A connected, or “smart,” product is a device that is linked to the Internet so it can share information about itself, its environment and its users. These products range from motor vehicles to medical devices to industrial equipment and smart packaging that can report on the location and condition of the product it protects.
The data that connected products share helps them work more efficiently make their owner’s lives easier and safer and improve operations. It can enhance support by monitoring and optimizing usage, provide intelligence to view health status or location and predict/prevent failures or downtime by anticipating service needs. It also enables seamless “over the air” upgrades or services. A smart, product-centric ecosystem opens opportunities to create new business models as well as design and develop better products and services that align with customer needs and preferences.
The Internet of Things (IoT) is the most impactful mega trend today for products and services companies. Today we are at the cusp of large scale industrialization of Internet of Things initiatives that will achieve the business objectives. The information technology is revolutionizing products into intelligent, connected devices. The products solely composed of mechanical and electrical parts, today have transformed into complex systems with the combination of sensors, microprocessors, software and connectivity in myriad ways. These new connected products are reshaping the industry boundaries and ushering in a new era of competition. IoT and connected products will drive the next generation of technology and productivity growth for companies, their customers and the global economy. Every business will need to evaluate the product-as-a-service model to leverage the landscape of IoT and connected products
