Data has become the de-facto currency driving brand success in the experience economy.
While expensive and prone to a high failure rate, the Internet of Things (IoT) is still expanding at an enormous rate, and the use of advanced techniques like “digital twinning” presents the opportunity to collect customer experience (CX) data at an unmatched scale and level of precision.
Public trust in brands’ ability to provide effective cyber-security protection of customer data has been deeply eroded.
To be sure, the Internet of Things (IoT) has the potential to make brands more money – a lot more money. Composed of a vast number of sensors and data-generating devices (200 billion by 2020, according to Intel) IoT is projected to be worth $6.2 trillion by 2025. While a very large portion of that value is projected to be in Healthcare ($2.5 trillion) and Manufacturing ($2.3 trillion), a significant and as-yet unaccounted-for amount of the value it brings to virtually every industry will include improvements to the customer experience. #CX #CustomerExperience