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Businesses have now had to remodel how they approach their customers. Before, it was very straightforward, with minimal steps of marketing and customer compliance. With the internet of things, businesses have had to do a complete change in how they approach their customers. The internet has lead to clients becoming more choosy about the products they want. Business have to go that extra mile to make sales.
IoT has taken customer satisfaction to a whole new level. Due to its virgin status in the business market, companies have to rely on clients’ tastes and preferences to produce merchandise. This is quite difficult due to the diverse nature of IoT devices. No precise definition of these devices has been created thus far. Value capture is the biggest aspect of this business model. The more the business strives to certify the client, the more the company adds value to the customer. Value capture is the proffered IoT business model by many companies venturing into the tech world.
The IoT sector is relatively broad with no clear boundaries to define what device is classified in each category. This has made it quite difficult for any one company to stand alone in the market. Business Ecosystem results from different firms coming together to achieve a particular goal. Companies that often come jointly on the Internet of Things sector are
Each business sector, initially worked independently. Each sector was affected very little by the others client’s decisions. All that has changed, customers base their decisions on buying devices on a number of factors and areas. Such companies have pulled together and collaborated to create devices and services. Smartphone providers will often provide internet connection from another company and offer it as one package to its customers.
Experimentation is a necessary evil in the business world, at the infant stage of many business ventures the only option is to experiment. You may have all the statistical data, but only through practical methods will you know if your business hypothesis is right. Experimentation requires a certain amount of risk to the business
IoT has shown immense promise in the business world and only promises to grow stronger. For this to be achieved sound business, models need to be created and implemented.
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