Reasons why Industries must opt for Customised IoT Solutions
Personalisation is the Future of any Business! Whether it is retail or service industry, the Brands that do not curate Personalised offers for their Customers are bound to lose those customers to their competitors who are leveraging personalisation. Although there are many who says privacy is compromised with the need of personalisation, the customers are aware of the behavioural study made by the brands and they admit that Personalisation does influence their purchasing decision!
According to a survey, 86% of consumers admitted that personalised offers somehow affected their buying decision and 25% of the consumers admitted that Personalised offers significantly affected their buying decision. (Source)
And because of such high need of personalisation, there is a rise in the demand of Technology Automation and cognitive technologies like Internet of Things (IoT) and Machine Learning to collect, analyse and utilise the data to personalise the Customer Experience across both Digital and Conventional Brick and Mortar Businesses.
The reason why IoT is preferred across the businesses is because it is not one of the most effective technologies that work independently without any tampering as data points that can collect and transmit user data, but it also helps businesses in various other aspects such as:
Different applications of IoT technology across different Industries and Business Verticals:
For effective Customer Service and overall Customer Experience
Create new revenue streams for the business
Increase the workplace safety
To gain Operational Excellence
Creating a data driven business model
Creating a IoT network of Smart Applications
The Tech Irony:
But, contrary to the Tech notion that the world has successfully entered “The Era of Information” and businesses are highly adopting the Cognitive Technologies like Artificial Intelligence and IoT, the fact is that majority of industries are failing to make an effective use of these technologies to transform their business into a Data Driven Business.
For instance, according to a survey of Harvard Business Reviews survey, it revealed that 72% businesses who took part in the survey admitted that they have yet to forge a data culture and 69% of them said they don’t have a data-driven organization. And not just that, it was found that 53% businesses are not treating data as a business asset! (Source) So, instead of the evolution of these disrupting cognitive technologies, brands and businesses around the world are failing to leverage these technologies! And the question that rises now is how can a business truly leverage the best potential of an IoT Solution?
The impact of customised IoT solutions over Standard IoT systems:
The answer to that question is simple, instead of employing standard IoT solution, businesses must opt for custom tailored IoT solution that is developed and networked on the basis their Business Interests! Instead of settling for ready-to-use IoT systems, the businesses must plan, strategize and occupy their own customised IoT solutions by collaborating with an IoT development company.
Also when businesses opt for Customised IoT solutions, they can also address to one of the biggest problems of current IoT solutions that is their lack of Security Measures and their incompetence with the compliance laws of few industries! To help you better understand why Customised IoT solutions are better for any business, we have listed down 5 crucial benefits that a businesses can get when they opt for a Customised IoT solution:
5 crucial benefits of adopting a customised IoT solution and how it makes the solution Future-proof:
# Optimum Security Protocols:
One of the biggest concerns of businesses across the world with IoT is that it lacks effective data encryption technologies! Especially when you use a third-party servers and networks and integrate it with your digital ecosystem, you pose a great threat to your current digital ecosystem which can be vulnerable to hacks via the third party smart devices and network.
So, instead of relying on third party IoT applications and networks, businesses must opt for Customised IoT solutions that where the hired IoT application development company can employ effective encryption technologies and can also address to strict compliance rules of the business just so that they can integrate the Customised IoT solution with their digital ecosystem.
# Desired Scalability:
Instead of such huge market capture of IoT, it is truly still in its infancy and the Technology is yet to evolve with time and market conditions. Thus, instead of relying on some Standard IoT solutions that might cover all your current requirements, it is wise to opt for Customised IoT solutions that can also secure the future needs of the business and make the IoT solution, truly future proof.
When you have your own IoT solution custom build for your business, you can easily scale the solution in future with the changing market dynamics and keep the solution relevant and useful for its users. To put it in a nutshell, the standard IoT solutions might give you a short-term boost, but a customised IoT solution offers sustainable growth and a healthy chance at a future proof concept.
# Personalised System that aligns with Business Requirements:
When you work with an experienced IoT development company, they can deploy resources that are experts in IoT development and can also guide you towards an ideal IoT solution by using the Domain Experience that they have. So, instead of relying on the strengths of a standard solution, you can hire IoT consultant who can create an IoT network that is built on your business requirements and leverage it to derive the best possible benefits out of it.
Also, if your business falls in an industry where there are many governing bodies with whom you need to comply with in terms of Data protection like Finance and Healthcare, customised IoT solutions has an added benefit for you. So, when you opt for Customised IoT solution, you can introduce protocols and modules in your IoT network that will help you comply with the rules of the concerned governing bodies.
# User Centric Approach:
Advanced Customer Experience and Customer Service is one of the best possible fruits of an IoT network. The logic behind it is simple, IoT devices and smart applications are majorly used as the data receptors and if the user whose data we wish to acquire is not happy with the current IoT application, they will not choose to interact with it. And if they avoid it, there will not be enough data to use. Thus, it is not wise to compromise on that aspect even a little and if the standard IoT solution that you opt for doesn’t align with your User-centric approach, then it is of no use.
Hence it is wise to opt for a customised IoT solution which is built with a User Centric Approach and is designed to deliver a delightful experience to your users. The more they use your application or device, the better the data that you get and better the decisions that you can take with it.
# Integration with Current Digital Ecosystem:
The whole point of IoT network is to expand your Digital Ecosystem to create effective data points and to cater personalised experiences to your customers. Thus, it is essential that the data and information is available at each crucial stage where the customer interacts with the brand and on a larger scale, with the whole industry and its verticals.
But, if you fall into a business category like Healthcare IoT and Finance where a leak of data can be fatal for the customers and where there are Governing Bodies like HIPPA and numerous Financial Regulatory Bodies keeping a tight loop, then no matter how good the standard IoT network is it would not be possible for you to utilise the system or would not be able to integrate the IoT network with your current Digital Ecosystem. Thus to adhere to such stringent laws, businesses will have to opt for Customised IoT systems.
A parting note:
So, now that you know why it is essential to get a customised IoT network for your business, all you need is an IoT app development company that offers value based partnerships and that has the necessary expertise and domain expertise to consult, develop and implement an effective and customised IoT solution for your business.
The numbers of data-driven businesses are scarce in the world currently and you still have a chance on gaining a competitive edge by transitioning your business into a data-driven business. Catalyse on the IoT technology and create a Customer Experience that helps you dominate the market and the minds of your potential customers.