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BizReport : Internet : May 12, 2017

Top 3 IoT trends brands can grab onto now

Small and medium sized businesses are able to react to trends in the digital space much more nimbly than their larger counterparts. But, knowing when trends to grab can still be difficult. Here are three trends one expert says SMBs need to jump on now.

by Kristina Knight

An improved customer experience

"The consumer world is rife with customer experience (CX)-related improvements and this has worked its way into the B2B space too. IoT devices not only allow SMBs to deliver a better CX, they will also collect customer touchpoint data that helps companies to further improve it," said Sarah Lahav, SysAid Technologies.

Reduced costs

"IoT devices or smart things will remove the need for manual labor elements and the associated costs. Not just in replacing discrete human actions but also activities related to the management of previously "dumb" things. Plus, IoT devices will be used to glue existing automation together - in a "sense, decide, and act" way - again reducing the need for, and cost of, human intervention," said Lahav. "IoT devices will not only remove some of the reliance on people, they will also provide opportunities to improve the way things are done - speeding up business processes and reducing the delays, and potential fallout, from human errors. The collected data is also a rich source to be mined for improvement opportunities that will improve business operations, CX, and margins."

Better information leading to better decisions

"IoT devices will collect and transmit back a wealth of data. SMBs can use this data - with the help of a business intelligence tool and/or machine learning - to drive a multitude of business decisions related to products and services, customer behavior, service quality, staffing, support and customer service, and future business investments," said Lahav. "IoT devices will be embedded into existing products and services or be used to create brand new business opportunities - with the power in the "connectedness" and the opportunities this brings. Plus, SMBs shouldn't overlook the less tangible opportunity of the availability of IoT data being a potential new service in itself - the insight might be more valuable than the product or service it is gleaned from."

Tags: advertising, ecommerce, Internet of Things trends, IoT trends, SysAid Technologies

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  • Well said, Kristina. It’s not necessary that big players get attention to the latest trends, each time, but it would help a lot if we talk about small and medium sized businesses. They must go with the trend, implement strategies and apply it accordingly.



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