Today each enterprise and business decision is driven by the idea of personalization of products. The utilization of IoT devices at the end-consumer base-level has provided the manufactures with interesting insights into a customer’s motivation to buy a product. With the help of IoT, device manufacturers will be able to gain meaningful insights into a consumer’s buying decision as well as the particular preference of each individual to improve customer satisfaction. Consumers connecting with IoT devices on a daily basis generate a large number of unstructured data that can be processed to determine future trends. These devices take into consideration the search history of the consumer and integrate the data with the applications on the consumer’s smartphone. AI helps in analyzing the search histories to find a consumer behavior pattern and these insights can be used to create an algorithm that provides personalized content to the consumers.
Manufacturers can gather the data to customize products and services targeted towards specific demographic communities. Moreover, the data obtained from the IoT devices can be leveraged by marketers and with machine learning capabilities the automation of group segregation with similar choice and preferences within the population can be simplified. Marketers can leverage the data from various IoT sources to predict and determine the future trends and build an effective marketing strategy to unveil products accordingly.
Manufacturing companies’ assimilation of the Industrial Internet of Things (IIoT) technology can be leveraged to automate most of the mundane tasks, which would essentially reduce the cost of production, and increase the efficiency of human capital.
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