Tag Archives: Internet of Things

Internet Of Things For Marketers

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Internet of Things is described as embedded devices or things with internet connectivity, allowing them to interact with each other on a global scale. This level of connectivity is increasing the reliability, sustainability and efficiency of products and services by improved access to information. The increased choices given to consumer through IoT is giving them a lot of choices. This has enhanced the marketers activities to increase and retain business.

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Economists believe that IoT will make the biggest impact on marketing in the coming years. Marketers can use IoT to a good extent to reach their consumer. In a study in July 2015 by 2nd Watch, nearly six in 10 US IT and business executives said they leveraged machine data/the IoT for digital marketing. Digital Marketing can get bigger if we consider IoT as a tool. 

IoT has the capability to collect and analyze data which can be used by marketers and enable them to take appropriate actions. They can measure the actual behavior in real time and devise relevant customer relationship activities. Brand interactions can also be measured by understanding brand preferences, eye movement etc. This information can be utilised better than traditional buyer research, to improve the customer relationship and increasing their brand loyalty. By understanding consumer behavior, marketers can enhance the feel good factor of their brands and products.

Diminished defects, improved customer satisfaction and low costs can improve seller performance and buyer experience. With the help of IoT, marketers can track information about the consumers such as the credit history, loyalty and importance to company. By a good analysis different prices can be offered to different consumers. Using IoT, online content can be well adjusted according to consumer interest. IoT offers marketers the ability to interact with consumers of different segments at one marketplace and take better decisions. 

We can say that IoT has enhanced the exchange of sales data, smarter approach to CRM and enabled a smart way to interact with consumers. The marketers today have many opportunities to make their business processes better. IoT can make life easy for marketers if they know the means to utilise the data recieved.

How To Fight Challenges Of Big Data

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- Mansi Priya, Marketing, Trivone Digital

The greater the obstacle, the more glory in overcoming it ~ Molière

Whenever we fight a challenge with a good strategy, the outcomes are fabulous. Everything in this world has pros and cons, so we should cut down the problems and extract the benefits. In my last article we discussed about what Big Data is, its benefits and the various challenges it brings along. Today we shall discuss how to fight those challenges to make this essential tool, a priceless asset and not a liability.

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The major challenges of Big Data are, Data Volume, Talent Gap, Performance, Technical complexity, Security and Cost. These are some of the major challenges faced by users and organisations of almost every industry/ sector. If we are able to solve these 6 issues, majority of the Big Data problems will diminish.

Data Volume Solution: The data is growing at an exponential rate and it is important to extract relevant data. It is necessary to identify source of your data as well as devise strategy to maintain and control it. There are many companies that master in Data Management. The trick is, discover potential for creating/ optimising data volume strategy, provide monitoring and reporting capabilities for technical KPI’s and compliance check for corporate Data Volume Strategy.

Talent Gap Solution: Content discovery & management is a primate for Big Data management. To discover and manage the relevant content, highly skilled team should be appointed. A team who is able to understand the audience being delivered as well as the technical complexities involved in data extraction. Since technological changes happen very fast, frequent training to the team should also be given for better performance.

Performance Solution: In the digital world, where delay of nanoseconds can lead to loss of sale, high operating speeds are required. The organisation should be able to cope up with the changes in IT landscape for fast reach. Latest and modern hardware as well as software should be used after monitoring the required speed. 

Technology Complexity Solution: On the internet, information is scattered on a large scale in different formats. There should be a centralised content repository and easy UI to ease the technical complexities of the data. The team appointed for data extraction should be equipped with essential technical skills as well.

Security Solution: Security issue is a major obstacle for many companies, which prevents them from utilising the data completely. Usage of hardware and software should be reviewed thoroughly and necessary updates and extensions should be installed. Enterprises can also design personal clouds services, with hybrid services in mind to make sure future integration is possible.

Cost Solution: With new improved technology comes in a cost. The cost should be managed properly based on team appointed, profit generated and eventually cost saving from old technologies used. Smart management of operations for data extraction should be done to have the minimum cost involved. One way is the ability to compress data at the most granular level, which will not only reduce storage requirements, but also simplify the infrastructure. It depends on various companies, their projects and demands to minimize this expense. The true cost, benefit gained and utility should be evaluated thoroughly to take wise steps.

If the above given solutions are practiced, they can help organisations in a good manner to mange their issues with Big Data. Big Data has lots of benefits and encashing these benefits require a good strategy. If a company is able to utilise this information properly, it can reach great heights

Digital Transformation : Big Data & Its Challenges

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- Mansi Priya, Marketing, Trivone Digital

It said that there are no free lunches in the world. With all processes, trends, changes there are pros as well as cons. With every new change and trend there are new challenges that comes along. Today we shall talk about a new concept coming up with the transforming era and its challenges.

We talked about how the world and economies are going digital. With this digital transformation, comes in a new concept called the Big Data. Big Data is a popular term today, which is used to define the exponential growth and availability of data. Wikipedia describes Big Data as a broad term for data sets, that are so large and complex that traditional data processing applications are inadequate. 

If we simplify Big Data to understand better, then it is a simple cycle. A lot of data, content or information is stored and optimised by various search engines. Out of this storage, content is discovered and managed. After managing and discovering the data, useful and intelligent data is identified. By delivering the intelligent data, user experience is measured using various means such as Analytics. The best user experienced data is then again stored and optimised by search engines. 

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After all the entire cycle is made to engage the user. In the cycle, there are certain challenges that are faced by the users. Some of the challenges are lack of collaboration, multiple media formats, long cycle time, technology ownerships, workload diversity, data security and many other factors. If we consider some of the major challenges then it will be a little simpler to understand and overcome.

Challenge 1 : Data Volume
Companies face alot of difficulty in extracting the right data and understanding its usability. To engage with one’s customers, companies have to think out of the box and look for models that are different from traditional ones. 

Challenge 2 : Talent Gap
Content discovery & management is an essential part for Big Data. Companies today struggle alot to find the right talent, which is capable enough to understand new technologies and interpret a meaningful business insight from it.

Challenge 3 : Performance
In the digital world, where delay of nanoseconds can hamper your business process, big data must be moving at great speed. It is a challenge to react to the flood of information in time required by an application.

Challenge 4 : Technology complexity
On the internet information is scattered on a large scale in different technical formats. Leveraging the data means to work with a strong and innovative technology as well as adapting to changes in IT landscape efficiently.

Challenge 5 : Security
Concern for security is a major obstacle for companies, and prevents them from utilising the data completely. Most Big Data platforms have few security mechanisms to safeguard the data. So it becomes a challenge for both end user as well as the company delivering the data.

Challenge 6 : Cost
Big Data has opened up excellent opportunities for business improvement, to experiment with new methods and discover new technologies, that provide good insight for ones industry. With all this comes a cost, but doing it all the right way with effective cost structure is also a challenge.

According to Gartner Research, Big Data can have major impact on current business in three ways. Big Data can discover hidden insights, improve decisions by enriching information for decision makers and automate business processes. With more data within reach, companies can determine an additional insight. This insight can improve their business processes and enable them to get value from available information.

The new transformation has brought alot of good stuff with it so it has brought complexities. To stay in the competitive market one should adopt this change but with relevant changes as per the industry. To fight these challenges is important, stay close to our section to learn how to fight them.