Smart, Connected Products
Industry reports predict that by the year 2020, as many as 50 billion products will be connected. Smart, connected products unlock the potential for greater insights and understanding about the use of your product and the value it provides your customer. Armed with this data, businesses have the opportunity to:
- Optimize service
- Improve customer experience
- Differentiate product & service offering
- Generate new revenue streams
- Create new business models (e.g. pay per usage)
Implications for Businesses
With smart connected products, manufacturers can now track, manage and control product information at any phase of its lifecycle, anytime, anywhere. To excel in this new smart, connected world, businesses across industries must:
- Establish the return on investment. ROI is multidimensional; businesses need to consider cost, customer satisfaction, brand differentiation, data collection, and of course, revenue. When establishing a business case for IoT, executives and managers need to see real-world customer results and a set of key metrics to understand the return they should expect on their IoT investment.
- Adapt their processes and models across the product lifecycle, from product design to sourcing, production, sales, and service. This requires the adoption of systems that support remote product monitoring, operation, and optimization.
- Securely collect and respond to data from customers, suppliers, and now the products themselves. Ultimately, this increased data will require the development of advanced analytic capabilities.
Harvard Business Review offers a more in-depth look at How Smart Connected Products Are Transforming Companies.
A Platform to Develop Smart, Connected Products
ThingWorx enables manufacturers to cost-effectively enter the connected product space and deliver end-to-end solutions, such as remote service management, predictive maintenance, automated billing and replenishment and big data analytics. ThingWorx is used to develop connected products in a variety of markets, including:
- Aerospace and Defense
- Consumer Products
- Electronics & High-Tech
- Industrial Equipment
- Medical Devices
While some organizations have started to create great value from IoT, studies show that the majority of discrete manufacturers are struggling to get started. For an outline of common hurdles and suggested solutions, view IOT Use Cases: Start your Connected Journey here.