Iot-Driven Services: Game Changers for The Industry

The Internet of Things (IoT) has dramatically transformed the way we use and interact with appliances and physical devices. However, there are limitless opportunities for improvement, especially in the area of customer service.

The technology that underlies IoT can be divided into four categories: sensors – tiny devices that capture information, communication systems that transmit that information, big data analytics that collate information and derive meaningful results, and decision support platforms which can ultimately be used to resolve problems quickly, often before end-users realize that a problem exists.

The most powerful element of IoT is created on top of this four-component layer – an intelligent service architecture.

Taking service to the next level, it transforms customer service from a cost center into a profit center, and it becomes a focal point for new offerings, reducing churn, providing better customer service, anticipating problems, and proactively fixing

Gartner predicts that by 2020, IoT will include 26 billion units, offering unprecedented levels of access and visibility. The research firm also estimates that IoT product and service suppliers will generate incremental revenue exceeding $300 billion, mostly in services. IoT is evolving into a fully centralized service platform, delivering improved customer service – with huge benefits to consumers, OEMs, retailers, telecom companies, and other service providers. These businesses, equipped with the large quantities of data collected via IoT, will be better able to understand their customers, leading to continuous improvement, the uncovering of hidden revenue opportunities, and more efficient service organizations.

By better catering to customer preferences and rolling out a new level of device automation, companies will quickly discover the power of selling end-to-end solutions and connected devices that generate real-time information.

The uses of an intelligent service architecture built on IoT are endless. A popular example is the Nest smart thermostat, a simple and affordable device for managing energy. Installed in over a million homes, Nest gives utility companies a valuable tool to better understand energy usage, thereby creating an opportunity to deliver better service and lower rates.

Thus, with the emergence of a new centralized platform and availability of the volumes of data being generated, IoT holds the potential to disrupt everything about business, consumer goods and services.

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