The IoT market has exploded into a full-fledged revolution. No doubt it was a hot topic this week at the B2B Online 2018 conference taking place in Chicago. Consumer devices like Amazon Echo, Google Home, Fitbit, and Nest are often thought of as the faces of IoT. However, the market for IoT reaches far and wide including manufacturing devices and B2B subscription-based services. (Plus some pretty strange adaptations – IoT mousetrap, anyone?)
B2B IoT – Where is it headed?
Gartner expects to see 20 billion internet-connected things by 2020. And, a report from McKinsey & Company reports that the economic impact of IoT will be $11.1 trillion per year by 2025! It’s important to note that even though the infiltration of IoT has sky-rocketed in recent years, it’s still evolving. It’s not too late for businesses to stay ahead of the IoT curve. Those who prepare will be able to proactively adapt as IoT changes the way we all interact and connect. B2B and manufacturing industries are ripe for reaping the rewards of IoT – in terms of adoption within manufacturing operations as well as leveraging IoT to meet consumer needs for omnichannel experiences, product research, and personalization.
Steps for ensuring an IoT-ready enterprise
What should companies be doing today to prepare for the IoT technology shift?
- Make data quality a leading priority: IoT facilitates a rich stream of data that companies can leverage for improved business decisions. Yet with mountains of data added every day, companies can face data overload. The challenge is to maintain centralized, high-quality data in order to extract intelligence in a timely manner. Wise companies will invest in data quality tools including advanced data analytics and data modeling capabilities that can support long-term business decisions.
- Create a content strategy optimized for IoT: With IoT, there’s an increased emphasis on product and experience customization. Manufacturers must rise to the challenge. Providing a seamless omnichannel experience is crucial for earning customer loyalty and trust. Therefore, along with delivering consistent content across channels including IoT, companies must distribute curated content that aligns with the brand story. To achieve IoT-ready content, companies must develop, centralize, and syndicate core content assets including compelling videos and images; product reviews and demonstrations; IoT-specific landing pages; data sheets and pricing guides; catalogs and interactive content; blogs and social media.
- Focus on leveraging and safeguarding customer data: In the world of IoT—where vast amounts of devices, systems, and consumers are connected—understanding and protecting data is a huge deal. Mining mounds of data can help companies understand usage patterns, optimize products, improve upsells and cross-sells, build customer loyalty, and re-engage shoppers down a new purchase path. Along with leveraging high-quality customer data, organizations must ensure that their data is secure. Data that is disorganized, disconnected, and unregulated can lead to disaster. It’s imperative to review and improve safeguards to protect the privacy and security of customers as you collect and transmit their data.
B2B MDM and PIM for digital transformation
In a world that’s driven by market shifts and digital innovation, companies must evolve to earn and keep customer loyalty, and ensure data remains secure and compliant. A Master Data Management (MDM) and Product Information Management (PIM) solution helps businesses create a trusted, central repository of high-quality data and compelling product content that’s consistent, accurate, and up-to-date. MDM and PIM solutions can also drastically improve data quality, data governance, and data stewardship. To learn how MDM/PIM solutions can help drive digital transformation, read about MDM/PIM for Manufacturers and Distributors, and download the EnterWorks White Paper, Exploring the ROI of PIM and MDM.