Undoubtedly, digital transformation is unavoidable, if businesses are looking to remain competitive. As per a recently published survey, companies are aggressively investing in digital transformation, changing everything across the organization from strategy to operations, technology to culture – to deliver better value to their customers. IoT (Internet of Things) has the ability to bring greater operational efficiencies, significant cost savings, greater customer engagement, competitive advantage and more.
IoT enables organizations to develop connected products with enhanced functionality, increased reliability, greater product utilization, and product capabilities. With the deeper, real-time connection between manufacturing, supply chain, and customers, IoT will drive organizations to deliver better customer experience.
To understand a use-case, consider an example of the automobile industry. IoT will enable cars, trucks and other vehicles to be connected through cloud where prediction for maintenance will save time for drivers or operators while streamlining workflows will being efficiency with reduced cost in the organization. As far as the consumer service is concerned, digital data can easily be used to deliver more personalized services including targeted offers and custom coupons with the help of AI (Artificial Intelligence), IoT & Digital Transformation.
Some of the areas where IoT will support digital transformation includes:-
Discovery of new business opportunities:-IoT devices will enable organizations to gather and analyze massive data sets. With in-built business intelligence capabilities, IoT devices will enable companies to gain a more accurate and comprehensive understanding of their customers’ use cases and preferences.
Improved customer experiences:-Nowadays, customers want real-time accessibility. IoT enabled data analysis enables organizations to develop platforms, tools or strategies to deliver improved consumer experiences through multiple touch points. IoT enables businesses to personalize their marketing efforts, positioning relevant products and services to each customer. Furthermore, IoT also helps in organizing complex data, enable real-time access to data to streamline workflows, bringing more efficiency across different departments.
Reduced Cost:- IoT’s major benefit lies in its ability to reduce operational cost while increasing productivity. Automation and integration of processes with useful insights enable organizations to improve operations across different areas, including inventory and human resource management, security, energy, and safety compliance.
Increased Agility – Digital Transformation alongside IoT eliminates slow legacy IT systems, enabling organizations to become more responsive to current market trends. These futuristic technologies enable organizations to focus on strategy and innovation rather than siloed and complex data sets, resources, etc.