This weeks blog was written by Sam, an undergraduate student who is gaining experience here at FluidOne. He's with us for a couple of weeks working in all the different departments of the business.
This weeks blog was written by Sam, an undergraduate student who is gaining experience here at FluidOne. He's with us for a couple of weeks working in all the different departments of the business. If you're a young ambitious self-starter who wants to gain real business experience email firstname.lastname@example.org and tell us why you should intern for us.
The Internet of Things (IoT) will have an impact across every business in every sector; some argue we are in the earliest phases of a technological transformation whose impact will be at least as great as every previous cultural and industrial revolution in human history.
3. Smarter businesses, smarter decisions
The very nature of IoT is the intelligence of sensors and these sensors will enable smarter business operations and smarter decisions. This will allow businesses to collect more specific feedback on how products or equipment are used when they break, and what customers will potentially want in the future. For example, software can be used to constantly collect data on what products or marketing methods are effective and ones that aren’t effective resulting in the removal of the least popular products and a focus on the most popular.
2. A shift in business model
The internet and IoT will allow businesses to diversify and grow the business in different markets. For example, John Deere founded in 1837 has made agricultural machinery that has helped feed the world’s population but IoT has enabled the business to diversify into selling data. The addition of data connectivity to equipment which can pull data about soil conditions, when and where to plant crops and when to plough not only improves the efficiency of the business but it also enables the farmer to sell on this data creating another revenue stream.
1. Customer segmentation
Data allows businesses to better understand the customers they are targeting and with analytics, the business can segment customers into smaller groups in order to target them specifically resulting in better returns on marketing strategies. The more in-depth analytics can allow you to whittle down the data to incrementally refine your processes, offerings, and approach to dramatically increase conversions.