Everything’s going smart – what’s next? 5 theses on the future of Smart Products
Smart products are far more than just a technological gimmick. They’re woven into the fabric of everyday life and industrial operations. They’re helping companies meet the ever-increasing expectations of customers — and today, they must also account for constant advances in data science and AI. But what do these new possibilities mean for manufacturers? And what truly defines a smart product? We’ve distilled the most important insights into five key theses.
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by Alexandra Luchtai
Thesis 1: Smart products are real problem solvers
Smart products are no longer a thing of the future – for many companies, they’re already part of day-to-day operations. More than that: given their numerous benefits, they’re fast becoming the norm. Smart products drive efficiency, cut costs, increase safety and sustainability, and improve customer satisfaction.
- More efficient control: Take smart heating systems, for example. They automatically adapt to environmental conditions using algorithms that factor in location and weather data — boosting efficiency while lowering energy consumption.
- Higher first-time-fix rates: With remote access, predictive maintenance, and AI-powered service assistants, smart products often enable issues to be resolved on the first contact.
- Centralized fleet management: Manufacturers of mobile machinery — cranes, utility vehicles, etc. — can monitor entire fleets in real time, maximizing availability and utilization while reducing downtime.
- Pay-per-X models: Data-driven services like pay-per-performance open up new revenue streams and allow for usage-based billing models tailored to smart products.
Operational data for product development: Usage data helps companies optimize and evolve their products to better meet customer needs.
To learn which technologies will serve as a springboard in the future and what companies should focus on, read the blog post by our IoT specialist Device Insight.