The Internet of Things (IoT) has evolved significantly since the term was coined 20 years ago at Procter & Gamble. We have globally connected applications, ecosystems, and billions of IoT devices augmented with machine learning, artificial intelligence, and analytics. The business results achieved with IoT so far have been significant, but this is just the tip of the iceberg. The greatest opportunity is still to be achieved.
In my last blog, I discussed how to unlock the real value of IoT by integrating it within the fabric of enterprise systems and processes. This is the important operational management side of IoT. Experience management IoT is the other half of the success equation and provides differentiated results for a sustained competitive advantage, turning customers into fans, employees into ambassadors, and products into obsessions.
Experience management enables companies to thrive in today’s experience economy. Just like hotels and restaurants around the world succeed or fail based on customer ratings on TripAdvisor and Yelp, experience management is shaping every aspect of business and technology.
A March 2019 SAP-commissioned global survey conducted by Forrester Consulting found that the top IoT use case for the next 12-24 months is improving the user experience or customer interactions. Customer experience is so important for IoT that it ranked higher than many traditional IoT use cases, such as facility management, asset management, and track-and-trace.
IoT connects assets with preventative maintenance systems and inventory with supply chain fulfillment processes. By expanding IoT to include experience management, we will take IoT to the next level of business value generation.
Ship a replacement part to a customer’s factory before their equipment breaks down, offer a sports fan a real-time discount off the purchase of the team jersey while they are at the big game, and replenish a client’s critical inventory before a long weekend to ensure their business success.
Let’s work together to turn customers into fans, employees into ambassadors, and products into obsessions with experience management, the next big business opportunity for IoT.
SAP worked with more than a dozen industry experts to uncover five trends that will determine the customer experience over the next decade. “The Future Customer Experience: 5 Essential Trends” report examines each of these trends and offers recommendations for how brands should respond now to prepare. Download the report.