How Tech Can Help The Businesses To Develop Intelligent Products For Customers

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Develop Intelligent Products For Customers

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Business these days is becoming more competitive.

This has forced many business owners to rejig their strategies.

Today, one of the recently innovated tactics for success in business is the creation of intelligent products.

One thing is sure since it’s the demand of the market, you should be able to create one for yourself in order to remain in business for long.

However, most business owners are finding it difficult to do this. Hence, missing out on the opportunity to become the “go-to” solution providers in their niche.

In this post, I’ll show you what it takes to develop intelligent products for your customers using technology.

Intelligent Products: What are they?

According to Research Gate, an intelligent product can be defined as a physical and information-based representation of a product.

Furthermore, it states that before you refer to a product as one, it must meet up with certain conditions which include:

  • Possess a unique identification: An intelligent product must be distinct wherever it is.
  • Capable of communicating effectively with its environment: If you refer to something as an intelligent product then it should be able to interact meaningfully with the environment on its own.
  • Retain or store data about itself: Keeping data about itself is what you should look out for in any intelligent product. It shouldn’t depend on others for this.
  • Capable of participating in decision making: If the product isn’t capable of taking part in making decisions relevant to itself, it’s probably not an intelligent product.

Why you need to develop intelligent products as a business

Developing intelligent products for your business is something you should pursue in this century.

With the advent of information technology, internet of things, World Wide Web, artificial intelligence, and a host of others, having an intelligent product is a must for every business.

Not only that, it helps to simplify tasks in your business, makes you work smarter and faster, and be able to reach out to more people than you’ve ever imagined.

The Harvard Business Review in this report states that information technology is changing the way we interact with products.

According to them, this has led to the disruption of value chains and has forced many companies and businesses to take a deeper look at how they do things internally and change them too.

Not only that, intelligent products have changed the face of companies and how they compete.

This has led to stiffer competitions in some industries, hence leading to the creation of entirely new ones.

From the above, it’s safe to say that any business that isn’t investing in the creation of intelligent products is leaving so much on the table.

Illustrations of Intelligent Products

Aptly referred to as the awaiting universe of intelligent products in this research.

Intelligent products, according to findings, are already taking shape and will even become more effective in the next few years.

When you talk of intelligent products, the following should come to mind:

  • Aircraft engines that repair themselves without any aid
  • The collaboration of factory workers with robots
  • The ability of tires to give useful instructions that helps save fuel consumption.
  • Cars being able to take care of insurance bills on your behalf
  • And so many more.

How to Use Technology to Create Intelligent Products

Information technology is the backbone of the development of intelligent products.

It’s the simple yet effective way to leverage this innovation for the success and progress of your business.

To be able to use technology to create intelligent products, a business needs to study and learn about Artificial intelligence.

Artificial intelligence (known as AI) defined by Investopedia as the term used for simulated intelligence in machines that make them think and act as humans, is the tool that can give you competitive advantage despite the growing demands of business today.

From helping you to automate basic tasks in your business, to make you get insights about your competitors that are readily not available, to make smarter decisions.

AI is set to make your business more informed, productive and efficient.

Artificial Intelligence and Customer Satisfaction

As stated previously, AI can be used in your business in many ways.

But, do you know that it can also be used to serve your customers better?

While studies have proven that in most cases it’s difficult for a live agent to respond to queries from customers on time.

With AI, response time has been reduced dramatically. Not only does it helps you respond to customers queries on time, it also personalizes their experiences.

Similarly, it delivers reliable service at all times and helps you manage the resources you’d have used in training customer service agents for long.

Take, for instance, Watson, an IBM AI-empowered platform for businesses helped Autodesk speed up their customer response time by 99%.

This wouldn’t have been possible without AI.

Similarly, when your car keys get lost before now, you’re confused because no one has been able to build a GPS vehicle tracking software.

But with its advent, you can now track an entire fleet of vehicles in your company.

On a final note

When it comes to providing your customers with the best experience, you should consider using intelligent products in your business.

With it, your customer support will become top-notch, and

Hassan Mansoor
Hassan Mansoor is the Founder and Director at Technical Minds Web. After completing Masters in Business Administration, he established a small digital marketing agency with the primary focus to help the small business owners to grow their online businesses. Being a small entrepreneur, he has learned from project management, and day to day staff management and staff productivity. He's a regular contributor on Business.com.

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