Adopting IoT as part of the greater service and business environment involves keeping up with industry changes as they take place. That means incorporating better measures when needs arise in any business area and keeping cost-effective solutions in mind for the future progress of the company as a whole…
Already, 76% of companies are using IoT data analytics to establish product and/or process quality imperatives. Their decision makers can analyze IoT data to improve solution recommendations, feedback on installations, demonstrations, specific services, and others.
IoT also serves as a signifier for opportunities to improve more processes, such as identifying popular products and managing inventory.
Respondents to a recent research project undertaken by WBR and commisioned by Astea believe data should be usable in decision making at a variety of business levels. In every case, a majority of companies have either adopted IoT for specific business functions or plan to do so in the next 24 months. But companies prioritize customer-facing initiatives—service, products, and satisfaction—over internal functions such as business projections and aligning service data with financials.
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Customer Satisfaction & Loyalty:
73% of companies have incorporated IoT (42%) or plan to do so within 24 months (31%) for the purpose of customer satisfaction and loyalty. More companies have incorporated IoT for this purpose than for any other measured in the study.
With connected data, companies are able to understand and fulfil customer demands better thanks to improved communication. In this way, minor technological improvements can be made without delay or other consequences.
Service Processes & Optimization
Respondents agree that connected data and IoT have helped streamline processes across departments. By leveraging IoT data, they can measure efforts for overall growth through set channels, be they internal or service-driven.
Now, 41% of companies have incorporated IoT for process optimization, a close second to customer satisfaction and loyalty. Thirty-six percent have already incorporated IoT with service processes; more companies plan to do so within 24 months (37%) than with any other business function measured.
Companies’ attention to customer experiences carries over to product support, where one respondent cites “notable improvements” to uptime in both industrial and consumer-driven channels. One healthcare executive says IoT helps them sustain products “during times of higher demands, especially due to the fact that these are used during medical procedures.”
More than one-third of companies have incorporated IoT for product uptime (34%); more than one-quarter of companies have plans to incorporate IoT with product uptime (30%) within 24 months.
Business Projections & Decisions
IoT data can be applied to various business requirements and provide essential statistics to support managerial functions. Derivations from reliable signals allow for better judgements when making business projections and decisions.
Over one-third of companies have incorporated IoT for business projections and decisions (35%); more than one-quarter of companies have plans to incorporate IoT with business projections and decisions (27%) within 24 months.
Respondents’ ambitions for better response to maintenance needs extends to real-time automated reporting, a better understanding of their products’ “general maintenance structure,” and even signals for customers to be proactive—to seek out maintenance themselves.
Several respondents cite their use of predictive reporting for scheduling, sustainability, and research methods, among others. Only 32% of companies have leveraged IoT for predictive maintenance; however, 29% plan to do so within 24 months.
Aligning Service Data with Financials
Fewer companies have incorporated IoT to align service data with financials (26%) than any other business function in the study. But the data suggests this is a growth area. More companies (61%) are either planning to incorporate IoT in this way within 24 months or are interested in incorporating IoT in this way than with any other business function.
Despite the prioritization of functions that drive customer success, it is in business projections, business decisions, and aligning service data with financials that companies take an increasing interest in incorporating IoT.
At least one-quarter of companies have already incorporated IoT for each of these purposes. Have you?