Smart, connected products offer tremendous opportunities for manufacturers to improve their operations, create new customer experiences, and open up entirely new lines of revenue. This is driven by advances in Internet of Things (IoT) technology, which are transforming previously disparate products into a dynamic network of insights.
But like many revolutionary technologies in their initial stages, IoT can be challenging to implement: there is no clearly paved path to becoming a connected products business. While many manufacturers are aware of the potential benefits of connected products, they lack practical advice about how to start building them. Some get lost in the ambiguity of where to start, others hesitate due to common concerns such as security and scalability, while others launch a connected products effort but are unable to successfully execute.
This paper provides a practical, step-by-step approach for manufacturers on the journey to connected products. We walk through building a unique value proposition, monetization strategies, ways to address common blockers, a new technology approach, and how to manage organizational change. Regardless of your organization’s size, resources, and level of technical expertise, you can start mapping out your connected products strategy today.