Beyond enhancing the quality of data through IoT devices, the ability to collate and mine insights across data sources will be key. As organisations seek to build omni-data profiles of customers, they will need to see how best to extract the data and generate valuable and actionable insights to deliver richer and more personalised experiences for customers. Analytics applied to speech, text, and social media interactions offer more insights into the customer service equation to predict outcomes, personalise interactions, reduce churn, and improve CX. For instance, by creating more holistic data streams across a retail customer's browsing behaviours in a store, his online sentiments, and eventual purchases at the POS systems, a retailer can uncover a deeper understanding of the customer to fine-tune marketing, pricing, and loyalty/reward program strategies.

As organisations gain a more holistic picture of customer behaviours in the physical environment, the combination of data, context, and analytics will place them in a better position to predict and influence a customer's penchant to buy. By digitising the physical environment and integrating with the digital environment, organisations can leverage insights, be it historical data, location, in-session behaviour, or product preferences gleaned from customers' social media networks to enhance customer engagement through location- or web-based personalised offers. By implementing a targeted engagement with customers, organisations can improve the quality of interactions and reduce the effort required from customers to complete transactions. In fact, among customers seeking lesser effort in their interactions with brands, 94% expressed an intention to repurchase, and 88% said they would increase their spending. As such, IoT has great potential to become the Internet of Transactions by enhancing an organisation's ability to monetise interactions.