Internet of Things set to redefine businesses

IoT is already defining the way we work and in the years to come, no area of business will lie outside its sphere of influence

Across the globe, the needs and expectations of consumers are changing rapidly, compelling brands across verticals to adjust and adapt to an interactive and technologically-advanced world. Today, we are living in the IoT era, where everyone and everything is connected to the Internet. To give an example, what were earlier time-consuming and humdrum functions are now being executed without much difficulty through mobile devices connected to the Internet.

The Internet of Things (IoT) may sound like a business buzzword, but in reality, it’s a technological revolution that will impact everything we do, which includes business. As new technology unifies into the mainstream functions, IoT will continue to grow, connecting more of the world around us. Businesses will be the top adopter of IoT solutions in the next few years and this will create tremendous benefits for the brands that choose to wholeheartedly embrace this growing trend.

Both brands and consumers today are looking to change the traditional product relationship and are using IoT as a platform for real-time engagement and customer service. It’s time to approach marketing in a new and improved way.

Consumer data

With introduction of IoT, organisations will be able to track and record consumer behavior and buying patterns which will in turn help them make smart and customised product recommendations in new and innovative ways. Brands can use these data-based insights to come up with more effective strategies and help them understand their target audience on a more specific and qualitative level

Smarter products

We are already in the age of using smart products, however, IoT technology will make way for ‘smarter’ products and services. Dynamic customisation of products due to the data collected can help shape the consumer’s world. Brands can contextualise and personalise the products for customer gratification and deliver a better customer experience. Brands that can position well in a consumer’s life will build loyalty and equity

Speed and accessibility

Consumers and brands will have easy access to new forms of data and information pertaining to the purchasing and buying cycle. Consumers will be able to find and order the exact product they are looking for within a quick turnaround time, while brands and companies, with the help of IoT and advanced technology, will be able to understand customer needs better and serve them faster

Operational effectiveness

Not only speed but IoT will also help increase organisations’ overall productivity and efficiency. To unleash the full potential of IoT, innovation in business models is required, along with investment in new capabilities and talent. Companies will be able to get more work done in less time. This technological evolution will allow companies and its employees to accomplish extensive, including data analysis and management, tasks faster and with greater precision. Additionally, this will also help in further expansion of the business. IoT devices can improve functioning of the organisation, thereby improving the overall decision making of the business

( Marzin Shroff is CEO at Eureka Forbes Limited )