The IoT is transforming next-generation operating models where connected products are at the heart of the customer experience. Product managers can now use real-time data in a way that is both meaningful to customers and profitable for companies.
But everyone knows building an IoT-enabled product requires more than just connecting a device to the internet. It’s about gathering data, making it actionable and using those insights to enhance the product and the overall customer experience.
If you have a lot of data, potentially in many different places, and aren’t analysing those sources to learn how your products perform overall and if your customers are engaged or not, you’re missing out on valuable insights. It’s good to know how many products were sold last month, but until you understand all the characteristics of your connected install base, you’re not leveraging the data that enables you to make actionable business decisions.
mnubo’s PULSE executive scorecard enables connected consumer product manufacturers to monitor the progress of IoT-specific KPIs, including the performance and usage of their install base, as well as the overall engagement of their customers. This out of the box scorecard covers the following KPIs, amongst others:
- Products and paired mobile apps – scores the overall performance and quality e.g. real-time operation, global usage, faults, etc.
- User experience – scores the user experience of the products and paired mobile apps during the critical initial onboarding period e.g. time to first use/pairing of mobile app, initial operation, time to fault, etc.
- Lifecycle – measures product health throughout its connected lifecycle e.g. time to activation, time to customer operation, connectivity health, etc.
- Services and maintenance – measures after-market services and maintenance issues e.g. firmware updates, battery replacements, service quality score, etc
- Engagement – measures the steady-state user engagement with the products e.g. active vs inactive vs standby products, probability of customers churning, etc
Product manufacturers invest a lot of time and effort designing, connecting and bringing to market world-class connected products, but most do not leverage the wealth of data their IoT ecosystem generates. While traditional analytics and BI solutions (e.g. web analytics, app analytics, logs analytics) have worked for web and mobile applications in the past, they are not sufficient when it comes to understanding connected product performance and customer engagement. Conventional KPIs like referrals, bounce rate, time in app, screen flows, etc. are perfect to evaluate web sites and mobile applications, but when it comes to the analysis of connected products, the primary focus has to be on the actual connected product data (ie. events and timeseries) and its surrounding ecosystem (e.g. mobile app and panels, gateways, connectivity layer, device management system, etc.)
mnubo’s PULSE scorecard was designed to empower consumer product manufacturers and service providers with IoT specific performance indicators. The scorecard allows connected product managers, sales and marketing teams, as well as C-Level executives to measure the week-over-week progress of product performance and customer engagement – ie their product PULSE.
Connect with mnubo and gain immediate insights into your product’s PULSE.
About mnubo – mnubo’s SmartObjects offers a full IoT data stack in one SaaS solution. It includes big data storage and archival, data cleanup and enrichment, data visualization and reporting, out of the box IoT specific insights, and at scale historical, real-time, predictive, and prescriptive analytics.