Internet of Things - The Modern Connected Data-driven Customer Journey

 

How can Internet of Things (IoT) and Analytics creating compelling digital customer experiences and customer journeys while increasing business agility?

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With 86% of customers willing to pay more for a great customer experience, and 89% to switch brands due to a poor one. Internet of Things and Data-driven experiences offer a pathway to business performance.

Internet of Things and data analytics are fundamentally redefining customer intimacy and brand affinity, changing how we compete for customer attention, and even how we operate our businesses.

Accredent's business and connected customer journey(tm) approach can increase market share, customer satisfaction and profitability.

Internet of Things (IoT) is radically changing the nature of consumer experiences and brand marketing. Turning physical venues (retail, hotels, offices, stadiums, malls, casinos, concerts, events, hospitality) into real-time engaging customer experiences. Turning products from simply physical "things" into platforms for delivering services to deliver customer experiences. For consumer goods - online experiences, retail space experiences, and post-purchase product usage experiences combine to create a two-way dialogue pre-purchase, post-purchase and back again across the entire customer journey in a way that was never before possible. Data can be collected to understand patterns of behaviors and wants and needs, and used to deliver contextual and detailed real world customer experience to those wandering the space or using the product, or rather the services delivered by the product platform.

Accredent's "IoT Connected Customer Journeys" at Innovation Conference

Physical Space Customer Experience

Disney Magic wristbands, Taylor Swift 1989 tour wristbands, and other early pioneering efforts proved that brilliant new physical space customer experiences can be created, and the pain points within existing experiences be removed by Internet of Things. This capability has expanded with the advent of proximity beacons and digital displays which enable hyper-local, -contextual, - personalized experiences in physical spaces not dissimilar from that offered by the best e-commerce sites and internet 2.0. Building understanding of behaviors and wants and needs, and delivering contextually detailed physical world experiences to match them. 

Beacon, RF sensors and digital displays' ability to generate new business from passersby and loyalty scheme incentives, to turn physical spaces into subtle and overt two way conversations, to eliminate pain points and process bottlenecks, and to deliver richer customer experiences and associated brand value have driven rapid adoption.

Product Customer Experience

While the brand experience within physical spaces is becoming more like web and e-commerce spaces, products and services themselves are also changing to be more like smart phones and apps. Products are becoming smart service platforms offering hyper-local, -contextual, -personalized services, and delivering deep insights into behaviors and preferences, and wants and needs, to learn contextual insights and deliver new interactions for better services, compelling customer experiences, frictionless customer journeys, interoperability with other product/service experiences and increase spend and loyalty.

Integrated On-line, App, Physical Space and Product Customer Experience

New modern connected digital experience and customer journeys form as on-line, app, physical space, and product customer experiences merge seamlessly into one experience - pre-sale, post-sales, and re-sale - across the entire brand journey. Each touch-point capturing data for customer insight and each delivering better customer experiences based on that insight. All the while introducing new levels of business agility. This is the where all business is migrating in one form or another.

The new internet-of-things based connected customer journeys of interlinking on-line, app, physical and product touch-point insights and customer experiences is a complex one. Difficult to get right, but important to do. Done right, the process of creating the new modern customer journey is a never ending one that always is capturing insightful data, and using that data to learn and create continuously improving customer experiences and business processes. Done wrong, the process of creating new modern customer journeys can place physical venue and product innovation into painful Sisyphus-like proof-of-concept (PoC) design and revision - a 2017 Cisco study shows about 60-70% of IoT and data projects end their lives in this kind of "PoC Hell" - and ultimately end up in the same junk pile of history that one finds Google Glass. Get it right, your company and your future depends on it.

In 2018, 67% of organizations plan Internet of Things (IoT) initiatives. Just 1.5% of executives have a clear vision of what IoT will do for them.

A well executed customer-focused IoT connected data-driven business strategy build upon an effective framework has proven to separate those who win the IoT game and move past Proof-of-concept (PoC) from those who lose it or get stuck in PoC Hell.

