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It can’t be denied that IoT data is soon becoming an indispensable tool for product development. We’ve recently studied a few examples. They are different in detail but all clearly exhibit how the data collected from a device can eliminate much of the guesswork from understanding consumer requirements and render a strong foundation for pragmatic decision-making. Moreover, the collected data is changing the nature of many products. Wondering how? Let’s take a quick look.
- The popular beverage company, Coca-Cola uses data from its Freestyle and other vending machines to gain business insights about how, when and from where customers are buying and consuming their products. Through connected vending machines, Coca-Cola has observed a great surge in its beverage consumption on cafeterias and college campuses before certain television shows air – this powerful insight not only presents a better understanding of customer demographics, but also shows great business opportunities for targeted marketing.
- A leading healthcare product company, Bosch has created a device named ‘Health Buddy’ that monitors all the vital signs of a patient and records patient inputs. This robust device is a boon for those patients who are suffering from severe health conditions. With the help of this device, a patient can stay in the comfort of his own home whilst keeping medical personnel updated on health changes that may affect the well being of the patient.
- Another example we have is of iRhythm – a firm that makes a patch that can detect heart problems. It uses the data flowing from devices to make sure that its product works as planned and better recognizes usage patterns.
The aforementioned examples turn products into sensors that provide concrete evidence for product designers and are also helpful in improving customer service. Instead of just responding to the queries of customers, the flow of data allows for proactive notifications to users affected by an outage or who may have some other issue. Furthermore, business organizations can also better position their customer support centers to reduce costs, provide more immediate service, and appease irate customers simultaneously.
The data collected from the Internet of Things is igniting the creation of new products. Trane, a division of Ingersoll Rand India Limited that solely focuses on industrial air conditioning, has altered both its product development practices and products delivered based on the Internet of Things data.
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