The Internet of Things (IoT) is now part of mainstream culture. It can connect to a whole world of consumer and commercial devices, including:
- Product ordering devices
- Smart fridges, alarms, thermostats and lighting
- Security and surveillance devices
- Inventory, asset, warehouse and fleet management
With consumers flocking to IoT devices, what does this mean for businesses? Well, there’s much more data for a start: 90% of the world’s data has been generated in the last two years (partly due to the rise of IoT technology) and thousands of potential commercial IoT applications have already been identified.
In the run-up to Christmas last year, Amazon’s Echo, Echo Dot and Tap – all hardware that links IoT devices already in use – were among the products most likely to have sold out in the festive purchasing rush. This represents a shift into the mainstream public consciousness.
What should companies do with data generated by the IoT?
The IoT has developed significantly during the last couple of years. You should be thinking about how to best position your organisation to take advantage of all the additional data the IoT is generating. It makes sense to think ahead and adopt a system that can help you make sense of all this new data and convert it into valuable commercial insights.
When relevant data is identified and accurately interpreted within a short timeframe, it can enable your organisation to:
- Visualise the location of your customers, your competitors, local transport links and areas of high footfall
- Figure out how best to incentivise your customers to choose your store over a competitor using targeted marketing initiatives
- Develop increasingly effective short and long-term growth strategies based on company, customer and competitor data
5 predictions for the Internet of Things
We predict that the IoT will further transform the commercial landscape in these 5 ways:
- Technology’s biggest players – including IBM, Microsoft and Cisco – will invest heavily in IoT to catch up with competitors, meaning IoT technology will become more widely available and capture data from additional users that can be deployed for commercial purposes
- Virtual assistants (such as Amazon Echo) and smart cameras will draw together other IoT technology in a user-friendly way, increasing IoT usage and making more data available for businesses
- Data from mobile phones, tablets, fitness trackers and a host of other mobile devices will be better collated to provide more information about individuals, which can then be used to launch targeted marketing initiatives
- IoT technology in the hands of larger providers will help to improve customer experiences through enhanced product design, customer service, marketing and store locations
- IoT technology will be able to buy products without the owner asking it to based on previous purchasing preferences
Discover how Periscope® can help you make sense of a whole new world of data and generate actionable insights that can enhance your commercial performance.