Business Value of the IoT

8/8/2016
With consumers becoming more connected through smart devices, and having access to more information, there is a surge of data hitting the industry that can help consumer goods manufacturers better predict what consumers want and need. Here, CGT learns from Seebo CEO and Co-Founder Lior Akavia, how to take advantage of this opportunity and transform business models.

1. Smart connected products are the next frontier in technological advancements. How can marketing and product teams ensure they get the product concept right?
AKAVIA: One of the most game-changing aspects of smart, connected products is how they allow product companies to create new consumer needs and establish new user habits. Gartner estimates that this year there will be over six billion connected ‘things’ in use. These new smart connected products rely on new habits, on trying to predict what will tick and what will be a hit with today’s consumers.

Product manufacturers are required to use out-of-the-box thinking and predictive product planning, with the aim of forecasting new solutions and services related to their existing products that consumers will be thrilled to adopt.

If you get it right, the potential for business value is endless.

2. Smart connected devices collect endless amounts of data, providing immense analytics possibilities. How will this affect consumer demands in the future?
AKAVIA: Business value with the Internet of Things (IoT) can be summed up in one word: data. Product usage is no longer a black box. When we introduce new products and reintroduce existing ones with smart capabilities, we create an opportunity to foresee users’ needs through precise and detailed analytical data. This empowers manufacturers and companies to easily anticipate needs in the moment, rather than reacting to industry or consumer demands. Leveraging this foresight unlocks the value of IoT services.

3. How can marketers make sure their new IoT products are exciting and deliver a business value?
AKAVIA:
IoT provides marketers with data-driven insight that has the power to transform business models.

When physical objects equipped with sensors broadcast information, the ability to capture, communicate, and process data — and even collaborate — creates game-changing opportunities: greater production efficiency, distribution, innovation and monetization. This real-time insight helps you discover accurate and meaningful patterns in your data, depending on your measurements and objectives. Data flowing into your business applications empowers you to make informed decisions regarding inventory, product usage, end-of-life and user experience.

The question is not whether consumer goods manufacturers will join the IoT revolution, but when, and the sooner they join, the bigger their competitive edge is.
X
This ad will auto-close in 10 seconds