How to Use the IoT to Boost Business Revenue

 
 
By Dennis McCafferty  |  Posted 07-31-2015 Email
 
 
 
 
 
 
 
 
 
  • Previous
    How to Use the IoT to Boost Business Revenue
    Next

    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.
  • Previous
    Next Big Thing
    Next

    Next Big Thing

    79% of surveyed global execs said their companies have Internet of things (IoT) initiatives in place today.
  • Previous
    Immediate ROI
    Next

    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.
  • Previous
    Useful Tool: Extended Outreach
    Next

    Useful Tool: Extended Outreach

    47% said their company uses IoT tech to track customers through mobile apps.
  • Previous
    Useful Tool: Watchful Eye
    Next

    Useful Tool: Watchful Eye

    45% said their company deploys IoT tech to monitor production and distribution operations.
  • Previous
    Useful Tool: Quality Control
    Next

    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.
  • Previous
    Actionable Information, Part I
    Next

    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.
  • Previous
    Actionable Information, Part II
    Next

    Actionable Information, Part II

    29% said their organizations now will drive additional revenues by selling customer product usage data to third parties.
  • Previous
    Cutting Out the Middle Man
    Next

    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.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

Submit a Comment

Loading Comments...
 
Manage your Newsletters: Login Register