- We are more accustomed to conversations on the Internet of things whereas the real value lies in applying the data towards attaining desired business outcomes that are hinged on directing consumer behaviour.
- Consumers are mostly oblivious of the data they generate as they go about daily living, interacting with all manner of devices and services.
We are more accustomed to conversations on the Internet of things whereas the real value lies in applying the data towards attaining desired business outcomes that are hinged on directing consumer behaviour.
Consumers are mostly oblivious of the data they generate as they go about daily living, interacting with all manner of devices and services.
Most businesses are yet to fully realise the potential of raw data accessible to them, given the physical and digital touchpoints they have with consumers.
More executives need to understand this value and commission their teams on more ambitious projects that will seed innovative products and services in a competitive landscape with discerning customers.
In my opinion, developer teams, whether sitting in-house or at a consulting shop, bear the biggest burden since envisioned solutions must collect, store and analyse data that comes in at high velocity and volume, and architected in ways that align to data privacy regulations that are quickly taking shape in many jurisdictions.
More developers with skill-sets that include building high availability systems and artificial intelligence are needed.
Connecting to the marketplace, three use cases come into mind, with the guiding thought here being the creation of motivation triggers.
Motor and health insurance are two products that would benefit greatly in a sector whose products are notoriously known to be sold, never bought. In motor insurance, with telematics, data collected on each driver can inform a risk profile which then allows for dynamic product pricing, with incentives for better performance.
For health insurance, plug-in wearables. Large communities of users are actively sharing data on their fitness regimes and this can be used to create products that promote healthier living and probably transition the industry into the ‘wellness’ mindset.
In mobility, millions of users share a common ‘sensor’, the mobile phone. The nature of GSM networks and uptake of mobile data generates large amounts of data that with the right analysis, can show the heartbeat of entire cities and help craft transportation services that are better aligned to the lives of residents.
Retail has been about location, location, location until the pandemic came calling. With the adoption of technology, the sector offers one of the best canvases on which to build out magical consumer experiences using everything from location intelligence, purchase data, logistics, payment choices, machine vision et cetera.
Recommendation engines, cross-selling and upselling, providing better value to consumers and suppliers and identifying new opportunities such as while label verticals.
This decade will see an increased focus on the Internet of behaviour.
Njihia is the head of business and partnerships at Sure Corporation | www.mbuguanjihia.com | @mbuguanjihia