By : Rick Marquardt
November 03, 2017 12:00 PM
You are, no doubt, aware of the Internet of Things (IoT). IoT is the network of physical devices embedded with electronics and network connectivity which enable these objects to collect and exchange data. Gartner forecasts that 8.4 billion connected “things” will be in use worldwide, up 31% from last year, and will reach 20.4 billion units by 2020.
In other words, billions of connected IoT devices, many streaming rich media and other high volume data types around the clock to help almost every industry improve their products and systems.
From “Break Fix” to “Predict and Adapt”
But have you heard of the Service of Things? Probably not. Behind the scenes, IoT technology is transforming the service industry, too.
Data captured directly from these IoT-equipped devices allows servicing organizations to better predict future failures and resolve them prior to occurrence. In cases where incidents do occur, intelligent failure analysis and diagnosis allows for intelligent dispatch of the right resources to ensure that the issue is resolved effectively on a first-visit.
It goes deeper. IoT data can be combined with performance data, customer data, resource data, warranty data, and more, to get a true picture of the service delivery ecosystem. This is called insight, and this insight doesn’t only a yield a more predictive service organization, but one that is better across all lines of service, ranging from predictive to reactive to self-service.
For ATM’s, for example, IoT can allow you to measure much more than simple device repair and availability. Consider measuring your ATM’s…
… and you start to see the power of big data and advanced analytics.
Service Council research shows that “organizations that have made investments in remote monitoring solutions and technology have seen significant improvements in asset uptime and first-time fix. These improvements aren’t enabled solely as a result of the technology, but due to the maturity of these organizations to incorporate data directly captured from machines into their service and customer interaction business models.”
CX: Why it all matters
Some customer surveys have revealed that more than 50% of customers say they’ve switched companies solely because of poor user experiences. And in the banking world, 28% said they would be very likely to switch banks if they experienced recurrent instances of ATM unavailability.
It’s no surprise that today’s omnichannel customers are demanding. It’s about them, not you.
The Financial Brand suggests that financial institutions should seriously look at how changing the mindset in how they will deliver better digital experiences for consumers. Analyze the consumer data you mine from different angles to understand their intent and the context of their behaviors, they say.
“Most financial institutions say they personalize their interactions with consumers when actually all they do is determine the next cross-sell opportunity. Think about the next best action or the next best conversation based on consumers’ life events, what they just did, where they are, and what device they are using right now.” they say.
Forester recommends that you view your bank or credit union as a part of a consumer’s personal value ecosystem that consumers can piece together based on their needs, wants, and desires.
This is where the Service of Things is heading. Data captured directly from machines can enable the generation of new service models, new revenue generating services, and most importantly, new insights into omnichannel customer behaviors.
Download this Infographic to learn more about the Service of Things, and how the IoT is transforming the Services Industry.