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Product Relationship Management (PRM): What Every Connected Business Needs

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Just as CRM technology was designed to help manage customer relationships, the IoT is spawning new business practices centered on product relationships, and a new exciting way to help companies manage these relationships.

In this webinar, we introduce Product Relationship Management (PRM) as the new emerging system for better managing a connected product company’s relationships with its customers, partners and vendors.

Join us to learn:

• Key benefits to implementing PRM and how it will transform the way companies manage connected products
• How companies are using PRM for competitive advantage
• How will PRM complement CRM and ERP systems
• How to transform your business, department by department, with PRM
• Where to get started

Presented by:

Ray Wang
Founder & Chairman
Constellation Research

Guy Courtin
Vice President & Principal Analyst
Constellation Research

Matthew Duffy
Vice President, Marketing
Xively by LogMeIn

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Product Relationship Management (PRM): What Every Connected Business Needs

  1. 1. Product Relationship Management (PRM): What Every Connected Business Needs +
  2. 2. Speakers Ray Wang Founder & Chairman @rwang0 Matthew Duffy Vice President of Marketing @MattDuff Guy Courtin Vice President & Principal Analyst @gcourtin
  3. 3. 2 52% of the Fortune 500 firms since 2000 are gone
  4. 4. Digital creates winner takes all markets Overall Market Share Percentage of Profits
  5. 5. “A digital divide exists between the organizations who have built digital business models and everyone else.” (2013)
  6. 6. Tech convergence powers digital disruption Mobile Social Cloud Big Data IOT 3D Printing Design Thinking Inspired User Experience
  7. 7. Within the next four years, there will be more connected “things” than PCs, Smartphones, Tablets, and connected TVs combined. Personal Computers (Desktop and Notebook) Smartphones Tablets Internet of Things Smart TVs Wearables 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 2016E 2017E 2018E Exponential Growth of the IoT
  8. 8. Perfect Storm for IoT The perfect storm for IoT emerges Computational power Connectivity Cloud technologies
  9. 9. The battle for experiences and outcomes 8
  10. 10. “We move from selling products and services to keeping brand promises in an attention economy.”
  11. 11. • Product companies give away product for service revenues. • Service based businesses sell experiences at varying price points and service levels. • Experience based businesses selling business models • Business model companies sell peace of mind. 10 IOT and digital accelerates business model transformation
  12. 12. Disrupt or be Disrupted
  13. 13. The future is big data business models built on insight Information based differentiation Drive demand Create new service offerings Improve c-sat Drive lower cost models Information brokering Raw information Analysis and insights Benchmarking Information based business platforms Marketplaces Deal making Advertising © 2011 - 2013 R Wang & Insider Associates, LLC. All rights reserved.
  14. 14. 13 GE Power knows when a transmission line will go down 8 to 10 days before it does
  15. 15. Companies are making it real 12% 39% 29% 20% No Interest Loger term interest/still learning Planning to deploy IoT within 2 years Actively Using IoT Source: Xively/Machina Research
  16. 16. Cars are more than transportation
  17. 17. Virgin’s New Connected Boeing 787 “Literally every piece of that plane has an internet connection, from the engines, to the flaps, to the landing gear.” -David Bulman, Virgin Atlantic IT Director
  18. 18. But it’s not easy to manage "The challenge is what do you do with that amount of data when you are getting terabytes of data a day off your various airplanes? We are getting to the stage right now where we cannot deal with that much.” “If you are talking that level of data you can't just chuck ten disks into your data centre anymore, you have to look at cloud based solutions and how you can store data.” -David Bulman, Virgin Atlantic IT DIrector
  19. 19. So How Will Companies Create These Connections & Manage the Inflows of Data? PRODUCT COMPANY Connection Data
  20. 20. CRM Systems Are Mostly Built to Handle Small Quantities of Heavy Data CUSTOMERS COMPANY
  21. 21. Introducing PRM
  22. 22. Five steps to getting started with PRM Design new experiences and outcomes Smart enable things with the 9C’s of engagement Apply new business models and technologies to existing infrastructure Move from gut to data driven decisions Co-create and co-innovate with new partners 5 4 3 2 1 © 2011 - 2014 R Wang & Insider Associates, LLC. All rights reserved.
  23. 23. Besides security, the FTC's reports identify three additional areas that companies should focus on: data minimization, notice, and choice. Data minimization means that companies should protect their users' privacy by not collecting any more data about its customers than is necessary. Limiting data collections helps reduce the chance that unauthorized parties will access private information about customers. The FTC wants all your internet connected things to be secure
  24. 24. “Every industrial company will become a software company.” (2014) Jeffrey Immelt Chairman/CEO of GE
  25. 25. Thank you!
  26. 26. Q&A

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