Why Companies Must Focus On Turning Products Into Services

IoT Turning Products into Services

Did you know that “Only 25% of companies are successful with their IoT projects?”

Did you know that “95% of execs surveyed plan to launch an IoT business within 3 years?”

Deeper than all the talk surrounding the Internet of Things (IoT), the real opportunity exists for manufacturers to leverage products and create new business models by turning those products into services. The shift from individual products to consistently-offered services results in more streamlined customer engagement and better streams of revenue.

The concept of product as a service helps companies transform their product offerings into service offerings, delivering value and integrated functioning as the product is in use.

Now more than ever, IoT will move beyond efficiency alone and companies will be able to sell the result of the product, even more than the product itself. Instead of asking how many machines are needed, companies will ask how much work needs to get done and how fast.

So how can you leverage IoT in your company?

> Collect data from products and fix services accordingly to create and engaging customer experience.

> Use data and analytics to understand components of a product and move service improvement to service optimization and maximum usability.

> Transform the process of creating a product experience and create a service experience that changes with the customer’s needs.


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