Companies that have connected their products to the internet have experienced significant improvements in business, including some unexpected, positive results. This is according to a new report by LogMeIn's Xively, which surveyed 600 product companies and other discrete manufacturers, in different deployment stages. More than four out of five (87 per cent) have seen an increase in revenue, and 90 per cent have seen improvements in both business efficiency and product uptime.
Both these things are directly linked to the product being online, the report says. However, it’s customer insights where the devices really shine. Just a quarter (25 per cent) expected any difference in that regard, however 95 per cent of manufacturers said they got valuable customer insights, like behaviour, needs and preferred modes of interaction. Customer support has also improved for 93 per cent, and 88 per cent reported an improvement in customer relations. These things don’t come for free, though.
Handling huge amounts of data is a problem for 44 per cent of respondents, while in 43 per cent of cases, it is challenging to integrate these products with existing business systems.
“With proper strategy design and data management in place, the IoT can offer a range of benefits to businesses,” said Jessica Groopman, Harbor Research. “Customer and product data are worth their weight in gold, but only if actionable. In order to achieve the customer and business value of the IoT, data must be properly managed and integrated with critical support tools like CRM systems.” The full report can be found here.
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