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It is almost impossible for a company to differentiate itself from competitors based on products alone. Competitors are only a click away and can offer products similar to yours with better quality or cheaper prices. One way to stay ahead of the pack is to use sophisticated analysis to understand every area of how your business performs. With analytics, you discern not only what your customers want but also how much they’re willing to pay and what keeps them loyal. Tracking existing inventories and predicting future inventory requirements can offer insights into purchasing patterns along with significant costs savings that can be added to the bottom line.

INTERNET OF THINGS

You have decided to start a business that creates an IoT device that can be attached to a shopping cart or basket and tracks store navigation patterns, products placed and removed from carts, and total purchase price.   As you build an executive summary for your IoT device’s business case, include responses to the following questions in paragraph form.  This summary should be in APA format, contain a title page with your name, and be approximately 400 words in length.

  • What business strategies can a company such as Target gain from using your IoT device?
  • What types of information can be gleaned by analyzing traffic patterns in the store?
  • What business intelligence can be found by analyzing products placed and removed from carts?
  • Do you think there will be a correlation between time and the amount of the total purchase?
  • How can you use this information to help improve business operations?
  • If you owned a store, would you consider purchasing this great new IoT device?