To optimise your conversion rate, the very first step is to identify the areas of friction and leakage within your conversion funnel, and the best way to know is by hearing it straight from the users. Survey Analytic for E-commerce can help you learn how your users perceive your website and what can be done to make the user experience better. But if survey analytics not optimised, can potentially disrupt user flow, damaging the user experience on your website.
According to IDC data published on 4th January 2017, the manufacturing industry spent around $178 billion in 2016 on Industrial Internet of Things (IoT) – more than twice of what the transportation industry spent, thus making it the clear leader of IoT.
So what makes Industrial IoT so favourable in manufacturing industry?
If we have to put it in two words, we would say ‘smart manufacturing’.
Touted to be the next industrial revolution, industrial IoT connects machines to the internet to gather data and monitor the production process throughout the manufacturing plants.
It helps the manufacturing plants by boosting its productivity and operational efficiency and reducing the complexity of the process in the industry.
Aren’t we all under the grip of cable-cutters, or the so-called ‘over-the-top’ content providers like Netflix and Hotstar? The latter, popular in India, secured the rights for a cricket league, watched by millions of fans, and used a clever combination of on-demand, big data analytics to attract and convert new audiences.
Cloud computing is being heralded as the new internet order, almost like Web 2.0. From web servers hosted in-house, which led to longer data-retrieval times, shifting that data onto the web has improved data availability faster than ever, and made the technology ubiquitous today. And when RightScale revealed 85% of enterprises across the world currently have multi-cloud strategies, it shows how enterprises are throttling the use of highly beneficial tools like data analytics to streamline their businesses.
Food is a universal leveler. It is a basic means of sustenance, and those of us who use it to create memories for people find ourselves at an inflection point: incorporate tech that our industry peers are mining gold from, or risk becoming another failed statistic. Use of data analytics, more importantly, restaurant analytics is perhaps just the door you should unlock, to start your journey.
The start begins with leveraging existing information and data, including those shared by your employees. Wrap that along with your legacy PoS or online reservation systems, and feed them into shiny new solutions like analytics for restaurants which you could be demoing.
If the jamboree on predictive analytics or artificial intelligence seem to be the zeitgeist of software development of this decade, it’s a no-brainer that the Internet of Things is heralding the power of hardware. This power of interlinked systems is taking us into an ever-evolving and adaptable future. And a subset of this IoT is already being embedded into factories and supply chains all over the world, referred to as Industrial IoT.
There is a new digital divide that’s taking shape in the retail world. On one side are companies that constantly improve their ability to provide amazing digital experiences to their target customers with help of Retail Analytics and on the other side are those that don’t.
The latter could soon see their revenues dwindling if we were to factor the continuing growth of digital influence on retail spending.
In a recent study, Deloitte surveyed thousands of consumers to understand how digital engagement influences in-store purchasing behavior and found that:
- Digital interactions that buyers have with products and brands influenced 64 cents of every dollar spent in retail stores in 2015.
- The continued rise of digital influence is widening the existing gap between consumer’s digital expectations and the retailers’ ability to deliver on them.
The study also uncovered new insights on consumer behavior while tracking and measuring the digital influence on retail sales.
Looking into the crystal ball of the future, a restaurateur could be wondering if there would ever be a time when she could track the brainwaves of her potential customers, know his weekend plans, and embed an offer that he could be interested in. Science fiction always exists. But cut to today, and we are on our way there.
Technologies like IBM’s Watson creating new recipes or restaurant analytics driving efficiency are all signals of where the industry is heading.
Today’s hospitality industry can prove to be a boon and a bane. While the opportunities with an open, data-powered economy, using tech like data analytics for restaurants are limitless, you could well be another statistic among what industry monitors prove 40% of restaurants close within a period of three years of starting.
The global aviation and energy conglomerate, General Electric, predicts an era where the value of data will be worth far more than the products the data is used for. Because the data that is captured from the manufacturing, distribution and retail stages of the whole business process is analyzed, regurgitated and becomes the fuel for further insight application. As much as you see the consumer side of IoT being highlighted today, it makes natural sense that Industrial IoT becomes more mainstream, to be able to provide the new oil that will fuel further transformation.
An IDC report predicts that by the end of 2017, 60% of manufacturers across the world will use analytics in some form or shape, through Manufacturing IoT devices like sensors. If that’s surprising, then you must know why IoT in manufacturing is surely going to break the status quo:
Kevin Ashton coined the term ‘Internet of Things’ when he was working with Proctor & Gamble way back in 1999. However, 18 years later, only 13% of people know about it, when those very “things” are benefiting them in ways they cannot comprehend.
Industrial IoT is a mix of digital objects like sensors and intelligent assistants, connected to internet enabled systems used to optimize the functioning of various industries, their business models, and the human-machine relationship. It is gaining widespread adoption, estimated to grow at 37% y-o-y till 2021. This is playing a pivotal part in improving our industrial economy.