Accredent IoT Connected Data-Driven Business & Customer Journeys

For nine years Accredent has been distilling ”What the Best Companies Do To Create Successful Internet of Things Data-driven Products and Services?" into strategy, innovation, monetization, transformational frameworks for digital business development.
Utilizing its IoT Connected Data-driven Customer Journey(tm) and Business frameworks and in-depth use cases Accredent helps companies to increase customer satisfaction, profitability and market share.

Accredent enables companies and organizations to quickly transform customer journeys to digitally IoT connected data-driven ones that deliver the compelling customer experience and business agility required of modern business.

Contact Us to learn more about how we can help you create digital experience, frictionless customer journeys with compelling customer experiences, and deliver transformational insight and new levels of business agility to your organization.

(c) 2015-2017 Accredent, LLC - All rights reserved

Venture Funds Pouring into The Internet of Things

Internet of Things Venture Funding White Hot

Venture funds are investing record amounts into the Internet of Things companies. In 1Q16, Internet of Things startups charted their second highest funding quarter in history across all subcategories save one – wearables.

“The first quarter of 2016 is one of the strongest quarters for the IoT yet in funding terms at $846M in financing, second only to Q2 2015,” said Nicholas Pappageorge, Tech Industry Analyst with CB Insights. The latest quarter charted 31% growth in dollar value over the previous quarter.The research shows the Internet of Things is touching all types of business and use cases across consumer to industrial verticals.

This is a continuation of the trend noted in Accredent's January 25th presentation at the 2016 IoTFuse kick-off event in Minneapolis. Internet of Things M&A Skyrocketed


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Accredent specializes in the Business of The Internet of Things(tm). Formed in 2009 out a four year strategy and M&A engagement with companies that pioneered many of today's Internet-of-Things connected technologies, business cases and use cases.

Accredent has been successful partnering with business leaders of corporations and emerging ventures to develop and transform their businesses, accelerate revenue, growth and enterprise value through the Internet of Things. accredent.com

The Internet of Things Business Transformation

 

Internet of Things is blurring the lines between technology and non-technology companies and industries. 

Technology and market changes, innovation and disruption experienced in recent years is rapidly accelerating meaning old playbooks for growth can't be counted on to deliver the way they once did.

Key questions business leaders need to ask...

• Are there key Internet of Things opportunities you are missing in your industry and markets?
• Are there Internet of Things innovations and changes that might disrupt your future growth?
• Does it feel that the intensity of Internet of Things disruption is increasing?
• While things are good now, are you concerned about being able to have the momentum going forward to bring you to the next level without Internet of Things?

When the answer is "yes," it would be valuable for the management team to take the time to take a fresh look at their business growth, value creation, and business transformation strategies.

Key actions business leaders need to take...

• Gain ongoing insight needed to take preemptive actions and tilt Internet of Things growth in your  favor.

• Innovate and execute Internet of Things strategies, business models and user experiences to change your basis of  competition and accelerate opportunities for growth and value creation.

• Succeed at proactive M&A and alliances. Carefully align and integrate your Internet of Things inorganic strategy, candidate targeting, diligence and integration.

• Build go-to-market approaches and digital ecosystem partner expansion that drives penetration and revenues up and incremental expenses down. 

• Evolve existing assets and intellectual property, and foster change and business transformation to make the new growth ongoing and repeatable.

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Accredent specializes in the Business of The Internet of Things(tm). Formed in 2009 out a four year strategy and M&A engagement with companies that pioneered many of today's Internet-of-Things connected technologies, business cases and use cases.

Accredent has been successful partnering with business leaders of corporations and emerging ventures to develop and transform their businesses, accelerate revenue, growth and enterprise value through the Internet of Things. accredent.com

Improve Your Odds of IoT M&A Success

 

M&A is a Critical Piece of Internet of Things Strategy

Critical but risky path to growth. 
Companies not participating in corporate M&A development can leave 50% or more of their growth on the table. However, with a success rate averaging only 45%, growth through acquisitions must be seen as an expensive high risk strategy. That said, success rate vary widely and with the right knowledge and processes your risk can be dramatically reduced. A thoughtful, well-executed acquisition process can improve the odds.

