How to Accelerate Digital Transformation with the Internet of Things




The
times are changing. Right now, it’s no longer enough to have a great product or
service if you want to win over the customers or retain your market share.

One
of the ways to set your business apart from the competition is by embracing
innovation and adopting new technologies. That is why so many businesses bet on
digital transformation in an attempt to stay relevant and keep up with the
market requirements.

Having
helped dozens of organizations worldwide reimagine the way they do business
with the help of technologies, my team at Eastern Peak knows firsthand how hard it can
be to embrace the change. Yet, there are many ways to accelerate your digital
transformation, and embracing IoT technologies is one of them.

In
this article, I will explain how the internet of things affects digital
transformation drawing on 3 real-life examples.

What does digital transformation mean for your business?

According
to the State of Digital Transformation research,
market pressure is the major digital transformation driver: even established
market leaders struggle to compete with tech-enabled, agile startups.

Digital
transformation is the only way to future-proof your business and survive in
times of tech disruption.

Together
with the evolving consumer expectations, more organizations are forced to
change the existing business processes (or create completely new ones) with the
help of technologies, i.e. embarking on the path of digital transformation.

From
the customer experience you offer to how you handle your internal processes,
digital transformation has a major impact on all aspects of your business, both
internal and external.

How does the Internet of Things affect digital transformation? The
benefits and real-world examples

There
are many startups such as Nest or Ring, whose whole business model is built
around the IoT product line. Yet, traditional businesses across a number of
other domains can also benefit a lot from introducing IoT solutions to fuel
their established business processes.

Namely,
there are multiple ways you can transform your business utilizing IoT
solutions. Here are some of the ways IoT is driving digital transformation:

  • Opening up new business opportunities

By
using data generated by IoT devices, businesses can better understand their
customers’ needs and adjust their product offerings accordingly as well as
introduce new products/services to cater to a broader audience.

  • Delivering meaningful, tailored customer experience

Again,
by capitalizing on new sources of customer data, i.e. IoT devices, businesses
can gain deeper insights into customer behavior and tailor their customer
experience accordingly – through advanced personalization and increased
accessibility.

  • Boosting business efficiency

Combining
rich data insights and autonomous sensors, IoT has the potential to increase
business efficiency through process automation. There are dozens of notable
processes that can be streamlined, including inventory management, logistics,
security, energy management, etc.

  • Reducing operating costs

Process
automation will inevitably lead to cost savings and allow you to use your
resources wisely. For example, IoT energy solutions can help you better
manage your utility consumption and eliminate waste. This approach can be
applied to heating, ventilation and air conditioning systems, lighting, water
supply, etc.

  • Improving employee productivity

Just
like cloud and mobile technologies, IoT can help you empower your staff,
offering better agility and making your business systems easily accessible
anywhere, anytime. Smart sensors can keep your employees connected at all times
and deliver real-time insights for better productivity.

To
put this in perspective, let’s consider some real-life examples: here are 3
companies that achieved digital transformation through IoT.

  1. General Electric

As
a part of its digital transformation initiative, General Electric has been
using IoT sensors to monitor the productivity and health of its equipment. By
feeding their Predix platform with data sourced from their
sensors, the company has been able to better forecast the system’s maintenance
needs and, as a result, improve its operating efficiency while minimizing
downtime.

The
company has also been planning to bring IoT to its factories as well as upgrade its locomotives, equipping them with
dozens of smart sensors for higher efficiency and reliability.

  1. Citibank

Unlike
GE, Citibank is exploring opportunities within IoT to improve
their customer experience. Namely, the banking provider has been testing beacon
technology across its Smart Banking branches in Manhattan.

The
IoT-enabled smart branches allow its customers to access the bank’s ATM lobbies
after hours without a card, using their iPhone or Apple Watch. Their customers
can also opt in to get location-based, personalized promo messages sent to
their smartphones.

  1. Walmart

A
perfect example of a successful digital transformation, Walmart is also using
IoT to improve its on-site customer experience. The leading US retailer is
using proximity Beacons to send personalized push notifications with special
offers and current discounts to its in-store customers.

The
company has also recently patented a “smart” shopping
cart handle that can collect customer data using built-in biometric sensors.
The data includes heart rate, temperature, and grip strength to define a
person’s current stress level.

On
top of that, it will be able to track the cart’s weight, speed, route, and idle
time to better understand their customers’ behavior and shopping habits.

Accelerate your digital transformation with IoT

As
you can see, there are dozens of ways to utilize IoT for digital
transformation, and there are even more benefits of doing so.

So, if you are still hesitant or even slightly unwilling to adapt to the change, you might be at risk of missing out and losing your market share to the more forward-looking competitors.

Meet our team at the IoT Tech Expo Global in London on the 25-26 of April (booth #845) to learn how your business can benefit from IoT. To discuss the potential of digital transformation with our specialists in person, book a free on-site consultation in advance.

The post How to Accelerate Digital Transformation with the Internet of Things appeared first on IoT Tech Expo.

Original article: How to Accelerate Digital Transformation with the Internet of Things
Author: Alexey Chalimov