Have you seen those commercials in which a mother is constantly keeping her eye on the babysitter at home from her office space? If yes, then unknowingly you already know what IoT is all about. Internet of things (IoT) is the ability to monitor and control things through the internet. But IoT is not that small in size, recently GE created a product for their airline that monitors fuel consumption and optimizes further for preventing any wastage(And they are saving billions). But how it is going to affect the B2B industry?
The B2B industry will be affected by the Internet of things because IoT is all about keeping no secrets and barriers between the product and its owner. Read more ahead and you really want to know how IoT is bringing the organisation closer to their customers, how efficiently it can improve the relationship between a company and its customers.
But How IoT will help the B2B industry
First, let’s take a look at how present B2B companies operate. The end user goes to an intermediary party which have all the contacts and connections of organisations which can help the end user and vice versa. It’s the most basic way to put but is generally more complex than this. This presents a very basic problem. Information is never transferred to both parties directly, for a service provider, it is important to have information directly from the end user.
The instant company puts their connection directly to end user, things change drastically. We live in an era where data is the best tool for the company to understand their customer’s needs. When the movement flow of data is directly between the end user and its service provider, the company will be able to learn end-user product behaviour. This will help the organisation to optimize the product very precisely to the requirement of the end user.
But there’s more
B2B organisations see IoT as a way to increase the efficiency of the product, but there is another side of this coin. Apart from an increase in efficiency, once you have the data in your hand and you know how the user is acting on your product, you can do so much with that. How you can have data of product functionality and if there will be any breakdown, you can work on maintenance patch before it happens to it.
Considering the recent trends in the markets, from a diversified portfolio of ongoing technologies, the technology which is highly expected to impact the industry is undoubted: Internet of Things. Stats reveal that a ball-park figure of $70 billion will be invested till 2020 allowing the manufacturers to look after their machinery and act before they collapse.
Sensors monitoring temperatures is already helping goods to arive at there destination in a safe condition. Devices with IoT integration can be used to analyse the driver behaviours and help companies to save fuel, increase efficiency, provide smarter routes etc. And traffic issues are also in the scope of IoT to prevent traffic jam and accidents.
IoT devices are estimated to help in collecting agricultural data like their crops and livestock thereby leading to optimal results for the production. It is estimated that from 30 million in 2015, IoT will penetrate about 70 million in 2020.
Companies like PG&E have already placed smart meters which have helped them improve communication. IoT devices have helped companies with necessary data from which they are able to predict future supply and demands. The energy sector is completely transforming the way of their business operations with IoT devices’ accurate data.