Today, data is an essential company commodity that offers a competitive advantage. When managed and analyzed accurately and adequately, data provides useful business insights that foster growth and innovation. With the advent of the Internet of Things (IoT) technology, organizations are now able to capture high-quality data more quickly and in greater volumes presenting businesses with a myriad of new opportunities to improve and transform business models. The new world of IoT can mean a lot of things to your enterprise. Currently, the primary drivers of IoT are technology-focused projects such as surveillance, data center management, and security monitoring.
IoT is no longer a buzzword. Several organizations all over the world have already accepted the innovation as the most critical technology trend that can shape digital transformation in enterprises. Several enterprises that have shifted their focus to IoT are aware of issues and other complexities that may arise, but they are also aware of the immense benefits that the future holds.
The benefits are not only from a financial perspective but also from an operational and strategic point of view. IoT is going to change the way people do business in the future, and it is at the center of the digital transformation in enterprises. Here are the top three reasons why digital transformation begins with IOT enterprise integration.
IoT Disrupts Conventional Business Models
Internet of Things helps in creating smart, connected products that offer new functionality, greater product utilization, increased liability, and enhanced product capabilities. These modifications are already disrupting the conventional business models and creating new opportunities for value capture and creation.
Various business industries have been reshaped while others such as Uber and Tesla have been created. Most of the companies that have kept pace with the latest developments have been successful and are starting to see the benefits of IoT. It is now taking companies less time to churn out billions of shillings and enhance their business operations.
IoT Offers Better Customer Service
Today’s customers are after simplicity and exemplary service. They need 24/7 service and easy accessibility to your products. IoT-enabled data analysis will help your business build a better platform and strategies that will enhance your client experiences through multiple access points. With a deep understanding of what your clients want, you can come up with personalized marketing messages that position your business products and services to your customers. Access to sophisticated and real-time data helps enterprises to streamline their operations and attend to urgent issues promptly.
IoT Disrupts Value Chain
Data is always at the center of every value chain. Improved data insights help enterprises to make better decisions which improve data capture and value creation. Traditional methods typically involve generation of data from various transactions and internal business operations. However, it becomes difficult to interpret the data and extract useful insights from it. IoT enables different departments within the organization to analyze the data and create data silos that provide great business opportunity hints.
Smart connected products also provide the much-needed real-time data to influence decisions promptly. Some organizations have hired highly experienced chief data officers to shape their data strategies to unearth useful data insights. The data insights also provide accurate customer feedback and performance of individual products. The feedback is critical in improving value chain strategies and creating evolving business models.