Every business is dreaming about how digital transformation will push productivity and profits to the max. The buzzword (or rather the phrase) of the last couple of years is known for “driving efficiencies and innovation”. It is the famous digital transformation that will replace the useless manual processes, enhance the company’s productivity, and spare time for the human flight of fancy to search for new strategies and creative approaches. Digital perfection will remove human errors making the business and production processes run smoother.
The utopian idea of digital transformation continues to flourish all over the net, making digital transformation consulting even harder than ever. Why harder? Because consultants have to crash the rose-tinted glasses and “reveal” that chaotic and unreasonable investments in digitalization are time-consuming, expensive, and hence useless.
Yes, you read it right: digitalization is useless if you dive into it without learning the basics. This article is about the core knowledge on digital transformation by means of IoT data. Go on to learn why IoT is great, what it can offer, and how to use it wisely.
Why IoT Can Be of Great Help
With markets and consumers getting more and more demanding day after day, the only way to future-proof a business is digital transformation. The Internet of Things, the wired web of physical objects that “communicate” with each other, is the yellow brick road that can set the grounds for this digital transformation and be a perfect tool to embrace the new and keep up with the world.
The Internet of Things offers data, which is the most valuable asset in the current situation. For example, McKinsey reports that in the tough days of COVID-19, one of the US-based tire suppliers arranged to maintain its day-to-day manufacturing while keeping its managers off-site. The automated manufacturing-execution system provided enough information for the managers to control and efficiently regulate the whole process, thus keeping the company in the market. Litha Ramirez from SPR told that the UX industry in the Coronavirus Era turned to remote, and hence it had to rely on the “fully remote design” based on the data collected from IoT.
IoT data and digital transformation consulting offer a starting point to the digital evolvement of the internal processes and subsequent customer experience. The CIO of Vanguard, John Marcante, perfectly summarized the “why” for IoT: “Technology has driven this shift, and companies that want to succeed must understand how to merge technology with strategy.”
What Are the True Applications of IoT?
While a couple of good IoT data implementations do make a viable point, you still might and should wonder what IoT data can offer to your business (regardless of your field of operation, business size, and revenue). If IoT is as good as they say, then what can you get from it?
New Business Opportunities
Data generated by IoT offers insights into the preferences and needs end-customers have. Using the data, businesses can adjust their existing offer for better customer experience and also introduce new products and services to further engage with potential buyers. Moreover, IoT data offers easier product personalization, thus increasing conversion.
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