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The Internet of Things revolution will not only change the way consumers live, but also the way companies do business.
No More Generic Services
With the high level of physical data that can be gathered through IoT sensors, brands will be able to make a radical departure from today’s approach of creating generic solutions for mass audiences.
Personalization will be one of the biggest changes the IoT will bring out in the way brands cater to a consumer’s need. It won’t be just consumers that benefit, but also organisations that use the IoT to solve a very specific problem unique to them.
Services which learn and adapt according to a user’s needs and behaviour aren’t new, however, the IoT has enabled such services to be delivered at scale. These smart services will begin to grow on a new layer of sensors, the cloud and connected smart devices, along with real-time analytics.
Given the deep level of integration of the IoT with consumers’ lives, they’ve been dubbed as “living services” according to Accenture’s latest report. The reason for this is they way the IoT will alter fundamental experiences and will affect lives at a more physical level given the proximity to wearables, etc.
While the rise of Living Services has been possible due to the advancement of technology, it’s also due to growing consumer expectations. People don’t just compare booking tickets through one airline with another but compare the experience with every other web service they’ve ever used.
The Internet of Things will also majorly affect businesses and is poised to have as big an impact on them as the Internet and mobile have been. Organisations will have to rethink their business practices in order to integrate IoT and other technologies such as machine learning that piggyback on it.
Understanding customers through data and analytics will become a dominant part of doing business. Moreover, they’ll have to adopt platforms that are flexible enough to combine products, services and information in many different contexts in order to build products that are as living as possible for consumers.
These living services will impact almost all aspects of a person’s life, including their health, home, shopping, travel and money.
Health – with wearable devices, people will not only be able to track their fitness, but also vital bio functions. Data collection will be key and will even be able to predict medical conditions people will suffer from such as depression based on their behaviour.
Further, embedded tech will be able to provide information on whether patients have taken their medicines and even personalise dosages etc based on how one’s body reacts.
Home – the home will be the central hub for living services, with sensors collecting valuable information about their habits and behaviour. There have been connected thermostats, security systems and smoke detectors in the market for some time now, however the future will see all of them communicate with each other seamlessly.
Shopping – Rather than bombarding a customer will every possible choice upon arrival, shopping will become more personalised based on data gathered about their likes and dislikes.
Travel – with the advent of connected and then self-driven vehicles, the whole idea behind transportation changes. Cars will become places of relaxing while getting from one place to another, much like trains, buses and airplanes.
Finances – with seemingly every object being connected to the Internet, customers will be able to pay for things without ever waiting in a queue at a supermarket. Further, introducing machine learning into the mix, banks will be able to predict a person’s financial state, which will allow them to offer a better service to customers.
This article is based on extracts from Accenture’s ‘The Era of Living Services‘ Report.