2021 Trend Almanac: Technologies and trends that will dominate the business and consumer landscape. Get instant access
Connected Products are tangible products that incorporate smart, such as antennae and sensors. These smart connected products create extended value for manufacturers and end-users by enabling data analysis and data exchange. Leveraging the capabilities of connected products can reduce downtime, identify possible new revenue streams, improve product functionality, and increase innovative product utilization.
Implementing these connected products requires combining new technology and product functionality. Additionally, to provide the ultimate closed-loop product management, you need enhanced vendor relationships and a digital ecosystem that provides managed services, connectivity, and embedded hardware or software.
Connecting products to a manufacturing facility can produce multiple advantages, not the least of which is responding to facility malfunctions before customers are even aware of a problem. Other advantages include lower service costs, fewer service dispatches, reduced downtime, and higher customer satisfaction and retention rates. Products with advanced technologies can monitor performance rates such as safety data, product functionality, maintenance. A company’s rapid service response time is critical to customer confidence and product reliability.
Available technologies on the market are revamping industries and organizations, causing companies to reevaluate how they operate. Smart, connected products link manufacturer and product, streamlining data collection and correspondence with remote service facilities.
The understanding of a product’s performance in real-time enables remote troubleshooting and servicing, avoiding costly service dispatches. Further, connected smart products can collect and communicate performance data to a service facility and predict necessary services, avoiding unplanned downtime and expensive service efforts.
Incorporating connected Internet of Things (IoT) technology into your products can also increase technician efficiency and provide more reliable products. Progressing service approaches from reactive to proactive by providing instant feedback to fix product issues before customers become aware of a problem improves the customer experience and increases competitive advantage.