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Concurrent Engineering Blog

How to Respond to the Opportunity of the IoT

Posted by Emma Rudeck on 26-May-2015 16:40:00

Opportunity_of_IoTManufacturers must begin to transform existing business processes and fundamentally rethink how they create, operate, and service smart, connected products in the IoT. For those that get it right, the future represents a huge opportunity to create product and service advantage:

Transform How Products are Created

  1. Plan and design flexible platforms that enable personalisation, value added services, and product enhancements to be delivered remotely before and after the product is in the market
  2. Design out the complexity created by combining processors, sensors, software, digital user interfaces and connectivity, and deliver a simple user experience
  3. Incorporate product usage data into R&D processes and drive new functionality, define specifications, and increase customer intimacy

Transform How Products are Serviced

  1. Plan and deliver remote software and service up- dates in real-time, with minimal customer disruption, and at minimal marginal cost
  2. Plan and optimise product and service parts management and inventory control by tracking assets and analysing real-time product usage data to predict parts needs
  3. Plan and optimise field service management processes by bundling proactive and reactive maintenance and providing technicians with information in advance to increase first time fix rate

 Transform Business Models

  1. Rethink business processes and business models to maximise returns across the entire useful life of the product, and not just up to the point-of-sale
  2. Plan for increased complexity of expanded partner and supplier ecosystem, and consider the opportunities and threats they create
  3. Capture and analyse product data to anticipate product service needs and user desires for additional services and capabilities


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