There used to be a time when manufacturing was linear and purely physical. We were focused on the customer at the tail end of the sales cycle, but the ability to really center the entire manufacturing process around the customer and support an ongoing relationship was lacking.
Today, however, for the first time in many decades, technology has outpaced the evolution of business processes. Smart products have existed for some time, but now it’s possible for these products to deliver real value. Because of the proliferation of the cloud and big data as well as the continuous connection of smart products, you have a greater opportunity to improve customer connections and differentiate your business. Now, you can listen to social sentiment, analyse customer product usage, determine long-term quality output and deliver new services to your customers.
With the convergence of the physical and digital, many manufacturing companies are already embracing digital transformation. Transforming to a digital business enables you to disrupt the market with new products and services. While simply designing a better product is worthwhile, the real value from this digital transformation is an expanded business model. Instead of products, you can offer a product as a service.