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The Power of IoT: Unlocking the Value of Customer Insights

The Power of IoT: Unlocking the Value of Customer Insights

With IoT starting to touch almost every area across industries, it has never been more inspiring and exciting time to delve into user data and find out what your customers truly want before they even want it.

As a matter of fact, Accenture reports that 81% of customers would like companies to understand their wants and needs better.

Essentially, IoT enables businesses to do in-depth research of their customers’ behavioural patterns by leveraging the power of collected data. This gives them immense capacity not only to enhance their products and services but also improve the overall communication between the two parties. To make things even more interesting, they get this information in real time, meaning they can fix issues on the fly.

In other words, it’s a win-win situation.

Currently, customers use traditional ways of communication (email, phone, social media) when trying to reach customer service. Despite using very clever research methodologies, the R&D teams had to really tap into data and do some heavy lifting to extract customer insights.

The following are a few industries where IoT can help you gain insights and speak to the right customer at the right time for the right reasons.

Retail

When it comes to gaining customer insights, there is no industry better impacted by IoT than retail. Armed with in-depth customer insight, you are able to identify customers’ buying behaviour and discover what is important to them. What’s more, this invaluable data lets you improve your products because it provides you with critical information such as:

  • Product performance
  • Shopper engagement
  • Purchase volumes
  • Changes in demand

For customers, this takes shopping experiences to a whole new level, allowing them to enjoy in diverse, rich and contextual shopping. Analytics tools combined with the use of customer data will allow you to turn communication into the digital conversation and increase the chance customers like what they hear.

Health

IoT applications in healthcare let you gain invaluable insights into various types of data: clinical, behavioural, environmental, and others. With the data generated and processed by wearables and m-health apps, service providers can revolutionize user experience in medical services.

For example, data analytics fueled by big data enables stakeholders in the healthcare system to discover clinical and behavioural factors of patient disease risk. On top of that, it allows them to optimise organizational performance, engage patients better and improve their lives in general.

Finally, connected healthcare devices allow a healthcare provider to deliver personalised patient care anytime/anywhere and provides them with a view into patient’s activities and overall health in real time. In addition, the IoT solution lets you use dashboard and distributed analytics to understand it more easily and, most importantly, act on it. This hugely simplifies patient monitoring, cuts healthcare costs and.

Hospitality

Have you heard about the concept called “Connected Room”? This kind of room provides a personal touch to hotel guests and turn their stay into a once-in-a-lifetime experience. For example, by analysing guests’ insights, which include specific comfort preferences (temperature, lighting and TV channel selection), hotel administrators can learn more about what guests like and want once they enter their hotel room.

By merging IoT and data insights, the connected rooms can pinpoint behaviour at various points in the guest’s life cycle and allow hotel administrators to create a stronger business strategy to unlock the value of this evolving customer base.

Imagine walking in the hotel room which is prepared according to your preferences and needs. Suddenly you realise that your room has a breathtaking view, the TV is tuned to the appropriate channel and your favourite music starts playing. This room of the future offers a fully customised personal experience providing major benefits to both sides.

Service Automation

Wondering how you can extract insights using service automation?

Let’s take the car-wash industry as an example.

Ready2Wash identified an opportunity to create a self-service car wash IoT solution on top of WolkAbout IoT Platform to reduce operational and maintenance costs, increase automation and customer satisfaction, and maintain security and privacy level.

On the one hand, end-customers can enjoy the convenience of mobile payment for the carwash services using virtual tokens. On the other hand, a Ready2Wash web portal enables carwash operators to get a deep view into a carwash customer behaviour and their needs (depending on different variables including localisation, part of the day, day of the week, weather conditions). By understanding customers’ behaviour carwash owners can now reward their loyalty, define multiple loyalty programmes for various groups of customers, create marketing campaigns and improve their overall service offered.

In other words, Ready2Wash IoT solution brings enormous benefits to both sides as it guarantees a favourable outcome for everyone involved.


Ready2Wash IoT Solution


IoT is here to stay. Properly collected and used data improves the quality of your experiences with customers and brands. And, as you can see from the examples listed above, you can use the IoT to enrich your communication with customers across many industries.

But, how hard is it to get an effective IoT solution up and running?

For starters, your IoT solution would need a core layer, a critical component that makes everything run smoothly.

IoT Platform: The Core Layer of Every IoT Solution

By utilising an IoT platform, users are able to leverage the full value of their data.

To achieve this, the platform should have the ability to collect, process and store a massive amount of data in a manner suitable for any use case.

On top of that, the platform should send live notifications when thresholds are met and should include analytics as an add-on component that enables processing of high-speed transactions on the fly. It should also enable historical data analysis through reporting. This allows users to interact with their IoT data and act in real time.

Finally, it should be secure, private and GDPR compliant. In other words, it needs to provide end-to-end data protection and ensure that users’ identities, as well as their personal data, are not revealed nor available to unauthorised users.

Here is where WolkAbout IoT Platform comes to the rescue. WolkAbout IoT Platform gives you a window into immediate, actionable insights and allows you to respond to your customer needs in real time. Its advanced data management, data storage and analytics allow you to gather the data about the physical environment, learn more about your customers’ pickiest tastes and enable a huge set of new services for the consumer.

The outcome: With data at your disposal, you don’t only meet the customers’ needs - you exceed them!

Conclusion

To really know and engage your customers, you need to delve into data and understand what they love about your products and what they don’t. The key? Intelligent IoT solution with scalable, big-data ready and reliable IoT platform at its core will help you improve customer experience in various ways.

Keep in mind though that to reap the benefits of customer insights, you need to safeguard the collected data and offer personalised experience without being too intrusive.

In the meantime, learn more about how you can gain and unlock the value of your customer insights using WolkAbout IoT Platform by contacting us.

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