Accelerating Service and Business Value Through IoT

The marketplace is all abuzz these days with IoT and many organizations are feeling the pressure to innovate business processes to capitalize on the strategic long-term value that connecting products and service will have on future growth and profitability.

For service leaders, the implications of using IoT technologies are huge. It has the potential to significantly impact the service you deliver and the overall customer experience.  

The desire of service businesses to move from being reactive to predictive is not new.  However, IoT offers the ability to not only utilize real-time data to improve issue resolution, but also launch product-service systems.

And the benefits to your customer don’t end there. IoT is not just about M2M and remote monitoring. It enables a whole new level of interaction with your customer. The data and information it reveals not only unveils issues that need to be resolved but also illustrates how your customer is using your product or equipment and its performance over time. This can lead to the development of new value-added services that enable your customers to expand the benefits your product and services provide them. With happier customers, you increase not only your customer retention and loyalty but also your competitive advantage.

This all sounds exciting, but how do you get there? How do service organizations harness the power of IoT and realize the potential of connecting the product and services infrastructure?

Recently, Sumair Dutta, former Chief Customer Officer with The Service Council, led a webinar on how to increase service and business value with the IoT that featured recent research data, along with perspectives from service thought leaders at Mettler Toledo, Gerber Scientific and PTC.

The topic of the webinar generated good insight on what the market is saying about the value of IoT in service and what service organizations are doing today to build a business case for investment in IoT and plan and execute a strategy around it.

“IoT enables the transformation not only around service but outside of that, it is part of an overall evolution and if you are thinking about the opening or beginning stages, it requires a cross functional look at it as a technology and a change in business. It not only impacts service but how you deal with the customer and that touches upon all of the organization,” said Dutta.

The webinar touched on key insights around the IoT evolution in service including:

  • The cultural change occurring within organizations where the primary objective for an IoT strategy in service has moved from being centered on reducing field service dispatch to a goal of becoming more predictive in service delivery.
  • Interesting data on what companies are currently doing to address IoT that reveals how the push for IoT and a connected infrastructure is most often coming first from the service and support organization.
  • Potential challenges in the adoption of an IoT strategy in service and how to address them including how your customers will respond; who approaches the customer about the value proposition; and how do you work with the complex challenges around the security of customer data.
Originally published on 5/16/2015