If you’re a global manufacturer who has realized it must go ‘beyond the product’, you’re not alone. The Big Data explosion and the reliance on connectivity has opened doors for organizations to start thinking outside of the box when it comes to revenue streams.
Industry 4.0 is no longer just a buzzword, it’s a real catch-all term for how enterprises are using data and AI to see tremendous growth in a wide variety of industries. If successful, global manufacturers will be able to embed their products inside services that provide greater value to the end customers, and truly disrupt the competitive landscape.
According to Deloitte, the success of the transition will depend on a company’s ability to anticipate risks, scale their service capabilities and overcome a traditional OEM mind-set.
The Internet of Things is the power behind any new service model that today’s global manufacturers are looking to leverage. Connectivity is the way to layer the services on top of the hardware, unlocking the potential of data, artificial intelligence and advanced analytics.
Sounds positive, right? However, attaining connectivity for IoT devices needs to start with a strategic business plan. Global manufacturers need to think about their specific IoT needs before they jump into new service models, or just as Deloitte warns, they will fail to thrive.
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via https://www.aiupnow.com
by admingirl, Khareem Sudlow
