IoT is inevitably changing the way in which products are designed, made and used.
It may feel like an overused term, or just the latest buzzword - however for businesses with a real eye to the future, IoT introduces countless possibilities for them to disrupt the marketplace, create new revenue streams and better cater for their customers.
By reimagining products that leverage data, communicate with each other and provide a much better user experience, it’s not only the products that are getting smarter, but many businesses are too. This network of smart connected products is growing at such a rapid rate, that companies who are slow to integrate IoT, will surely flounder in their competitors wake.
So, what is holding manufacturers back?
Product companies are aware of what Smart Products are, nevertheless, most are reluctant to start designing and manufacturing their own, often deterred by the complexity and perceived costs involved. However, if they understood the true value of making their products Smart and that this will lead to more sales and more satisfying customer relationships, the initial costs will generally become insignificant.
Asides from the monetary value that Smart Products provide, there is also the opportunity to reclaim the relationship back with your customers too.
Industrial manufacturers as an example, are now able to track the location and monitor the condition of its equipment that’s out in the field. By understanding how the equipment is performing and its state, it can send out a notification that it requires servicing or warns them if there was an imminent fault. This way, the customer doesn’t have to remember, the warranty won’t be invalidated and there should be no unseen failures and downtime when in use.
Following on from the above example, this industrial manufacturer would then be able to create a service and aftercare model that’s sold alongside its equipment. No more losing out to third party providers anymore, as they will now have a tied connection to the customer for the lifetime of the asset. By bringing everything together in a “one-stop shop” and having this seamless customer experience, not only does the manufacturer reap the rewards, the customer derives real value and expresses brand loyalty.
Would you like to learn how market-leading companies are now using smart connected products to;
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IT is becoming an integral part of the product itself, and these smart, connected products:
The 10 Strategic Choices
To capitalise on these opportunities companies face 10 new strategic choices, for example:
This article provides a framework for developing a strategy and achieving competitive advantage in a smart, connected world.