IOT handbook: Why entrepreneurs need to consider IoT in improving customer experience

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Headings…
IOT handbook: Why entrepreneurs need to consider IoT in improving customer
From pills to planes: The growth story of Internet of Things
What value can entrepreneurs unearth with IoT?
Business process transformation
Data-driven revenue models
Connected for a reason: Benefits of IoT in driving customer engagement
IoT as a driver of connected customer experience
Caution: Internet of Threats ahead
Deep tech at sea: this startup helps fishermen in India to take IoT-enabled
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In its truest form, Internet of Things (IoT) is a digital mesh of internet-connected devices.
Smart houses, wearable devices, smart retail stores, connected cars, are all classic examples of IoT.
New-gen entrepreneurs whose businesses are reliant on virtual connections must take IoT seriously to improve customer experience.
PwC estimates that by 2020, 11.2 billion Internet of Things devices would be installed globally.
What value can entrepreneurs unearth with IoT?
IoT can help entrepreneurial pursuits reach the market faster and interact with their customers in a whole new way.
It also gives entrepreneurs an uncanny ability to remotely manage and monitor Internet-connected things, and the services that they offer to customers.
IoT will enable businesses to plug a critical gap in real-time data collection from remote devices.
Imagine the business efficiency that can be achieved if real-time data from connected devices can be collected and disseminated?
IoT analytics can unearth new revenue avenues, better customer service, cost reduction and also improved competitive advantage.
Connected for a reason: Benefits of IoT in driving customer engagement
What follows is not a hypothetical possibility, but real-life use cases and applications of IoT in customer engagement.
IoT gives hyper-connectivity (wearables)
IoT enables proactive service (connected cars, predictive maintenance, etc.)
IoT sensors that are stuck to major automotive components help monitor vital stats like engine performance, brake health, driving pattern, tire pressure among many other things.
Ericsson’s connected car is a perfect example of IoT-enabled proactive customer.
IoT delivers new experiences (cashless shopping – Amazon Go)
IoT has the potential to revamp how customers have been shopping and ordering for their wares.
The recent launch of Amazon Go cashierless store and Amazon Dash button are all perfect examples of this new IoT-driven customer experience

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