Once upon a time, IoT was this simple technology that used to transmit data from sensors to the central server so that the data could be collected and operated upon. However, things have changed radically since then as IoT approaching a phase where it will impact customers and start using people to enhance its possibilities. While the potential seems ever-expanding, it is time to understand where IoT raced ahead so much. That will also lead to its future scopes.
Redefining what people can do
IoT, in its new avatar, is going to have unprecedented impact on business models to say the least. Unlike the previous version, where human intervention was necessary to process the collected the data, it is going to become more machine dependent. Some people are fondly calling it Internet of things-to-things. If such a technology arrives in the future, you don’t have to think about a lot of things and every single thing will slowly become automated.
Then, the role of the people will slowly change as workforces will have to reconfigure themselves accordingly and HR departments will have to redistribute them to ensure that there is an optimum use. In fact, IoT 2.0 can actually reshape what is understood by the word society itself and what you understand as labour or work. Your fridge can tell you what you lack in groceries and automate the order which will then be delivered by automated drones. Employees are now focussed more than ever on customer satisfaction as other headaches are being slowly eliminated.
Refining brand reputation
IoT 2.0, with enhancing customer experience, will obviously go on to shape the brand images and their perception. Now that customers will be buying online more and more and it is no longer a case of physical interaction, brand reputation will be dictated by machines more and more. It is a golden opportunity for all kinds of digital enterprises around the globe as they get to show their skill.
One of the greatest impacts of this change has been on retail banking. No longer is it a case of pervasive street presence as consumers are quite aware of the offers that come and go. They can browse online for specific offers and grinds out the best possible deal. So, switching providers is a common thing nowadays that has nothing to do with the loyalty of the customers. If you understand this shift in the value chain, you will do well to control the damage that can be done within seconds if customers start leaving your brand. Thus, digital platforms, social media and other online platforms will gain prominence.
IoT 2.0 is more convenient and more secure
Security was a key concern when IoT first came out as everyone was sceptical about its fragile network. Since attacking a single node could destroy the whole network, it was immediately frowned upon by many. However, IoT 2.0 has worked towards it. Now, they have more or less secured each node to gain more and more customers. Customers are not interested in dealing with such security concerns. So, as long as security practices are not hindering customer experience, they are fine with it. IoT 2.0 has solved both the issues and now, the security report and the mechanism take place behind the scene, much to the delight of the users.