The Internet of Things (IoT) allows organizations to collect data from their products, whether theyre on the conveyor belt, in the store, or in the customers possession. The ability to do that is just phenomenal its an extraordinary feat that will revolutionize the manufacturing and retail industries in a few short years.
Understandably, interest in the technology is growing among manufacturers. In a press release dated 31st Jan 2017, Research and Markets predicts that IoT in Manufacturing will grow fromUS$ 6.17 billion in 2016 toUS$ 20.59 billionby 2021, at a CAGR of 27.2%.
Imagine being able to monitor the health and performance of devices while theyre with your customer, and the things you could do with that knowledge. This data can not only optimize supply chains but also make a significant improvement to the post-sales customer experience. Since the data tells you how the product is performing, what users are struggling with, and what causes it to fail, among other things, it will help you produce insights that change the way your post-sales customer experience is designed.
Here are some of the ways you can benefit from an IoT led service:
- Getting ahead of pending product failures and service problems: Monitoring the data streams from your devices helps you understand how your products perform on the field. Since you have access to this data in real-time, you can monitor it and offer pre-emptive repairs and maintenance services.
- Reducing the number and costs of returns: Sending a product back to the factory when it is returned at the counter involves many costs. Data from IoT can help you determine if a product returned is repairable, and therefore worth shipping back to the plant, or whether it should be disposed off immediately.
- Increasing value and convenience throughout the product lifecycle: Studying the data that you collect can help you determine how your customers interact with your products. You can learn what your customers enjoy and what they struggle with. These insights allow you to reach out to customers and help them make the most of the products.
- Informing R&D: Using the data to isolate instances of where your customers struggle to use your products, or where your products fail to perform, can help you learn what your customers really want so that you can create products that will wow them.
- Increasing sales opportunities: Tapping into data via IoT can evolve your business to replace reactive selling practices to pro-active ones. This will enable you to study trends, and offer products and solutions that meet the needs identified from those trends.
IoT is a great way of connecting physical devices and virtual worlds, and offers significant opportunities for companies who are willing to experiment and develop an ecosystem around it. To learn how your organization can benefit and get started with IoT to improve your post sale customer experiences read the article How IoT Technologies are Revamping the Post-Sale Experience in the TCS management journal, Perspectives.