Forbes: How the IoT is Transforming the Meaning of Product

June 25, 2014

Dan Woods of Forbes writes on how the Internet of Things is transforming how manufacturers approach and create products. He highlights the need for vendors to make services a priority to create better value for their customers and for their own businesses. Woods highlights key takeaways from the recent LiveWorx and PTC Live Global events where both Jim Heppelmann, CEO of PTC and Russ Fadel, President & GM of ThingWorx talk about these new imperatives with a focus on PTC Customer Ingersoll Rand and ThingWorx Powered All Traffic Solutions.

Woods writes, “Just like Steve Jobs did, Many executives are going to face situations where an unexpected collection of functionality makes something new possible. The question really is not whether that collection is a product or a feature, but whether it is a business.” Russ Fadel, President of ThingWorx suggested taking a bottom up approach to figuring out what the IoT and a more proactive, integrated service strategy mean to a manufacturer, “This space is too new and complex to figure out in a top-down way,” said Fadel. “We’ve designed ThingWorx to lower the cost of building applications so companies can do experiments, succeed or fail fast, and get evidence about what their smart, connected products can do and what customers want. If you want to make money from the IoT, get your hands dirty right away.”

Read the full article here