I love shopping. I love traveling. I hate going to the hospital. I sometimes like going to the bank (only if it involves the depositing a large check). On the surface, it may seem that there’s no common thread about each of these experiences, however, there actually is a lot in common!
Each of these industries (retail, transportation, healthcare, banking) is becoming more passionate about truly delivering good customer experience and building customer loyalty. Why? Research has established that satisfied customers spend more money “now” and, in the longer term, become more loyal. For example, according to a J.D. Power survey, a delighted traveler is likely to spend 45% more money at the airport than someone who is disappointed with their experience.
Okay, sold! Let’s start delivering “good” experience and start counting the money…right? Not exactly. Unfortunately, it’s not quite that simple.
First of all, what exactly is “good” experience? The answers will vary greatly depending on the industry vertical and brands within a vertical. Hence, one of the major challenges is actually defining “good” experience.
While there are certainly unique attributes to “good” experience in different industries, there is a common theme emerging: the synchronization of physical and digital experience. For example, research by Cisco’s Internet Business Solutions Group, revealed 93% of products sold in the United States are still bought in brick-and-mortar locations. In addition, over 50% of all consumers access (or would like to access) to digital content while shopping in a store, either through digital touch-screens or their own smartphones/tablets. This research reveals that more and more consumers are relying on real-time digital content to make purchasing decisions. In essence, consumers are becoming “informed buyers” during the shopping experience.
Unfortunately, with respect to customer experience, in many companies today the physical and digital worlds still sit across a great divide. Often, these two functions are housed in different organizations and are loosely coupled with respect to operations and culture. While we’ve made significant progress, digital experience is often an after-thought that peacefully co-exists with physical experience.
But, that’s not going to work any more. Consumers are expecting more, and they vote with their wallets. So, start truly synchronizing your digital and physical experiences…or else!
There are indeed a number of challenges in making smart stores, what do you think is most difficult in actually accomplishing this?
In a previous post, we discussed the importance of the rising tide of real-time, sensor-generated data—aka Data in Motion—that will gather momentum as the Internet of Everything emerges. Unlocking the potential of Data in Motion cannot be achieved by analyzing stored data or by examining historical data. Rather, it requires tools and interactions that capture value here and now, in real time.
The intelligent network plays a key role here. It can add contextual information such as location, identity and presence while the data is moving. Value can be extracted and acted upon through policy changes, security enforcement and packet processing, as events occur to create advantage here and now, or even to predict the future. By harnessing the value of Data in Motion through the intelligent network, organizations can make better decisions, deliver enhanced experiences to their customers, partners and employees, and build a competitive advantage over the long term.
For example, to maintain and improve patient care in a cost-effective way, healthcare providers can use Machine-to-Machine (M2M) technology to remotely monitor the progress of patients in their homes. Remote monitoring is more efficient and cost effective than having patients repeatedly visit healthcare facilities. As real-time healthcare applications continue to develop, Data in Motion will help patients take more proactive control of their own health, using instant biofeedback to help them modify personal behaviors.
To be clear, Data at Rest is not without value. Indeed, combining it with Data in Motion can produce optimal business outcomes. Data at Rest provides the context for creating the actionable insights from Data in Motion, helping organizations analyze and understand the past while they take contextual action on events in real time.For instance, by tracking a consumer’s real-time location and historical online interaction, a retailer could develop valuable contextual information while enabling store touchpoints with mobile access. With an up-to-the minute view of customers, the retailer could send customized promotions in real time.
And then there’s the opportunity for service providers. For most of them, Data in Motion represents a largely untapped opportunity, despite the wealth of data flowing through their networks. Think of the potential. Their networks and users are constantly generating huge amounts of real-time and near real-time data, packed with details like location, content and subscriber information—much of which can be analyzed and correlated in real-time to create usage and traffic patterns, network congestion analytics, media behavior, dwell times analytics and more. A service provider, for example, could extract detailed data such as a user’s device type, data quota, recent Internet activity and current connection speed. Armed with this real-time intelligence, the provider could offer highly targeted mobile advertising or sponsored data—and charge a premium for it.
