CMO.com: “We are entering a third wave of digital transformation,” said Olof Schybergson, founder and CEO of Fjord, the design and innovation group at Accenture Interactive.
Over a few short years, the Internet of Things (IoT) has morphed from a futuristic concept into reality. A growing array of devices and systems–smartphones,beacons, RFID, POS terminals, and smart homes and businesses–generate new connection points and new data points. They change the stakes in profound ways.
“We are entering a third wave of digital transformation,” said Olof Schybergson, founder and CEO of Fjord, the design and innovation group at Accenture Interactive. “The first wave involved the introduction of the Internet, the second wave brought us mobility, and the third wave involves transformative digital services.”
Not surprisingly, marketers are at the center of this digital disruption. Not only is it necessary to understand constantly changing consumer preferences and behavioral patterns, it’s critical to rethink products, services, and entire business strategies. The IoT introduces radically different ways to interact with consumers and businesses, but it also opens up new vistas for collecting, managing, and using data–including within the domain of predictive analytics.
“We are seeing the digitization of everything,” said Suresh Vittal, vice president of marketing strategy for Adobe Marketing Cloud (Adobe is CMO.com’s parent company). “The Internet of Things cuts across channels, communication tools, and interaction points. It redefines brands and organizations.”
To be sure, the IoT is more than the sum of snazzy Fitbits and smart thermostats. It is more than connected liquor bottles, diapers,toothbrushes, and belts. It’s about peering into the previously invisible spaces between objects and motion and detecting patterns and trends. It’s about assembling various data points in order to develop a more relevant and robust customer experience.
“The Internet of Things represents an enormous opportunity but also an incredible challenge,” Vitall told CMO.com. “Brands now have unprecedented access to a customer’s or prospect’s identity. It’s possible to have a deeper understanding of their needs. But delivering on the promise is difficult, particularly as the intersection points and data grow.”
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