How IoT strengthens company-customer relationships
In this article we are going to talk about how the Internet of Things is fostering a closer company-customer relationship.
Europe has recently made significant strides toward implementing the Internet of Things (IoT) across industries. This is having a significant impact on how businesses on the continent operate. As businesses' reliance on IoT technology grows, so do the opportunities for them to improve their connection with their customers and, as a result, their level of service.
IoT technology is being used to improve the efficiency of the supply chain in Italy. Trenitalia's Dynamic Maintenance Management Systems (DMMS) is an Internet of Things (IoT) initiative. The system, which is equipped with hundreds of sensors embedded in the train's hardware, can provide real-time reports and precise maintenance-related analysis at a rate of 5,000 signals per second. Rather than replacing working parts simply because the manual says so, Trenitalia's engineers can rely on real-time, IoT-enabled data to keep the trains running at peak performance at all times. The savings are then passed on to customers in the form of consistent service and fee reductions.
Chatbots are changing the way businesses interact with their customers in the retail industry. Chatbots, which are mostly used for customer support, can provide a more streamlined and faster service to help with customer inquiries. This can range from recommending the best modes of transportation to assisting online customers in finding the right clothes by guiding them through the website. Chatbots are most popular in Europe, according to Business Insider, with 50 percent of French consumers polled viewing them favorably. Customer service will improve as more businesses use chatbots.
The United Kingdom is leading the way in IoT-related developments and supply chain improvements. The Metro reports that the government is already testing self-driving lorries on UK roads in order to improve the transportation industry. While this will happen in the near future, vehicle telematics is already becoming an important part of life in the United Kingdom. So much so that Verizon Connect explains how many UK businesses now use telematics to collect workforce data. This provides them with a big-picture view of how the company is doing and what needs to be changed. This means better service when delivering goods for the transportation industry. Telematics assists them in determining the best routes, resulting in faster service. Customers also have more control over tracking their packages, resulting in a stronger bond with the company.
The advancement of IoT technology necessitates legislative changes in Europe. The European Union's General Data Protection Regulation (GDPR) is a recent mandate that gives the EU the potential power of its citizens' data. Recognizing the critical role of IoT in global supply chain management, the EU is requiring European data-collection companies to immediately report any data breaches to its regulators, regardless of whether the company is based in Europe – as long as the data in question belongs to European citizens. Furthermore, the law requires encryption and anonymization of data at the source, which means built-in protection for smartphones and other IoT devices. Although the new measure is costly, EU regulators believe it is a necessary step toward protecting customers and businesses from data breaches. These laws will become even more important as more businesses use IoT to connect with their customers.
As the global supply chain becomes more reliant on new technologies, these same technologies are providing new ways to bridge the ever-present gap between businesses and their consumer base. Check out our feature on Amazon Web Services (AWS) – and how the little-known cloud-computing division has been behind nearly every online shopping or web service, including Spotify, Netflix, and Amazon – for more insights on the impact of new and connected tech on customer relations.
