Rise of Machine Customers in Business

SOURCE www.cnbc.com
The age of machine customers is here, with billions of connected devices acting as customers for services and supplies. Companies need to be prepared for the rise of machine customers, as they are predicted to contribute significantly to revenue by 2030.

Key Points

  • Billions of connected devices are acting as machine customers, shopping and making decisions autonomously.
  • Predictions indicate that machine customers will contribute 15-20% of revenue for companies by 2030.
  • Companies need to develop strategies and technical capabilities to support machine customers effectively.

Pros

  • Machine customers can automate tasks and purchases, leading to efficiency and cost savings for businesses.
  • Predictive maintenance and automatic ordering based on IoT connectivity can improve machine longevity and reduce downtime.
  • Machine customers offer a significant revenue opportunity for organizations that utilize connected devices.

Cons

  • There may be challenges in adapting to the changing landscape of customer interactions with the rise of machine customers.
  • Businesses may need to invest in new technologies and skills to support machine customers effectively.
  • Privacy and security concerns may arise with the increased use of connected devices as customers.