To improve, companies must do a better job of understanding their customers and using that knowledge to provide personalized, satisfying and convenient experiences. This is where the IoT can make a substantial difference.

IoT represents a powerful source of data that, when combined with analytics, can yield insights on everything from behavior to emotions and health. It also provides opportunities for immediate communications that allow companies to deliver contextually relevant responses and offers in real-time. And the potential to detect product failures before they happen has implications well beyond the manufacturing floor, particularly when applied to expensive cars, electronics and smart components.