Internet of Things Legal & Tax Issues

| July 15, 2016

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Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Bangalore, Palo Alto (Silicon Valley), Singapore, New Delhi, Munich and New York. We provide strategic legal, regulatory, and tax advice coupled with industry expertise in an integrated manner.

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VUPICO

Welcome to VUPICO where we specializes in helping clients through the journey of converting data into business value through actionable analytics and insights. VUPICO's innovative services are centered around bringing modern architecture and latest technology while integrating Big Data IOT, SAP HANA, Hadoop and Predictive Analytics into an information platform.

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Automotive Sales: Improving the Customer Experience Using IoT

Article | April 7, 2020

Customer touchpoints throughout the automotive sales cycle are prime candidates for IoT innovation. Across the board, the data derived from these IoT applications have the capability to provide insights and actionable outcomes which can significantly improve the customer experience. When a customer arrives at a dealership, it may be difficult for the dealer to know if they have what the customer is looking for. For instance, a customer might be coming in to see a particular vehicle, test-drive a car they’ve already seen, or to casually browse their options. Without any data behavior on the customer beforehand, sales personnel or the dealership may not be properly equipped to handle the customer’s request. Perhaps a requested car is no longer on the main show floor for immediate display but instead buried somewhere in a backlot. Maybe another car that was requested for a test drive may not yet be properly serviced for operation. These are only a few of the challenges associated with automotive sales that IoT is capable of helping to improve.

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IoT Security Flaws Are Putting Your Business at Risk

Article | April 7, 2020

As industries invest in the next generation of technology, the internet of things is at the top of the list. Once a novelty best known in residential settings, IoT technology has become mainstream in business and industry. Some even predict that having a Google Home or Amazon Echo in the conference room will become the norm. Now, you will find connected devices in Amazon’s warehouse robotics system Kiva, Airbus’ Factory of the Future and the augmented reality used by Caterpillar in its Cat Connect system. The number of IoT devices in use by 2025 could reach 22 billion, according to an IoT Analytics report. They will transform manufacturing, warehouse and logistics, health care, agriculture, shipping, energy and aviation. IoT security can’t be done as an afterthought; it must be integrated into operations from Day One because connected devices and systems use cryptographic keys that transmit data. Cybercriminals can gain access through these keys, allowing them to infect devices and systems with malware, steal data or shut down systems. Sometimes, the vulnerability has gone undetected for months.

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How Will the Emergence of 5G Affect Federated Learning?

Article | April 7, 2020

As development teams race to build out AI tools, it is becoming increasingly common to train algorithms on edge devices. Federated learning, a subset of distributed machine learning, is a relatively new approach that allows companies to improve their AI tools without explicitly accessing raw user data. Conceived by Google in 2017, federated learning is a decentralized learning model through which algorithms are trained on edge devices. In regard to Google’s “on-device machine learning” approach, the search giant pushed their predictive text algorithm to Android devices, aggregated the data and sent a summary of the new knowledge back to a central server. To protect the integrity of the user data, this data was either delivered via homomorphic encryption or differential privacy, which is the practice of adding noise to the data in order to obfuscate the results.

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How to Refine Your Market Strategy with IoT

