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Blueprint Journey IoT
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From the course by Rutgers the State University of New Jersey
New Technologies for Business Leaders
51 ratings
From the lesson
INTERNET OF THINGS
This module introduces fundamental concepts, terms and technologies behind Internet of Things and how they are being used to improve business processes and specifically marketing and customer retention. We will demonstrate different applications and products that are leading the market and how marketers can think about this technology as an opportunity to attract and retain customers. The customer journey model will be introduced and used for the IoT scenario as a general tool for leading a digital transformation.
Meet the Instructors
Mark Mueller-Eberstein, Dipl. Kfm.Instructor of Professional Practice - Faculty
Rutgers Business School
[MUSIC]
I really hope you are enjoying our digital
transformation journey at least as much as I do.
Sometimes I like to sit back and daydream what scenarios are possible
when we leverage and combine these technologies in our daily lives?
After looking at the Internet of things and how the technologies are used to
cross industries, and improvements for the customer journey today.
Let's use the learnings and tools to envision the possibilities for
future customer engagement broadly.
By the end of this lesson, you should have a blueprint for
an IoT journey with customer engagement focus.
And position yourself is one of the highly in demand marketers with IoT
understanding.
But let me get started with one thing.
After a lot of envisioning I really want to get this one popular
used IoT home scenario out of the way.
And then lets focus on some of the more likely of our interesting opportunities.
You often hear over the last years the concept of the smart fridge.
That's the refrigerator that orders you food automatically.
Some people imagine the refrigerator being able to help you with your food shopping,
your diet.
Or with the perfect recipe for that dish you have in mind,
directly requesting the ingredients needed from the supermarket.
I think most devices that have a longer than three year life span will not
be the drivers of IoT adoption in the home.
I think it shows very clearly that information technology is simply
moving forward so much faster compared to regular appliances.
And I doubt few people will replace their well functioning refrigerator because
a new model has a display for watching advertisement on the fridge door,
in higher resolutions.
The fast and cheap to replace and upgradable components and new devices,
that's what will bring IoT into the home and into our environment.
So let's look at that.
The Internet of things is the connection of everyday products, cars, alarm clocks,
and lights, to computing devices via the Internet.
It allows those devices to exchange data with each other,
providing marketers with more context about their customer's product usage.
And this enables the marketers to deliver more relevant messages and
leads to greater customer engagement.
Let's look at some of these trends and technologies.
The term big data is an understatement for
the amount of data IoT devices will produce.
The Ericsson Mobility Reports estimates that
in 2018 IoT devices will create a staggering
400 zettabytes of data per year.
As a marketer, we definitely overjoy about this data,
but it's really important we have the right tools to make sense of it.
And this is where big data and technologies can really, really help us.
It's important for
end customers not to focus on the strategy of the price technology of pieces.
Instead of focusing on how IoT customer needs can be focused and how improve this.
And the data can really help us there.
But when we set it up, we need to make sure we are clearly on
what this actually means for our organization.
You have to accurately measure the right things that matter to our business and
marketing objectives.
We have to make sure that we secure the data that is collected and
our customers are trusting of us.
And the data needs to be actionable.
If we haven't thought through how we're going to implement and
how we are using it, it really doesn't help us to have a data storage.
One industry that is heavily adopting IoT already is the retail industry.
They're investing in a variety of use cases including omnichannel operations and
digital signage.
Because of the rejects level of IoT maturity, many retailers are more ready
for a connective future than companies in other industries.
And savvy digital customers already demanding
experiences that are analytics driven, personalized for
my needs, and contextualized buying journey.
IoT is rapidly evolving from a cutting edge technology
to a baseline investment to be successful.
The home is definitely transforming.
Smart home investments for consumers nearly more than doubled,
reaching more than 63 billion globally by 2020.
In the insurance industry, telematics will be the leading use case.
While remote health monitoring will see the greatest investment in
the health care industry.
So I would like to give you some trends in the Internet of things you should watch.
One is really thinking about IoT and the mobile environment.
We are creating more mobile moments, the moments in which the person pulls out
a mobile device to get what he or she wants immediately and in context.
They will appear on the connected device right from home appliances,
to cars, to smart watches, and virtual assistance.
All these connected devices will have the potential of offering a rich stream of
data that then will be used by product and
service owners to interact with their consumers.
It really touches everything.
Not just the data but how, when and where, and why you collect it.
As I mentioned earlier, security and safety of the data and
the devices will be paramount as well.
We're seeing denial-of-services attacks utilizing IoT devices that
haven't been appropriately secured.
All indications suggest that countless Internet of things, IOT,
devices that power every day technologies.
And from in closed-circuit cameras, to smart home devices,
were hijacked in one or the other attack over the last years.
And we really need to understand how we make sure that we protect our consumers,
protect the devices, and protect the network ecosystem overall.
To do that, we need the right people.
And it seems to be very clear there is a talent shortage out there.
It really makes it hard that it remains to be a challenge to find enough workers,
skills, to secure the Internet of things and to market on the Internet of things.
So it's an opportunity for you.
30% of companies report having difficulties finding digital marketers.
