Internet of Things to Become Cornerstone of Excellent Customer Service, Finds Frost & Sullivan
IoT is the next step in the evolution of products and technology; presents enormous benefits to customers, businesses and suppliers
MOUNTAIN VIEW, Calif., June 11, 2015 /PRNewswire/ -- The Internet of Things (IoT) is rapidly interlacing with every business and consumer product. The success of IoT enables and is dependent on strong customer service and support. IoT can create a strong return on investment (ROI) by reducing support costs, increasing customer loyalty and referrals, uncovering insights to cross-sell or up-sell to customers, and developing customer-appealing products.
Frost & Sullivan forecasts that there will be 50 billion connected devices (IoT) globally by 2020. IoT is already spawning device-as-a-service business lines as advantages, including valuable new data streams and an unprecedented level of control over products for customers and suppliers to catch on. These overall trends are derived from the comprehensive analysis of various markets, and are covered in detail in the following analyses from Frost & Sullivan:
- The Potential for Internet of Things in Customer Service
- Analysis of Connected Vehicle Opportunities in the Age of the Internet of Things
- The Changing Landscape for Customer Support and CRM
- Internet of Things—Challenges and Impediments
To learn more about our comprehensive analyses, please contact: [email protected].
"IoT is the development and convergence of many communications and computing technologies including, but not limited to analytics, cloud computing, machine-to-machine, remote access, and high-bandwidth wireless applications," said Frost & Sullivan Customer Contact Industry Analyst Brendan Read. "IoT is a new and dynamic layer that by providing critical information and process management has the potential of enabling increased business growth."
To establish IoT in customer service, solution providers and user companies must ensure that IoT systems are highly interoperable without silos, and have secured information and operations. They must determine which products or processes need to be connected to the rest of the organizations through IoT. In addition, they have to realistically budget for IoT investments, including infrastructure, customer service, support, analytics, big data and trained staff.
Furthermore other issues must be foreseen and addressed, including power and cabling, application complexity, multichannel connectivity, data management and privacy. Doing so now, as IoT is taking off rather than when it matures, will minimize challenges and increase ROI.
"IoT will form the foundation for effective customer service," noted Read. "Facilitating highly functional, intuitive, scalable, reliable and secure customer service applications through IoT, will be where the rubber finally meets the road that will get businesses to where they want to go."
Frost & Sullivan's newly repositioned Customer Contact (http://ww2.frost.com/research/industry/information-communications-technologies/customer-contact/) Growth Partnership Service program now includes the Competitive Intelligence research service. All research services included in this subscription provide analyses and dashboards for competitive factors, clinical trials, timelines, M&As, products and vendors as well as companies to watch, position-altering strategies, and market opportunities and predictions. This Competitive Intelligence enables companies to better position their sales and marketing strategy towards clinical development programs and prioritizations.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Contact:
Clarissa Castaneda
Corporate Communications – North America
P: 210.477.8481
F: 210.348.1003
E: [email protected]
SOURCE Frost & Sullivan
Share this article