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#News(General) [ via IoTForIndiaGroup ]
The combination of hardware, embedded software, and services also allows to further customize solution offerings at a late stage of production or even during installation. This not only creates additional customizing services opportunities, but may also reduce the hardware complexity through modularization.
Innovative equipment manufacturers have started to think beyond optimizing their current business model. Known as product servitization or equipment-as-a-service, manufacturers no longer sell products and deliver after-sales services, but provide equipment to their customers priced by a performance- or outcome-based metric. This business model has become the dominant approach in the IT industry (software-as-a-service), replacing traditional hardware and license sales with maintenance services.
The introduction of innovative (yet unproven) products into mature markets or to address latent demand often requires manufacturers to reduce uncertainty and risk among leading customers. Servitized business models can help to more effectively compete and create new markets.
Data gathered to profitably operate an equipment-as-a-service approach opens a growth opportunity into a data-driven business. Combining statistical and predictive insights from a large installed base with environmental and business context data allows to create data-driven offerings, starting from benchmarking and consulting services to data aggregation services.
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