IoT and customer experience

Predictions for IoT growth rate is challenging, however, analyst firms estimate that the global IoT market can expand greatly to 3 trillion dollars connecting 50 billion devices by 2020

The origins of IoT are found within the operational departments of industries like Manufacturing, Logistics/Transportation, Healthcare, and Utilities, under the label of Machine to Machine (M2M). The focus of M2M investments has always been on operational efficiency and up time. The combination of reduced size, lower cost and increased processing power fuels rapid expansion of smart-enabled devices to penetrate many markets. Another additional component required to spark the explosion of IoT devices are low-cost with reliable connectivity. The growing availability of low-cost, reliable wireless data services has bridged the final gap and enabled connectivity to the cloud.

Today, we have internet-enabled devices all around us – be it in our cars, homes, sports equipment attached to our bodies and even ingestible. Wearables, like fitness-tracking bands and smart watches are part of our daily lives that help us track our health goals. Driver-less cars are another emerging area. With the rapid explosion of IoT-enabled products, a general question is faced by the service providers on how IoT is beneficial to the organisation. The answer to the question is when it comes to IoT, customer centric organizations will be expected to solve a customer’s problems through insights gleaned from the device or service with even minimal input by the consumer. Through competition from new service offerings, they will quickly move to offer proactive and predictive engagement plans. Consumers will expect businesses to offer plans that can resolve any issue before they are aware about it.  Imagine receiving the following message by phone or email:

“Your RO water purifier has a filter problem – this product is under warranty and a replacement filter will be shipped today. Here is your tracking number and a link to a video explaining the simple steps to install the new filter.”

Now that’s how IoT can transform the customer experience.

Source: IoT and customer experience | Forbes India Blog

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