Today, many are turning to IoT with the intention of using this data to advance their business’ scope and revenue. The latter was recently highlighted by a worldwide survey conducted by Tata Consultancy Services, an IT services, consulting and business solutions organization.
The study consists of a survey of 795 executives, who were asked about the purpose and effects of IoT around the world, and it identified a colossal potential for revenue growth from IoT. According to the study, companies that have invested in IoT programs reported an average revenue increase of 16 per cent last year. A more stunning finding from this report is that 9 per cent of those companies had an average revenue growth of more than 60 per cent.
Contributing to these revenue increases for these companies were the rapid adjustments made after the collection of data thanks to IoT. Many companies were able to customize their products and services to fit the needs of their customers, modify their marketing campaigns, make upgrades faster, and provide better customer service by identifying problems before customers were even aware of them.
“The age of IoT is well underway. The question is, whether businesses are ready to realize the full potential of this technology,” said CEO and MD of TCS, Natarajan Chandrasekaran in a press release. “Our latest global trend study found that leaders in using IoT technologies are using it to completely re-imagine their businesses by changing every aspect of them from business models and products to business processes and workplaces.”
Yes, the age of IoT is well underway indeed. The impact that data that has been put into action can have on a company’s offerings is astounding.
However, there were some companies that were not as successful in generating revenue through their forays into IoT. The study went on to highlight seven areas, ensure your company isn’t among those with failed IoT policies:
Companies that had a significant gain in revenue thanks to IoT:
- Used the data to rethink their businesses and produce substantial value for customers – not just for themselves
- They delivered that value through new business models
- They gauged how their products were performing
- They acted rapidly based on results
- Able to deal with internal resistance
- Reduced the risk of security breaches
- They started out with small tests before making major ones
The goal of any business is to be profitable. With IoT this goal becomes easier to achieve if, and only if, businesses are willing to invest in the technology and use the information gathered to rapidly transform and increase value to customers.
“Now is the time for every leader in every industry to reimagine the possibilities for their businesses in a world of smart, connected ‘things’,” said Chandrasekaran.
If you are looking to learn more about the impact of IoT on increased revenue please go to: http://www.tcs.com/internetofthings for your free copy of this survey.
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