Original equipment manufacturers (OEMs)—especially those making premium industrial equipment, machinery and devices—are under increasing pressure from all sides. Supply chains are more complex and volatile than ever. Skills and labor shortages are ever-present. And buyers’ expectations continue to grow. To thrive, even to survive, you must rethink differentiation and value.
As Vele Galovski, VP, Research, Field services & IoT, TSIA, said, “The concept of make, sell, ship is history.” The ability to gather real-time insights into their customers, products and equipment is a crucial part of a manufacturer’s competitive arsenal. Data is more available today than ever before, and companies need to make sure they’re using it effectively to stay competitive. Without it, you’ll be fighting to stay relevant and adapt to changing circumstances with one hand tied behind your back.
The Internet of Things (IoT) opens up incredible opportunities to connect “things” and change how manufacturers operate, market and serve their customers. It can provide far greater insight, require fewer resources and do it all at less cost. It’s core to many, even most, of the innovations we see transforming industries, from consumer goods to industrial equipment.
The post Understand (and overcome!) the challenges of building smart products appeared first on Whitepaper Repository -.
↧