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The Magic That Happens When Manufacturers Digitally Attach Themselves to Their Products

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With IoT manufacturers can monitor the performance of their products after they leave the shop floor. As a result, they can gain deep insights into how customers are using their products. This knowledge can transform how they add value to customers and identify new revenue opportunities.

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The Magic That Happens When Manufacturers Digitally Attach Themselves to Their Products

  1. 1. September 2017 Sreenivasa Chakravarti Head, Innovation & Transformation Group, Manufacturing Subhash Sakorikar Director, Innovation & Transformation Group, Manufacturing The Magic That Happens When Manufacturers Digitally Attach Themselves to Their Products
  2. 2. The Power of Digital Connectivity IoT is increasingly penetrating all areas of manufacturing Manufacturers can now monitor the product throughout the customer lifecycle This enables them to develop new revenue streams and improve the customer experience (CX)
  3. 3. Transforming with IoT Tap into data from IoT enabled devices to transform how products are designed, made, and supported Get a 360-degree view of customers throughout the customer lifecycle Shift focus from upfront product sales revenue to lifetime revenue Gain unique insights into customers’ present and future needs Use data streams to customize products to meet customer needs
  4. 4. The Digital Competitive Advantage IoT helps manufacturers create new and unique revenue streams New business models allow manufacturers to be service providers as well This data shifts away from reactive, break-fix services to predictive maintenance services Data from IoT helps constantly develop products and add features
  5. 5. Migrating to a Servitization Model Transform from product purveyors to service providers using the servitization model Be mindful that charging per use instead of selling the product has financial and operational implications Shifting of the corporate mindset and adequate preparations is necessary
  6. 6. Digitizing Your Distribution Manufacturers can use digital channels to bypass distributors and directly sell to end-consumers Alternatively, manufacturers could partner with their ecosystem to collect and share data to generate more leads
  7. 7. Use IoT to: Gain a strong and unique competitive advantage A New Business Era Develop digitally connected products that continually report back on their performance Reinvent the business model and create new streams of revenues
  8. 8. Copyright © 2017 Tata Consultancy Services Limited Contact a Consultant Download the Article The Magic That Happens When Manufacturers Digitally Attach Themselves to Their Products

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