Over the years, Bosch’s annual internet-of-things (IoT) conference, Bosch Connected World (BCW), has come to establish itself as a premiere annual IoT event. Here are some key takeaways from the event that highlighted the opportunities and where to locate them:
Being a Part of the Open Ecosystem Is the Key
Whether you are a vendor or consumer, you cannot go alone in the IoT space. That is because, in the present state of the technology, no IoT product or service can touch every aspect of the customer lifecycle on its own. If you want to grow in this space, you will have to do that through cooperation and partnership. All big-ticket brands in this space including IBM, Software AG, Amazon, GE, SAP, and Bosch itself have chosen this route to success.
Emphasis on Software and Data Analytics
IoT is all about helping consumers make a smart decision. According to Bosch, software and data analytics are the two key components that one should use to push quick and intelligent interaction between a machine and the consumers who use them. Bosch’s smart agricultural equipment is a good case in point where telematics technology is used to monitor the health of farm machinery. These Internet-connected machines link end users with dealers via the cloud so that farmers can remain updated on device usage.
Focus on the Connectivity
Connectivity is at the core of Bosch’s strategy. Fifty percent of Bosch’s products are already Internet-connected. The company has a target of hitting a century in three years’ time. Bosch’s partnership with Huawei, Nokia, and Sigfox for mobile broadband and low-power connectivity mirrors the company’s steady focus on manufacturing ‘connected’ products.
Critical Role of AI
In the IoT era, artificial intelligence (AI) will play a lead role in supporting the customer experience cycle. AI, along with machine learning, will enable companies to keep their Big Data in an organized state, subsequently helping transform their business models.
Focus on a Customer-Centric Policy
IoT-driven service models are changing the company-customer relationships across all sectors. Under this circumstance, Bosch has adopted the policy of boosting customer-facing awareness throughout its organization.
IoT is the next big thing in the technology space. Knowing how top IoT players like Bosch are ramping up their capabilities, revamping their tech assets, or reshaping their strategies will help you emulate their models. If you want further technological assistance to make your business IoT-ready, contact us here.