Arindam Ray Chaudhuri, Head of the Technology Practice
Theres been a lot of buzz surrounding the Internet of Things (IoT), and for good reason. The IoT concept enables limitless devices to connect with each other while at the same time providing new opportunities for businesses and consumers, which not only has the potential to impact how we work, but also how we live. Large amounts of data connected from different sensors and devices create immense business opportunities for enterprises.
Not only OEMs, telecommunications companies and service providers, but also end businesses in industries like sports and entertainment (i.e. connecting fans to the stadium); hospitality (i.e. streamlining the process for hotel check-in and room entry); and travel (i.e. providing useful tools for passengers at the airport) but how do these businesses monetize this incredibly useful technology?
Today, most large retailers are testing out beacons, small wireless devices that continuously transmit a simple radio signal with ID information. Beacon signals can be picked up by nearby smartphones using Bluetooth Low Energy (BLE) technology. When a mobile device detects the beacon, it reads its identification number, calculates the distance andbased on this datatriggers an action in a beacon-compatible mobile app.
These low-cost Bluetooth devices are doing wonders for retailers with smartphone apps, with a high percentage of big retail chains using beacons to track and communicate with customers in-store.
Here are three ways businesses can utilize beacons and monetize IoT.
1. Customizable Offers
With the help of beacons, a retailer can track a customers movement, their buying patterns and interest areas and then send them customized and personalized offers on the spot.
2. Improve Customer Satisfaction and Sales
Beacons are also helping customers obtain context-specific data at any given location, which in turn helps improve customer satisfaction and overall sales.
3. Data, Data and More Data!
Beacons also generate granular level data regarding customer movement and behavior. Retailers are using this data to manage their inventories, crowds, modifying layout of store and the list goes on.
While beacon technology is still in its nascent stages, a recent report boldly forecasts that it will see a five-year compound annual growth rate of 287 percent. It is predicted that there will be approximately 4.5 million active beacons by the end of 2018, and almost 80 percent are predicted to be used by retailers. Beacons are a simple, low-cost technology, and just one of many examples of how data generated from IoT can help businesses in monetization.
About AgreeYa Solutions
AgreeYa is a global provider of software, solutions, and services focused on deploying business-driven, technology-enabled solutions that create next-generation competitive advantages for customers. AgreeYas software portfolio includes SocialXtend (intranet and enterprise social collaboration), VDIXtend (desktop-on-cloud), Onvelop (unified enterprise collaboration and communication suite for mobile), Edvelop (single window collaboration and communication solution on mobile for 21st century learning), Cogent (comprehensive end-to-end case management solution for collections agencies and law firms) and QuickApps (award winning suite of SharePoint web parts and pre-built templates).
For more information, visitwww.agreeya.com.