Article | April 7, 2020

If you’re struggling with creating a value proposition in volatile markets, you’re not alone. According to Neil Patel, 40% of marketers struggle to acquire leads by traditional marketing methods. As competition grows in each industry, even fairly monopolistic markets like tech are seeing rising competition in all areas. To combat market uncertainty, as well as stand out amongst your competitors, you need a market strategy that not only offers a direction but actively targets your goals. A market strategy is your go-to plan when things get rough and it is a map for when the waters are calm. Moreover, marketers with a documented strategy are 313% more likely to report success. We’re sure you already have a market strategy that is just right for you. But have you considered if it can be refined further? Thanks to emerging technologies like IoT, we now have access to the most mundane customer decisions that are taken on a day-to-day basis. This data is your ticket to a better market strategy without having to spend a bomb. This is how you can refine your market strategy with the help of IoT. Data-driven Decisions The Internet of Things has offered us insurmountable amounts of consumer data. A caffeine brand can now access information such as what time consumers have coffee, whether it is at home or office, what flavors they prefer, how much they’re willing to spend on coffee, and what other alternatives they consume. This kind of data, collected on an IoT device such as a coffee machine, is instrumental in making marketing decisions. If you know that your consumer prefers to have coffee at work in peace rather than in a rush at home, you can target offices in the area with your product rather than targeting individual consumers. IoT offers you the right information to make the right decisions. But you can also leverage this data to drive your market strategy. In the above example, the marketing team can account for campaigns geared towards workplaces based on the available data in the budget. Data-driven strategies prove to be more effective than otherwise, and as marketers, you must absolutely leverage any IoT data that may be relevant. Respect your Customers While IoT offers marketers a truly astounding amount of data, not all users are aware of what data is being tracked. This raises concerns for privacy and security among the users. Even though most of the users waive their rights to withhold the information when signing into an app or wearables software, they are not always comfortable sharing certain data. As marketers, it is important to keep your practices ethical and legal. Using consumer data may be completely legal, but it is best not to offend your customers by overt use of data that they aren’t comfortable sharing. Make sure that the usage of data in marketing campaigns and strategy is limited to what data has been consciously shared by your consumers. This will bolster your goodwill, as well as make your customers trust your brand. Offer Valuable Solutions With the advent of Big Data and AI technologies, the internet of things is turning over a new leaf. As there is a vast amount of data that can be processed fast with AI, marketers can now target individuals rather than households or groups. With precise data available over consumer decisions and actions, it is possible to know if there are any unlikely customers that you have been ignoring so far. IoT allows you to not only target these customers but also solve their problems. If we continue the caffeine example, the connected coffee machine can tell you when the coffee is about to be over, this can send you reminders to buy coffee, or in case of further automation, place an order on Amazon on your behalf. These solutions can be now hyper-personalized to suit individual needs through IoT. IoT Based Campaigns Your market strategy will have to account for campaigns throughout the year, but if you’ve noticed closely, the only marketing campaigns that gain significant traction are the ones that have a ‘wow factor’. A lot of marketers mistake the wow factor to be a subjective preference that customers have but it couldn’t be further from the truth. The wow factor is simply the effect produced when a business goes above and beyond to meet customer needs. IoT offers us the resources required to manufacture the wow factor in every single campaign. A great example of this phenomenon is beacon marketing. Beacon marketing is considerably new in the marketing industry and uses Bluetooth technology to transmit information to nearby mobile devices. It is heavily used in retail across the globe and giants like Target and Walmart are already using the technology to market its services. Walmart places beacons in its lights across its stores and sends offers to its customers based on their location. It not only personalizes the shopping experience, but also saves a large amount of electricity bill for its stores. Target Existing Customers Many times, in a bid to appease new customers, marketers often forget about their existing customers. Your existing customers already know you, have tried your product or service, and are clearly interested in the product. A good product or service is often enough to keep the customers returning, but with the current levels of competition, customers often find themselves wondering if they should try new things. As a marketer, all you need to do is deter your existing customers from straying. You can do this by either providing an unparalleled service, which is quite unlikely in today’s market, or you give them a reason to stay. Thankfully, targeting existing customers is much easier than targeting new ones. You already have their data over their preferences and habits. If you know that a certain firm updates their applications every second quarter, you can send them offers just before the second quarter starts and remain fresh in their memories when they decide to make the decision. Allergy medication Zyrtec leveraged IoT when targeting their existing customers with a voice-enable application. Its users could just ask the application about the daily allergens and pollutants in their area so they could prepare ahead. The app offered a powerful solution to its users while making great use of its brand image and retaining almost all of their existing customers. Leverage New Technologies We have already discussed several complementary technologies to IoT that can help you make the most out of your market strategy. AI and Big Data are some of the strongest allies for IoT that can help change the norms across industries. But even limited technologies like voice-enabled applications, QR scanners, beacons and so can open up a lot of opportunities for marketers. Consider adopting some of these technologies such as geofencing which are inexpensive and effective at the same time. Burger King is a great example of using geofencing for marketing. Geofencing is a technology wherein you can transmit messages or information to mobile devices within a certain area. Burger King set up their geofences across all McDonalds in the UK and as soon as anyone entered within a 500 m radius of a McDonald’s outlet, they received Burger King coupons and directions to the nearest store. Case Studies There are a lot of examples of IoT being used to enhance strategies or campaigns. Some of these examples are given below. Diageo, a whisky brand in Brazil innovatively used IoT to run a father’s day campaign. They encouraged men to buy whisky for their fathers and placed a QR code on their bottles. Once the bottle was received, the fathers could scan the code which would play a personalized father’s day message by their sons. This concept was so loved by people in Brazil that Diageo saw a 72% sales uplift in the two weeks leading up to Father’s Day. South East Water, CRM leveraged IoT by building an end-to-end IoT ecosystem powered by IBM’s Maximo. This helped them roll out an app that offered near real-time insights into customer requirements for over 80 engineering teams. This alone helped them ensure higher customer satisfaction and accelerated access to critical reports by 99 percent! Uber and Spotify rolled out an IoT campaign together wherein you could access your Spotify playlists through the Uber app and once you were in an Uber, you could play whatever you liked through the app and it would play on the car’s speakers. This increased customer satisfaction for both Uber and Spotify users. There are several examples of using IoT in marketing campaigns, and there is never a dearth of ideas. However, in order to appeal to your unique customer base, you need to innovate your product with IoT. Frequently Asked Questions What is the IoT strategy? IoT Strategy refers to an organization’s strategy to inculcate IoT in their business, whether as a marketing tool or as an integral part of the process. How does IoT affect the marketing industry? IoT offers a lot of insights and resources to marketers which helps them target their customers better and optimizes any marketing efforts, thereby effectively obliterating traditional marketing practices. What is the best internet of things marketing strategy? There is no one IoT marketing strategy that fits all businesses. 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Each business needs to identify its customer requirements and strategize accordingly." } }] }

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Spotlight

VUPICO

Welcome to VUPICO where we specializes in helping clients through the journey of converting data into business value through actionable analytics and insights. VUPICO's innovative services are centered around bringing modern architecture and latest technology while integrating Big Data IOT, SAP HANA, Hadoop and Predictive Analytics into an information platform.

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