IoT business models

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What’s in it for your company?

There is no way around it. The Internet of Things (IoT) is coming! Or, better said, IoT is here, and we’re on the eve of a digital revolution that will change the way we do business for good. And for the better, provided we embrace the many new business models IoT has to offer. Read on to find out how IoT can boost your business.

 

5 ways IoT is changing business models

Thanks to IoT, companies no longer have to sit around waiting for a customer to complain or make a request, as IoT business models enable them to proactively improve customer experience. Sounds a bit vague? Here are some examples of how brands can use IoT to build customer loyalty:

 

1. Track and trace service

Arguably one of the first IoT-based services around, track and trace services keep customers posted on the whereabouts of their parcels at all times.

 

2. Creating a safer world

IoT enables car manufacturers, insurance companies, … to offer safety services by monitoring vehicles and driving behavior. When an IoT-connected vehicle senses that it is being vandalized, in an accident, … or that it is being driven dangerously, it can automatically notify authorities of its exact location.

 

3. Automated maintenance

If every manufacturer in the world were to jump on the IoT bandwagon, no appliance in the world would ever be overdue for maintenance anymore. IoT-connected cars, for instance, automatically spot when they’re in need of maintenance, and alert the driver. What’s more, drivers wouldn’t even have to schedule appointments with technicians anymore, because their cars would do it for them. Tesla is even taking care of maintenance via software updates as we speak, saving drivers several trips to the dealership.

 

4. Lowering environmental impact

Property developers, energy suppliers, … are equipping appliances and even entire homes with smart sensors, plugs and gateways to help consumers monitor and reduce their energy usage.

 

5. Mobile wallets

Mobile wallets, e.g. Disney World’s ‘Magic Band’, enable consumers to pay for goods and services without physically reaching into their wallet. The consumer simply uses their mobile device, which is connected to their credit card via an app, to pay with just a few taps. Companies are increasingly using mobile wallets to track consumer behavior and offer consumers personalized discounts.

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