The Evolutionary Force of the IoT on Your Service Strategy

Are you in the path of a tidal wave?

The business of creating and servicing products is always changing, but the Internet of Things is accelerating the pace. More and more products and machines are connecting via the Internet to their creators, operators, and to each other.

The rapid evolution is like a tidal wave, gaining force with each passing quarter. Is your company flailing in the face of the wave or are your strategies evolving with the IoT force and gaining speed?

If you answered “evolving,” then you must have products that are smart and connected. And the sensors and monitors in those products provide a tremendous source of data. You are gaining some competitive advantage in how you use that data to improve your service delivery with predictive and remote activities. And you are capitalizing on the data by sharing it with engineering and other parts of the organization to help with both product and service improvements.

It sounds simple, but you know it isn’t that straightforward.

“All of this requires a cultural shift that won’t happen overnight as engineers, service personnel, and other departments of a company realize that sharing information gathered from the product benefits everyone, ” states Russ Fadel, president and GM of ThingWorx, a PTC business, in his article on leveraging the IoT in Field Service Technologies.

The IoT opportunities to enhance a company’s products and improve service-business processes are worth the effort for your company and, more importantly, for your customers. Improving customer value is a sure way to retain and grow business.

Leading companies are on board. According to IDC in a recent infographic, the IoT is becoming a reality – 55% of discrete manufacturers are researching, piloting or in production with IoT initiatives.

Important, though, is the ability to recognize and understand how  your smart, connected products will help you and your customers get the greatest value from the IoT. This understanding is the differentiator you need to set your business apart.

It’s not too late to start taking advantage of the accelerated pace of change in today’s connected world and the service opportunities it provides. As your company continues to evolve and transform, the smart connected products and related services should lead the way to the future of your company.

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