- Data insight. IoT informs product enhancements.
- Customer experience. Real-time data optimizes CX.
- Business models. IoT refines equitable billing.
In the era of the Internet of Things (IoT), "smart," interconnected devices are generating invaluable data for businesses. This data-driven approach is empowering these businesses to make informed decisions, enhancing their products and services while also optimizing their overall customer experience (CX). In addition, it aids in facilitating accurate and equitable billing practices for customers.
Below are five of the most recent examples.
Leveraging IoT Data for Patient-Centered Solutions
Medtronic’s implantable cardiac devices, such as pacemakers and defibrillators, are equipped with sensors that collect data on patient heart rates, rhythms and activity levels, said Isabella Schmitt, Proxima Clinical Research director of regulatory affairs. This data is then transmitted to Medtronic's cloud-based analytics platform, where it is analyzed to provide insights into patient health status and needs.
Medtronic uses this data to provide physicians with personalized recommendations for device settings and offer suggestions for improving patient outcomes, according to Schmitt. “Medtronic also uses this data to improve its product offerings and introduce new features that align with patient needs and preferences. For instance, patients asked for control over their ability to monitor heart rates and rhythms in real time. Medtronic introduced a feature that does just this. By listening and answering their desire, Medtronic can build deeper relationships with the people who use their products, creating a more proactive and engaging patient experience.”
Through the effective harnessing of IoT technology and data analytics, healthcare companies are not only enhancing patient outcomes, but also fostering stronger relationships with users by responding to their needs and improving their overall experience.
Related Article: Why Ignoring IoT-Enabled Customer Experiences Could Cost You
The Future of IoT-Driven Innovation in the Automotive Industry
Data is quickly becoming the most valuable asset in the automotive industry and could well prove to be the single most important differentiator of the decade for automobile companies, according to Kamyar Moinzadeh, Airbiquity CEO.
Tesla's approach to utilizing IoT data provides a noteworthy example of customer-centric innovation, Moinzadeh said. “Tesla actively collects data on how customers use their cars, enabling them to gather valuable insights into driving patterns, preferences and overall user experiences. With this data, Tesla is able to identify trends and patterns, allowing the company to add features and capabilities that customers desire most. This iterative feedback loop with its customers has contributed to Tesla's reputation for continuously improving its products based on real-world usage data.”
Similarly, the data from connected cars is providing Telsa and other electronic vehicle manufacturers with valuable insights into energy consumption, charging habits and driving patterns, which can be used to optimize battery performance, develop intelligent charging infrastructure and tailor services to the specific requirements of EV owners, according to Moinzadeh.
Related Article: The State of IoT in 2022
Smart Inhalers: Revolutionizing Respiratory Care with IoT Data
Novartis uses IoT technology to monitor patient health and medication adherence, with the goal of improving patient outcomes and reducing overall healthcare costs, Schmitt said. “The company has also developed a smart inhaler device for patients with asthma and COPD that collects data on patient inhaler use and transmits it to the Novartis cloud-based analytics platform. This allows Novartis to provide patients with personalized recommendations for medication dosing and offers insights into disease management and prevention. Novartis uses this data to improve its product offerings and introduce new features that align with patient needs and preferences, like their latest features that allow patients to track their inhaler usage and receive reminders when it's time to refill their medication.”
Thus, through the innovative use of IoT technology, some healthcare companies are pioneering a new era of personalized healthcare, enhancing disease management, and ultimately striving for the optimal balance between patient well-being and healthcare cost-effectiveness.
IoT Data Is Transforming Telecom & Utility Services
While many IOT applications are designed for consumers, telecom providers can benefit as well.
SpaceX had deployed ground-based terminals connected to its Starlink satellites to provide connected service to open-ocean sailors and cruise ships around the world, some of which had previously been without service when hundreds of miles or more from land.
The ground terminals are IoT devices in that they not only provide connectivity, but also send extensive telemetry information back to Spacex defining how, where and why the terminals are used, said Tom Zauli, Softrax senior vice president and general manager. “In the past month SpaceX, realized that users were exploiting the less expensive ground-based subscription to access the system on the open ocean — essentially pretending to be on-land when they were at-sea.”
SpaceX quickly created a new billing tier and, with a single email, notified the entirety of this user base they would have to upgrade to a more costly ocean-mobile subscription, or their connection would be turned off, Zauli added. “This is a case of the IoT data helping a company refine its business model based on actual customer use and for more profits. We can expect scenarios like this in which companies analyze customer behavior in an IoT setting and propose new products, pricing tiers or services.”
In a similar vein, the days of the utility meter reader have largely gone by the wayside as the companies have moved to connected meters to provide the company with utility usage information for billing and other internal purposes.
IoT Data in Genomics for Disease Susceptibility Analysis
Illumina’s sequencing machines have sensors that collect data on DNA sequences, gene expression and other factors that can affect health. This data is analyzed in Illumina's cloud-based analytics platform where it can provide insights into disease susceptibility, treatment effectiveness, and other factors that can affect patient outcomes, according to Schmitt.
The data enables Illumina to provide physicians and researchers with customized recommendations for disease diagnosis and treatment, and offers insights into disease prevention and population health management, Schmitt said. “Additionally, Illumina uses this data to improve its product offerings and introduce new features that align with customer needs and preferences. For example, Illumina introduced a new sequencing platform that allows for rapid and cost-effective sequencing of large genomes, which can accelerate genomic research and improve patient outcomes.”
Final Thoughts on IoT, Innovation & Better CX
These examples highlight how real-time data gathered from IoT devices aids businesses in enhancing their products, improving customer experience, and refining their business models. As we move forward, IoT's potential to transform industries through data-driven decision-making is increasingly clear.