Harnessing the potential of Data in Motion creates business opportunities but also new IT challenges. In a next post, we will look at some of these challenges and how to best address them.
Throughout history there are moments in time that define innovation.
In 1939, two guys in a garage built the first audio oscillator. It was sold to Disney and helped create Fantasia. In 1973, Motorola built the first mobile phone. It weighed 2.5 pounds and was 9 inches long. It let you talk for 30 minutes. Then you needed 10 hours to charge it. This was innovation at its finest.
Welcome to the Cisco Sizzle! Each month, we’re rounding up the best of the best from across our social media channels for your reading pleasure. From the most read blog posts to the top engaging content on Facebook or LinkedIn, catch up on things you might have missed, or on the articles you just want to see again, all in one place.
Let’s take a look back at the top content from May…
Work-Life Balance … Or Work-Life Integration? Achieving a work-life balance can be tough, but Cisco’s CTO Padmasree Warrior takes a different approach. Instead of trying to balance the demands of work and home separately, she embraces integration and combines the two together whenever she can.
IoE: Powering Supply Chain Management Cisco is connecting the Internet of Everything to get supply chains perfectly linked. Watch this video to explore how IoE instigates meaningful actions to happen faster.
Cisco Ranks High With Young Professionals Career Bliss recently compiled a list of the top 10 companies where young employees are happiest, based on more than 48,000 employee-generated reviews. It’s no surprise to us – Cisco was ranked as #5 overall! Many thanks to our employees for this honor – you make us happy, too!
How Organized is Your Cabling? Any IT guru will agree: this is an amazing feat of organization. Extra credit to anyone who can keep cabling in line like this!
What Keeps a CEO Up At Night? In this latest installment of Leadership@Cisco, Cisco Chairman and CEO John Chambers talks about his love for adventure, the importance of family and the characteristics that make a good leader. Learn what he’s most passionate about, where he sees technology going in the future and what keeps him up at night in this video.
Cloud Curious? Cloud computing is fundamentally changing the way businesses and people consume information. It is enabling IT as a service, evolving collaboration and changing content delivery. See for yourself how Cisco is helping service providers of all sizes navigate the world of many clouds:
Coordinated Attacks Against the U.S. Government and Banking Infrastructure In this blog post, Mike Schiffman and other Cisco employees inform us of a round of planned cyber attacks that have been launched against the U.S. government and banking systems. They provide an overview of the situation along with resources and best practices to prevent and respond to the attacks. For more information on how to protect against these attacks, don’t miss this post:
“Fashion is not something that exists in dresses only. Fashion is in the sky, in the street, fashion has to do with ideas, the way we live, what is happening.” ― Coco Chanel
I’ve always loved this quote by French fashion designer and founder of the Chanel brand. It reminds me of the old adage – we are what we wear.
But in a GigaOm article and an InfoWorld article this week, this adage is taken to the next level. The news coverage discusses the future possibilities of us wearing sensors and transmitters to route and relay data.
For example, our clothes and accessories will dictate how our information is communicated and received. When you check into a hospital, your outfit du jour will connect with the hospital network to finalize the check-in process and provide your doctors and nurses with crucial information regarding your health. With such capabilities, hospitals would be able to track and manage the flow of incoming patients and detect who is in need of immediate attention.
To take this idea a step further, not only will our “wearables” just collect data, they will create makeshift unified networks. Perhaps instead of simply connecting devices and communicating through networks, humans will form and shape these vast networks by what we wear and the way we live.
To create such a connected human network, Internet Protocol Version 6 (IPv6) addresses will need to be issued to create a unique-to-each person system of data gathering and sharing. I’ve long been an advocate for issuing IPv6 addresses to everyone in order to create a global ID. This could be a way of updating the antiquated social security number system in our country.
In my upcoming keynote address at Cisco Live!, I’ll be discussing more about this subject. I’m looking forward to sharing more of my thoughts about what life will look like when the power of connections create an optimized wireless network system.
Follow me at @DaveTheFuturist and join the conversation: #IoE #InternetofEverything #IPv6