FEBRUARY 20198TIOT - LET'S DRIVE ON THE DATABy Sakshi Vij, Founder & CEO, Mylesorture the data and it will confess to anything" said Ronald Coase, a Nobel Laureate and renowned British Economist. This is becoming more of a fact with each passing day. Data is gold for the business world and it has the power to transform the way businesses function today. Right questions, drive right answers and the conclusions aid business organizations in making effective decisions. Nearly every industry today runs and thrives on data, including the car rental industry. While the traditional way of collecting relevant data is the ongoing trend, the need for an innovative way to derive data is more prominent than ever. Superficial data is no longer enough to bring changes that could possibly lead to advancement. Knowing the customer on a deeper level is the need of the hour. A possible solution that compliments this requirement is IoT or Internet of Things. More specifically, IOMT (Internet of Moving Things) as we are talking of the car rental industry. Incorporating sensors, wireless network connectivity and technology to everyday moving objects can make business functioning a whole lot simpler and smoother. IoT is the disruption that the car rental industry needs, to serve the customers better and bring about the transformation for a better future.However, it just doesn't end with gathering the data. The true value of IoT lies in analytics that can lead to better understanding of people rather than things. Having right analytics in place can help extract insights from the data that can transform into meaningful experiences for customers. The sensors gather data about the physical environment, which when analyzed and combined with other forms of data detects patterns. And, these patterns can enable transformative new services for the consumers. IoT has the potential to completely change the way businesses view their customers.IoT & Data in the Busi-ness WorldImagine this, a customer receives a notification that reads "Hello dear customer, hope driving with us has been good so far. I want to remind you that your car tyres need a check. Please connect with us, so that we can help."What does this example imply? That with IoT and data, customers can be made aware of the problems even before they realize that the problem exists thereby, simplifying their lives. That's the power of IoT and the data it provides. This amalgamation of technology and numbers aids in improving customer experience and transforming them into happy consumers. After all, customers drive our business success and it is only logical to offer them the best when they choose us. Improvise, Introduce new Plans With IoT, businesses collect relevant data and derive insights out of it. Once we are aware of the problems with our products or a service, working on improvisation process gets a lot easier. Often, Sakshi is an Entrepreneur with expertise in Travel and Transportation and passion for the Shared Economy, Advising Early Stage Businesses and Angel InvestingIN MY OPINIONSakshi Vij
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