How the “On-Demand Economy” Drives IoT

In today’s economy, consumers expect instant access and services/products immediately, and want the customer experience to be flawless, plug and play, and seamless. This is driving what today we are calling the “On-Demand Economy.” Consumer expectations are driving the need to create and launch new business models (btw many start-ups are more equipped for this) that leverage automation and the Internet of Things to provide for this on-demand cX.

The IoT has not really reached a pinnacle, and Compass Intelligence believes this pinnacle will be reached once we begin leading with the customer or customer experience in mind, and this is especially the case when we focus in on mobile and IoT solutions for the enterprise or businesses…which may utlilize these tech tools to be customer-facing or back office-facing. In general terms, this changing business model will enhance the customer’s experience and how business gets done (operations, sales, CRM, production, inventory management, PLCM, e-commerce, etc.).
In an IBM Mobile blog I wrote a few weeks back, I note one of the 5 upcoming trends driving enterprise disruption is “IoT becomes plug and play, cognitive learning enhances user experience.” This furthers my discussion today, where the enterprise becomes more agile and cognitive computing and learning become part of the application and solution development that surrounds the IoT, and thus further supports the “on-demand economy.” We are already experiencing this today, as the customer is driving the need to bring LTE to the vehicle and use technology to improve the home experience. Other examples of this “on-demand economy,” which we know is always talked about is the Uber example. Making it simple for customers to get what they want in a completely new way that provides for a more seamless and less stressful experience.
Other examples of interesting new business models, that promote the “On-Demand Economy” include the following:

• Amazon Fresh – order groceries same day and get fresh food delivered to your home (City or Urban service)
• Monthly Retail Delivery – packaged and monthly recurring business model, customized to your interests, likes (Blue Apron, StitchFix, BarkBox, Postmates)
• Aggregate Business & Service Platforms – Travelocity, Mopp, AirBnB
• Healthcare Anywhere – DoctorOnDemand ( I have used several times), GoToNurse, many others

As we think about varying industries and how they will evolve, remember to think about the customer first. How will your end-users’ experiences be enhanced whether they are suppliers, consumers, or business partners by implementing IoT or automation at any level? What will drive scale and why? Will the new customer experiences DISRUPT current business models? Now don’t get scared of this term, “disrupt”…it may give off a negative connotation as it means disorderly or unruly. BUT, we are approaching a need to introduce this disorder to introduce new customer experiences that provide for that ever so loving “On-Demand Economy.” The industry will continue to implement mobile, cloud, real-time platforms, and make use of the IoT to push the market to that crest! What will you create for your customers? Get on board…
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