Proactive approach improves the odds. 
Opportunistic acquisitions fail 63% of the time. Proactive acquisitions aligned to a growth strategy and a strong acquisition planning process succeed at a much greater rate. The problem can be tracked back to a lack of quality choice due to a passive approach in the identification of a range of prospective targets.

Alignment with your current business key to success. 
Understanding and deep insight are critical. Studies show that best acquisitions are most often made in related fields, and the worst in less related fields. The strategic decision to acquire in a totally new field can seriously effect your chance of success.

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Accredent specializes in the Business of The Internet of Things(tm). Formed in 2009 out a four year strategy and M&A engagement with companies that pioneered many of today's Internet-of-Things connected technologies, analytics and use cases. Contact Us

Accredent has been successful partnering with business leaders of corporations and emerging ventures to develop and transform their businesseses, accelerate revenue, growth and enterprise value through the Internet of Things. accredent.com

Is Your IoT Innovation Failing The Value Creation Test?

Internet of Things Innovation and enterprise value

A fundamental value creation challenge is finding innovation that changes the basis of competition and creates structural advantages that, in turn, creates sustained enterprise value.  Even the most creative business ideas can fail this value creation test when the innovation discussion centers solely on creating value through operational process, products, services or market innovation.

A study by the IBM CEO Report  explored how firms distribute their innovation efforts. While most businesses applied some effort into innovating across the board, business model innovation received the least attention.

 

However, Companies focused on business model innovation delivered 5% higher five year compound annual growth rates. While businesses focused on product/service/market innovation saw only slight growth.  Those primarily applying process innovation were actually worse off. 

 

 

Technology is changing the basis of competitive advantage. Whereas it may have taken 18 months for a competitor to copy a new product or service in the past, the time is down to 6 months or less in many sectors.

Formulating value creating Internet of Things-based business strategies, leading the activation of new product/service solution roadmaps, designing new customer experiences and business models, and championing digital business transformation inside companies and within customer organizations will be a primary strategic and tactical challenge for most companies going forward. 

A thoughtfully planned and well executed Internet of Things customer experience-driven business model innovation changes the basis of competition and creates sustainable structural advantages that can take even the best "fast follower" several years to emulate.

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Accredent specializes in the Business of The Internet of Things(tm). Formed in 2009 out a four year strategy, M&A, and business development engagement with companies that pioneered many of today's Internet-of-Things connected technologies, analytics and use cases. Contact Us

Accredent has been successful partnering with business leaders of corporations, operations and product teams, and emerging ventures to develop and transform their businesseses, accelerate revenue, growth and enterprise value through the Internet of Things. accredent.com

Accelerating Revenue, Growth and Value Creation through The Internet of Things

  

5 Steps to Accelerating Revenue, Growth and Value Creation with Internet of Things

 

 

 

• Gain ongoing insight needed to take preemptive actions and tilt Internet of Things growth in your  favor.

• Innovate and execute Internet of Things strategies, business models and user experiences to change your basis of  competition and accelerate opportunities for growth and value creation.

• Succeed at proactive M&A and alliances. Carefully align and integrate your Internet of Things inorganic strategy, candidate targeting, diligence and integration.

• Build go-to-market approaches and digital ecosystem partner expansion that drives penetration and revenues up and incremental expenses down. 

• Evolve existing assets and intellectual property, and foster change and business transformation to make the new growth ongoing and repeatable.

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Accredent specializes in the Business of The Internet of Things(tm). Formed in 2009 out a four year strategy and M&A engagement with companies that pioneered many of today's Internet-of-Things connected technologies, analytics and use cases. Contact Us

Accredent has been successful partnering with business leaders of corporations and emerging ventures to develop and transform their businesseses, accelerate revenue, growth and enterprise value through the Internet of Things. accredent.com