As business models continue to shift from the traditional “make, sell, ship” mindset to ones that focus on delivering customer outcomes, the industrial equipment industry is finding it more difficult to grow profitably. In response, equipment manufacturers are beginning to employ the use of smart, connected products to collect data from equipment installed at a customer site to gain insight into unique customer needs. In this short paper, “The Impact of Smart, Connected Products on Business Models,” I discuss how these new technologies are turning traditional business models upside down, while also sharing the benefits and some cautions surrounding smart, connected products.
Companies like Uber and Lyft® have no interest in selling cars. Their whole objective is to meet your outcome, which is to get you from Point A to Point B. Meanwhile, automakers are trying to figure out how to sell more cars in the age of IoT and Big Data. Each time someone downloads a ride share app, it’s hurting car sales.
To learn more, download “The Impact of Smart, Connected Products on Business Models.”
More Resources About the Internet of Things, Big Data, and Smart, Connected Products
The age of IoT is having a dramatic impact on industrial equipment manufacturers, healthcare, and any company that has hardware installed on a customer site. In addition to this paper, here are some additional free TSIA resources on this topic that you can use to aid in your own company’s transition to these new business models.
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