The Internet of Things or IoT has significantly changed the way businesses operate today. It refers to the digitization of the physical world as a key enabler for digital transformation. Connecting people, objects and environment together, IoT enables visibility, enhances decision-making, and empowers innovation. The technology provides organizations with a platform to leverage data to create new business models.
IoT Enabled Customer Experience
Latest analysis by Frost & Sullivan shows that globally, companies lose more than US$300 billion annually due to poor customer experience, which makes it a top priority for organizations globally. IoT has the potential to enhance an organization's ability to understand the customer journey. This could mean proactively engaging with them, resolving their issues more efficiently, delivering better value and enhancing the customer satisfaction overall. A key value proposition of IoT is its ability to 'sensorize' an environment leading to digitization of the physical world and quantifying human actions. An example would include getting better understanding of customer behaviors.
Although the omnichannel strategy covers all touchpoints and channels for effective customer experience, many organizations are not able to meet customer expectations due to the siloed approach. IoT enables the convergence of customer journeys across both physical and digital environments, including mobile, web, social, self-service and even video, making it easier for organizations to continually deliver personalized, predictive, and productive experiences to their customers.
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Published: Wednesday, March 1, 2017
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