How to Use the IoT to Boost Business Revenue
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How to Use the IoT to Boost Business Revenue
Early Internet if things leaders are more likely to digitally reimagine their businesses and produce substantial value for customers, not just value for themselves. -
Next Big Thing
79% of surveyed global execs said their companies have Internet of things (IoT) initiatives in place today. -
Immediate ROI
The average company increased revenues by 16% last year in business areas with IoT initiatives, and nearly one out of 10 global execs attributed a revenue rise of more than 30% to IoT efforts. -
Useful Tool: Extended Outreach
47% said their company uses IoT tech to track customers through mobile apps. -
Useful Tool: Watchful Eye
45% said their company deploys IoT tech to monitor production and distribution operations. -
Useful Tool: Quality Control
25% said their organizations take advantage of IoT to receive data from products to get a sense of how those products are performing, and the same percentage use it to monitor locations of stores, branches and offices. -
Actionable Information, Part I
40% said their companies will improve their product support and repair services through IoT because product usage by customers will be monitored. -
Actionable Information, Part II
29% said their organizations now will drive additional revenues by selling customer product usage data to third parties. -
Cutting Out the Middle Man
23% said their companies will use IoT to bypass entities in the distribution channel to reach customers directly.
The vast majority of global organizations have adopted some form of Internet of things technology, and they're reaping the rewards of increased revenues as a result, according to a recent survey from Tata Consultancy Services (TCS). The accompanying report, titled "Internet of Things: The Complete Reimaginative Force," indicates that CIOs are helping their companies take advantage of IoT tech through a wide variety of uses: Many are deploying IoT to better track customer behaviors through mobile apps, and a great deal are using it to monitor production and distribution operations. As for future goals, executives said the IoT will help them improve product support and repair while expanding new revenue streams through the sale of customer product usage data to third parties. "The Internet of things is no longer a closeted discussion held in the IT function or at technology vendor conferences," according to the report. "The topic has become the focus of passionate examination and spirited debate at the top-most level of a growing number of major companies around the world … The early IoT leaders are more likely to digitally reimagine their businesses and produce substantial value for customers, not just value for themselves." A total of 795 global execs took part in the research.