IBMVoice: You May Be Surprised About What The IoT Connects You With

IBMVoice: You may be surprised about what the IoT connects you with
 @IBM

  • We are just one month into the new year and one thing has become crystal clear — businesses have made IoT a top priority for 2017.
  • Today IBM and Visa announced the industry’s first collaboration that brings the point of sale everywhere Visa is accepted, by allowing businesses to quickly introduce secure payment experiences for any device connected to the IoT.
  • The collaboration brings together IBM’s Watson IoT platform and cognitive capabilities, with Visa’s global payments services that are used by more than three billion consumers globally.
  • IBM’s Watson IoT Platform allows businesses to connect to billions of connected devices, sensors and systems around the world and then draw actionable insights.
  • In today’s hypercompetitive world, every business must deliver exceptional services if they want to secure customer loyalty and grow revenue and IoT is the best weapon.

What do sneakers, trains, washing machines and your car have in common?

@Forbes: IBMVoice: You may be surprised about what the IoT connects you with
@IBM

By Harriet Green, IBM

What do sneakers, trains, washing machines and your car have in common? At first glance the answer is nothing of course. However, when you peel back the layers it becomes more apparent that there is one thing connecting them all: The Internet of Things (IoT).

We are just one month into the new year and one thing has become crystal clear — businesses have made IoT a top priority for 2017. Need more convincing? According to Gartner, there will be 20.8 billion connected devices by 2020.

But the impetus behind these investments isn’t solely about creating the next ground-breaking, life-altering product or service. The vision is more vast. It’s about driving unprecedented levels of customer loyalty by making people’s lives better, safer, healthier and more convenient and then tapping into reoccurring revenue streams that have eluded many businesses for years.

Today IBM and Visa announced the industry’s first collaboration that brings the point of sale everywhere Visa is accepted, by allowing businesses to quickly introduce secure payment experiences for any device connected to the IoT.

The collaboration brings together IBM’s Watson IoT platform and cognitive capabilities, with Visa’s global payments services that are used by more than three billion consumers globally. IBM’s Watson IoT Platform allows businesses to connect to billions of connected devices, sensors and systems around the world and then draw actionable insights.

If you’re an avid runner, one of these connected devices may be your sneakers. Many runners today have chips put in their shoes which track how far they run, their splits and more which they count on to help meet their weekly goals. This is valuable information of course but imagine this scenario:

Knowing you’re a busy executive, every week, the device takes into account your schedule and the weather and recommends the best time and place to get exercise. Now imagine you just got back from your daily run and the chip proactively sends an alert to your fitness tracker letting you know how many miles you’ve logged in your current pair and, knowing precisely when you traded in your last pair and why, it reminds you that it’s time to buy new sneakers and places the order for you from your favorite retailer. It also knows where you are traveling for the next month and recommends some new running gear that is more appropriate for that climate.

These types of services build brand loyalty by bringing the simplest, best customer experience to consumers who get what they need, when they need it, with the guidance and insight from a cognitive system.

Another example comes from one of your most important household appliances — your washing machine. A connected washing machine understands how many loads of laundry you do every week and the cycles you tend to use, and with this insight it could anticipate when you need to order more detergent to get the best possible price and place it for you. That’s a great convenience for on-the-go people who often find empty detergent bottles at the worst possible time.

But there’s more.

Now consider this from a business perspective. Traditionally a retailer sells you a washing machine or a refrigerator as a single transaction. It’s a onetime payment that ends once it’s hooked up in your home.

But it doesn’t have to be that way. IoT transforms that entire business model, allowing companies to tap into continued revenue streams that last for the lifetime of the unit. In fact, it seeds a greater level of loyalty that will likely help ensure you buy from them again in the future.

In today’s hypercompetitive world, every business must deliver exceptional services if they want to secure customer loyalty and grow revenue and IoT is the best weapon. Railway operators can monitor trains not only to prevent breakdowns, but to improve reliability.

Don’t want to buy a car? An automotive dealer can let you lease a new car with payments being processed automatically based on how far the you drive each day. The car can even alert you when a fan belt needs replacing and schedule a service appointment at their preferred local garage. That’s the power of cognitive IOT.

The list goes on and on its growing every day, which is why 2017 will be a watershed year for IoT.

Tweet this: Read @harrietgreen1’s blog about @IBMIoT helping businesses “monetize” the IoT @Forbes.

Harriet Green is General Manager of Watson Internet of Things, Commerce and Education at IBM.

Learn about the new era of business at www.ibm/cognitive, and experience the IBM Cloud at InterConnect 2017.

A version of this story appeared on IBM’s THINK blog.

IBMVoice: You May Be Surprised About What The IoT Connects You With

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