How have IoT devices changed the trends in the last 5 years?
IoT devices aim to focus on the core needs such as health-and-safety efforts and equipment monitoring. In addition to that, IoT devices’ future in customer experience is also emerging.
With the close of a whirlwind of 2020 and the start of 2021, IoT-connected devices continue to define and nurture numerous industries in the coming years.
Several trends continue to gather momentum, fueling IoT’s prominence in 2021, from data-intensive experiences that use Internet of Things (IoT) devices (such as self-driving cars or wearable devices) to basic health-and-safety needs as COVID-19 continues to take center stage.
At the same time, the IoT landscape remains fragmented, with various prevailing standards, using abounding cases. This fragmentation will continue, and connectivity options will be diverse rather than standardized.
Unlike the time before IoT device activation surfaced on the globe, the opportunities that come with IoT are enormous and can be game-changing for virtually any business or organization, especially those that are embarking on a digital transformation. Following are some bullet points that go over the hierarchical addressing in IoT devices that has revolutionized the face of the world in the past five years:
Right now, you can easily access the necessary information in real-time, from whichever location you are at. All it takes is a smart device and internet connection.
We use Google Maps to see where we are, instead of asking a person in the street. Booking is simpler than ever. Factual information is easily accessible, even from the latest scientific research, or business analysis. It is only a click away.
All this data pouring in enables us to complete numerous tasks with envying speed. For example, IoT device activation makes automation easy. Smart offices automate repetitive tasks, thus allowing employees to invest their time and effort into something more challenging.
Adapting to New Standards
Though IoT is ever-changing, its alterations are minimal compared to the rest of the high-tech world. Without IoT, it would be hard for us to keep track of all the latest updates and the on-goings around us which was largely the case up until the year 2010.
Better Time Management
Overall, the IoT is an incredible time-saving tool. We can search for the latest news on our phones during our daily commute, or visit a blog about our favorite pastime, purchase an item in an online shop, you name it. Eventually, we end up with much more time on our hands.
Another obvious advantage of IoT is monitoring. Knowing the exact quantity of supplies or the air quality in your home can further provide more information that could not have previously been collected easily. For instance, knowing that you are low on milk or printer ink could save you another trip to the store in the near future. Furthermore, monitoring the expiration of products can and will improve safety.
The biggest advantage of IoT is saving money. If the price of the tagging and monitoring equipment is less than the amount of money saved, then the Internet of Things will be very widely adopted. IoT fundamentally proves to be very helpful to people in their daily routines by making the appliances communicate to each other in an effective manner thereby saving and conserving energy and cost. Allowing the data to be communicated and shared between devices and then translating it into our required way, makes our systems efficient.
New business opportunities
IoT can provide you the ability to collect data from the network and use advanced analytics to uncover business insights and opportunities, and reduce operational cost. For example: Select a sampling of data about your top customers and the key processes that support those customers. Break down what you can gather to create an initial baseline. Look at how customers are requesting your services and your typical response. Are you only responding to requests, or by tapping IoT data, can you create new opportunities to grow revenue?
New capabilities to predict and act
A key opportunity is the ability to predict needs before they arise and act with precision based on insights from the IoT network. Collected data can be used to build the historical trends that predict and put you in front of issues before they occur. For example, manufacturer warranty and maintenance information can be paired with IoT-collected data to predict maintenance incidents. You may have the opportunity to provide customers with a value-added service that saves them money while, at the same time, building their loyalty.
Increase customer dialog
All of this new capability provides opportunities to increase the level of dialog and interaction with customers. Consider the utility bill that you receive each month. Most likely, it provides you with an estimate of what you might expect to pay over the next couple of months. Use that example and work with your marketing and business development partners to translate the IoT data you are capturing and into models that will increase customer dialog, trust, and retention.
New revenue streams
IoT capabilities allow you to set up and roll out new products and services, often quickly. Use data collected by IoT devices to help predict what your customers need and speed planning and delivery of new revenue-generating offerings. Combine IoT data you are collecting with historical data to proactively identify areas of new work (i.e., new revenue). How can the information be presented to the customer to increase interaction and demonstrate a high level of customer focus? For example, provide call center employees with data that helps them suggest new products and services tailored to each customers’ needs and preferences.
Improve control of operation processes
In addition to new capabilities, we can consider IoT’s ability to improve and enhance controls. Examples can range from new visibility into the data to automating a control that combines IoT data, artificial intelligence, and machine learning. Consider how you are capturing data anomalies or gaps in your data collection for each control. Each anomaly should create a response and action. But the reality could be that the anomaly is not seen or reacted to in a timely manner. Look at each part of the infrastructure and what can be done to close the gap and improve and enhance controls.
Better Quality of Life
All the applications of this technology culminate in increased comfort, convenience, and better management, thereby improving the quality of life.