And 45% of IoT companies struggle to find the right security
people that understand how data and devices need to be protected.
We think in 2017 industrial major vendors will invest in IoT training and
certification and
make it part of the mainstream training around the tech industry.
So you're at the right space here.
With more devices coming online it's important to think about connectivity
itself.
Connecting the different parts of IoT to the sensors can be done by different
technologies, from Wi-Fi, Bluetooth, WiMAX, regular like ethernet, LTE.
And really, promising technologies like Li-Fi coming up.
In 2017 we will see new forms of wireless connections coming into the market,
with LoRaWAN and Sigfox.
It's forcing IoT decision makers to evaluate now more than
20 wireless connectivity options and protocols.
Which is one step in the right direction of having standards for connectivity,
probably a little bit far out.
But again, it's important what you try to achieve, and
finding the right technology to do so.
Going a little bit back to the software environment, I want to put
one trend in front of you that you will see across applications as well.
It's containers, it's a software development term.
Not the ones on ships, railroads, and trucks.
We are seeing Internet of things software being distributed across cloud services,
H services, and gateways.
Here our IoT solutions are built on modern microservices.
That's an approach to application development in which a large
application is billed as a suite of modular services.
That each model supports a specific business goal and
uses a simple well-defined interface to communicate with other modules.
And the containers, the life at virtualization of board,
work across the distributed architecture.
Allowing agile update and global collaboration much, much easier.
The next area you should really think about is IoT and artificial intelligence.
AI can help companies to take the billions of data points generated by IoT that
they have and boil them down to what's really meaningful.
The general premise here is the same as in retail applications.
Where if you analyze the data you have collected to find patterns or
similarities that can be learned from, so that the better decisions can be made.
Machine learning, cloud services, and artificial intelligence will be put to use
to mine the data that will be coming from the IoT devices.
The other technology that is emerging strongly is blockchain.
Here as well IoT and blockchain are coming together.
Blockchain is more than a concept now and
has application with many verticals beside fintechs, including IOT already today.
Blockchain technology is considered by many experts as the missing link to settle
scalability, privacy and reliability concerns on the Internet of things.
The blockchain technology could be used to tracking billions of connected devices.
Enabling the processing of transaction and coordinating between devices, allowing for
significant savings to the IoT industry manufacturers.
You might have heard about IOTA,
an organization where a lot of companies now starting to come behind and
trying to explore blockchain technology in the IoT space.
This decentralized approach will eliminate single point of failure,
creating a more resilient ecosystem for devices to run on.
The cryptographic algorithm used by the blockchain would make consumer data more
private.
So we think IoT will converge with blockchain for better security and
privacy, opening the door for a new category in applications,
hardware, and for talents.
IoT's really creating new business models.
We think we need a sound and solid business model for IoT.
The model must satisfy all the requirements of all kinds of e-commerce,
vertical markets, horizontal markets, and consumer market.
And new business models, including sharing cost of devices with consumers, reducing
the cost of ownership, and making user interfaces less hassle and more joyful.
And new categories are being added to the smart market everyday.
We mentioned Amazon Alexa as not just a wireless speaker, but
the services behind it, it really starts to create new experiences.
So let me summarize this for you.
IoT is driving a tectonic shift in digital marketing.
The Internet of things technology will soon allow us to analyze, predict, and
respond to consumer behavior in almost every market possible.
It will allow new digital services.
The IoT data attribution and big data analytics combined with machine learning,
and artificial intelligence has revolutionized contextual marketing.
We'll see marketing platforms and technologies that will be able to ingest
and use IoT data, similarly to how cookies and unique IDs are used today.
We'll see agencies that will start playing an increasingly technically data-centered
role as technology partners.
Agencies will help build their clients platforms, develop their internal systems,
and manage the implementation of taking elements.
Marketers will be able to deliver timely personalized messages that align with
the customer's lifecycle stage.
And we will see increase scrutiny of privacy and security.
We can expect more privacy and security regulations and
technologies focused on protecting the consumers and enterprise data.
And again blockchain technology is likely playing a key role here.
So as you are thinking about your IoT marketing strategy,
here are the things I want to make sure I give you on your way.
Think and remember you have multiple touchpoints with consumers and
clients through the customer journey.
Make sure you have your marketing and
sales alignment with agile learning cycles from your customers and from the data.
Ensure you have strategic demand generation with ongoing customer
engagement.
That helps your customers and organizations to be more comfortable and
less afraid of the challenges and see more of the opportunities.
Often that means you have to provide educational content for
the stakeholders internally and for your customers,
with answers to the questions, what is in it for me?
And here the customer journey can document can surely help you on that.
So are you ready to capitalize on the IoT success?
I'm sure you can see the many opportunities for
IoT in transforming the customer and client engagement of tomorrow.
You are now well-informed to spot opportunities for
customer engagement in your environment.
Please remember,
keep me in the loop on all the cool things you are going to do with IoT.
As you're as excited as I am about the opportunities Internet of things is
enabling.
We are looking forward to hear in our forum, how you envisioning to bring IoT
advances and value to your customers, clients, and organizations.
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