What once began as a concept of connectivity for smart mobile devices has now spread to everyday objects more and more. Industries now are beginning to use smart identifiers through IoT to better track their inventory. Medical devices can now relay patient vital signs directly to healthcare professionals. And there are even wearable trackers now that can monitor your health and provide exercise information for anyone seeking a more quantifiable workout.
The possibilities are endless through IoT. Expanding well beyond late 20th-century futurist imaginings, predictions for 2020 next year show that IoT connection will serve 30.7 billion devices. In 2025, only five years later, analysts predict that number will jump to 75.4 billion. With the capacity to change every aspect of modern living, IoT services can also transform business and enterprise.
The IoT Revolution
Inventory management is only the beginning of what IoT can do. When taking advantage of IoT technology, businesses experience outstanding benefits, but also new challenges. Customer data is the most apparent benefit. The more an organization understands its industry and customers, the more informed decisions its leaders can make regarding market conditions and client experience. By collecting and relaying a sustainable flow of consumer data to organizations will allow them to create hyper-targeted marketing campaigns and better gauge their strategy’s effectiveness.
Another fantastic benefit is using IoT to provide proactive customer support. For any problem or maintenance required for products, companies can send automated messages to both their service department and the customer – before it causes further trouble. It also allows direct implementation of products’ core functions updates, improves business visibility and tracking methods, monitors processes and employees, enhances productivity, reduces costs, and optimize output.
What to Keep Your Eye On
With IoT comes many new possibilities. But before you decide to expand your business into this digital frontier, business leaders and decision-makers need to understand some things first. For example, be aware of associated costs with device connectivity, including IoT services providers. However, these costs are well worth the investment if you have a strong strategy firmly established first. You should also ensure that your business can manage the influx of customer data. You can do this through CRM tools and big data analysis platforms.
Your data storage infrastructure is vital to how you can manage your data and actionable insights efficiently. But when it comes to sensitive data, so you must be sure to vet it 100% for security. Even newer technologies pose potential security risks. And IoT opens critical vulnerabilities to avenues of cyber attacks. Before setting out to connect through IoT, ensure the strength of your security standards.
With IoT services and CRM technology, businesses now find it possible to bring together device data and customer data. And when they implement it into their overall strategy, they’re able to see significant gains.