and make changes in real time.
Today most businesses are applying IoT to their existing processes and customer journeys. The real disruption happens when new business models that are IoT-native emerge and reset the norms. Explore cognitive computing and its application to your business today before it is too late. The age of the cognitive and connected enterprise is already here.