Before starting to talk about the big thing “IoT”, let us take a roll back to the old time when we had to wait for doing even a small act, for example, booking movie tickets. Remember how we have to wait for hours standing in the queue just to book the tickets? Or the case when there were not so many options to talk to our relatives or friends living in other countries. Life was not that simple then, isn’t it?
Then the time changed and the world witnessed a change that made our life easy – “digitalization”. Yes, the wave of digitalization came as a blessing to us which changed the way we have looking and doing many things.
The tremendous increase in the number of smartphone users and the demand of people for the apps and technologies have made the technical experts come up with many new innovations. The passion of the technical experts to provide the world with all the technical ease, they have been trying their hands with many unique ideas. With all their efforts, they have come up with the most flexible and scalable technology that has been changing the vision and perception in which the world is connected to the internet with the introduction of the concept of “Internet of Things (IoT)”.
IoT has become the preferred topic of discussion among people both at the workplace and for personal use. But irrespective of its growing popularity there are many people who are still not aware of what exactly it is and how it is changing the world. Well, let us introduce it to you along with what all it offers.
Introduction to Watson IoT
The Internet of Things refers to the growing network of connected devices that can send data over using the internet. The thing in the name of the internet of a thing refers to any embedded electronic network that can use the internet or any network to transfer data over it without the need of any involvement of human interaction in between. To name some of its examples you can count wearable devices, sensors, vehicle’s components and devices in home and offices.
The Watson IoT makes use of millions of sensors that work consistently and continuously to deliver a large amount of data for the effective performance of businesses. It has been possible to make the internet of things a reality by making several technologies to come together that includes the internet, micro-electrical systems, and wireless communications to name a few. Ranging from digital twins to connected cars, the internet of things has made our life unbelievably easy.
Use Watson IoT to transform the working of your business. Give your business a specialized, integrated and an easy to use solution to solve all its challenges and difficulties. IBM Watson IoT has given the businesses a very simple and easy to use interface that can be used to add and manage all the electronic embedded devices to the network, to analyze the usage and to control the access. The features like device management, responsiveness, and scalable connectivity come as added advantages with it.
With so many benefits that the internet of things has showered on the world, let us know have a closer look at what all benefits it has to offer to the business world.
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Application of Watson IoT in different sectors
With almost everything ranging from cars to conveyor belts connected to the network, IoT has changed the working of every business. IBM Watson IoT offers a flexible, versatile and scalable toolkit including gateway and application access for collecting the data of the connected device and analyzing it for growth. By making the use of Watson IoT, it has become possible for businesses to extract the connected device’s data and valuable insights to enhance and improve the working of the business.
Like all the businesses, the banking sector is also witnessing a number of benefits by IoT. Have a look.
The various advantages that Watson IoT offers to the banking sector are as follow:
- Easy Analytics: With all the devices converging devices it becomes very easy to collect and analyze the data of the customers, to know the valuable insights, to understand the working behavior and increasing the efficiency of working. The data collected is observed in detail to know the basics of the working operation.
- Better Understanding: By implementing the Watson IoT in the banking sector it has become easy for the bankers to understand customer’s behavior, preferences, and loyalty. With a proper detailed data collection and its understanding banking industry is all set to develop the right campaigns and offers for the customers.
- Better Decision Making: By analyzing the collected data banking sector can incorporate cross-selling and target the right opportunities to attract the customers.
- Better Customer Experience: With its wide offerings of easiness in operating any transactions, the use of Watson IoT has resulted in better customer experience.
The Watson IoT has impacted the education sector in the following ways:
- Better Performance of Students: We now need people with certain skills that can be used to transform the world into a better place. Watson IoT can be used to collect a detailed analysis of the student’s performance which can be used to improve the performance.
- Skills Needed: The collection of student’s data and tracking their performance helps them to identify the skills that they are lacking in and what all better skills they need for improvement.
- 24*7 Availability of Material: Since we are talking about the connected world of devices, the students now don’t have to face any difficulties in finding or accessing the study material from anywhere and at any time.
- Interactions: The Watson IoT offers the students the chance to communicate with any faculty or other students for a better learning atmosphere. It has narrowed the need of the students to be physically present at a certain place for learning new things.
Let us have a look at what benefits IoT has given in the insurance sector.
- Increased Customer Loyalty: In the insurance sector it is very important to have a high loyalty of the customers and one cannot ignore this need. Thus, with Watson IoT, it has now become possible to get an insight into all the valuable customer’s data and details.
- Understanding the Customers: With a proper and detailed collection and analysis of the details of the customers, the insurance companies can understand their customer’s behavior. You can know what your customer likes and what he is against.
- Better Offers: The result of a better understanding of the customers helps the insurance companies to offer better plans and policies to their customers.
The use of IoT has also impacted the finance sector a lot. Let us find out how.
- Customer Engagement: In the financial sector it is important to keep your users engaged because if they find anyone else with the better interest they will take no time to switch to your competitors. Thus, with detailed data of your customers, you can actually try many new kinds of stuff to keep your customers engaged.
- Risk Management: With a clear knowledge of customer’s profitability, preference and needs you can easily plan for all the aids that you can take at the time of any risks that may come.
- Personalized Support: The inter-connectivity of the various technologies help the financial sector to provide their customers with personalized support whenever they need and at any place.
The role of IBM in this field
IBM has successfully identified the various IoT zones which hold a great potential to change the world which we live in with the potential benefits of IoT. IBM has also collaborated with many financial companies to offer a better and secured way and modes of payments. IBM has always been at their best in extending all the possible support to take the technology of IoT on a different level so as the world we are living in can turn to be more secure and comfortable.
Let us know your views on the impact of Watson IoT on the world. Also, comment on the benefits that your business have witnessed by using this tremendous technology.