The evolution from Internet, to mobile Internet, to Internet of Things has set the stage for the cloud-enabled “Internet of Value” in which individuals and businesses derive more value from the combination of Internet and Cloud. In a recent study, we demonstrate why delivering a differentiated customer experience is strategically important, and the urgency monetization decision-makers feel to streamline the entire ERP/CRM/Monetization value chain.
If you manage to heighten the level of “value” experienced by a customer, you can drive up satisfaction and perhaps loyalty, both of which translate into longer-term B2C relationships and recurring revenues over time. We give a real-world example of how this can happen in our video "Going Digital: the Internet of Value," in which a solar-panel business handles purchase, analytics, and monetization stages in the cloud, enhancing the value" as the customer goes through the customer journey.
For most companies, value begins at the point where the customer is seeking to know more about a product, solution or service—the primary source of the information likely being Internet searches on a preferred device, likely a smart phone, tablet or laptop.
To remove friction in the purchase, installation, power generation, and settlements, the business process is facilitated by a combination of clouds. For example, in Oracle Monetization Cloud, the customer can begin to evaluate specifications around performance, quality, durability and warranties to better understand how different solar-panel brands compare to one another.
In simplifying the otherwise complex and confusing process of comparing brands, a relationship is initiated and early-stage trust is established.
In our video example, the customer chooses the brand of solar panel that is the best fit for his or her needs, after which a bill is sent, panels installed and electricity begins to generate. As this happens, Oracle Monetization Cloud not only keeps track of the billing, but also collects how much energy is generated from the system. The Solar Panel owner goes to the cloud for both payments, and to receive payments on the power generated by the panels. As information is gathered, it can be stored in Oracle Analytics Cloud for historical reference about how much power is produced during different seasons and different types of weather, helping the consumer better understand how much they are producing versus how much they are consuming, as well as how much energy is being sold back to an energy company.
If questions or information needs to be shared between the solar panel owner and the power company or the solar company, the Oracle Live Experience Cloud provides a direct voice or data connection through an application or a website. The information from Oracle Monetization Cloud and Analytics Cloud may be presented through an easy-to-use GUI, with information about the performance of individual panels or arrays of panels graphically depicted and drilled into through the touch of the screen. For example, panels lit up on the screen can at the touch of a button be expanded for more information about specific energy production. If there are panels that have gone dark, a tap on the screen can initiate an immediate, one-click engagement with an agent from the solar-panel company, and through screen-sharing, that agent can immediately see what is on the consumer’s screen. The consumer and agent can even mark with a pen/stylus certain characteristics on the shared Live Experience screen, and then determine action, such as whether the panel will be re-set by the agent, who can then also issue a credit or take other action to further satisfy the customer and heighten the perception of value from the brand.
That “value” of that customer-service interaction further augments the tangible value the consumer sees when drilling down into energy credits and the monthly, or yearly statistics about money saved or money generated by that initial solar-panel purchase. Over the lifetime of the relationship with the customer, that value can increase through the high-value engagements that come through combining Internet, mobile and cloud.
For energy, financial services, retail, manufacturing and other sectors, this combination of technologies will combine with more cognitive and predictive technologies (fueled for example by 3D, AI, ML) to further drive the Internet of Value.