How to Monetize Services with IoT [Excerpt]

Posted by Nicole Dornsife on 2/27/18 5:00 AM

As digital transformation continues to impact the way businesses are run all across the technology and services industry, there are certain factors in this broad concept that deserve a closer look. To further explore the business model impact, new technology, customer outcomes, and monetization aspects of the digital transformation journey, TSIA and Librestream have partnered to create a two-part blog series all about how to digitally transform your services business. TSIA has already had the privilege of speaking with Librestream’s COO, Jereme Pitts, about how the Internet of Things (IoT) and smart, connected products are changing business models, while Librestream spoke with TSIA’s VP of field services and IoT research, Vele Galovski, about monetizing services with IoT. Here’s a brief look at that interview.

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Topics: internet of things (IoT), smart, connected products, digital transformation, remote services continuum, The Role of Digital Transformation Within Services

How to Achieve Business Model Innovation with IoT

Posted by Nicole Dornsife on 2/20/18 5:00 AM

The growing trend of digital transformation is having a huge impact on the way traditional product and service-based businesses are run. But, there are many details within this broader concept that deserve a closer look, particularly its effect on current business models, training processes for field technicians and other staff, and delivering outcomes to customers. To provide an inside look at some of the more critical elements of the digital transformation journey, TSIA and Librestream have partnered to create a two-part blog series all about how to digitally transform your services business.

To get an inside look at how digital transformation is impacting traditional business models in both product and service-based organizations, I spoke with Jereme Pitts, the chief operating officer at Librestream, the leader in developing innovative mobile video collaboration solutions for field services, manufacturing, energy, and the public sector. In this interview, he shares his perspective of digital transformation, how it’s impacting technology and equipment companies, and offers his advice to traditional businesses looking to take on this transformation, both for their benefit and that of their customers. 

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Topics: field service engineer, internet of things (IoT), smart, connected products, digital transformation, smart services, The Role of Digital Transformation Within Services

Executive’s Guide to Digital Transformation and Monetizing IoT [White Paper]

Posted by Vele Galovski on 11/2/17 5:00 AM

Whether you’re in a traditional industrial equipment, hardware, or healthcare technology company, digital transformation is having a drastic impact on the way your business is run. We’ve explained the details of each step along this transformation journey in our ebook, “Why Services is the Big IoT Opportunity for Hardware Manufacturers,” but what does that mean for executives who need to know how to approach the implications of the Internet of Things (IoT) from a high-level perspective? To provide this overview, we’ve created this white paper, “Executive’s Guide to Digital Transformation and Monetizing IoT,” designed specifically to help executives of traditional manufacturers make informed decisions for the good of their companies in the new age of IoT.

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Topics: healthcare, industrial equipment, internet of things (IoT), equipment manufacturers, digital transformation, healthcare technology

3 Ways to Lead Your Company to Success in the Cloud

Posted by J.B. Wood on 10/4/17 8:30 AM

The Cloud. It's where cool tech ideas get funded by eager venture capitalists and mega fortunes are made when the next big thing goes viral. For all of the excitement and hype surrounding the Cloud, there are some sobering realities that tend to get swept under the rug: namely the fact that, on the whole, the cloud business model is not a profitable one. Surprised?

Yes, cloud companies (such as software-as-a-service and technology-as-a-service, just to name a few) are all the rage, and rightly so, for they are the future of tech. They regularly enjoy double- or triple-digit growth rates and garner enviable media coverage and razzle-dazzle headlines. But the mostly unspoken truth is that they are underpinned by unproven financial fundamentals that, frankly, wouldn't be allowed to persist in any other industry.

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Topics: XaaS (x-as-a-service), big data, cloud, subscription-based offers, SaaS (software-as-a-service), Technology-as-a-Service Playbook, digital transformation

The Digital Transformation Journey: Growing Customers Successfully

Posted by J.B. Wood on 9/21/17 5:00 AM

Pivoting your company’s portfolio to subscription-based, recurring revenue offers, either in whole or in part, is a two-step intellectual journey for senior executives. The first step is deciding if customer demand is changing sufficiently enough to warrant making all the changes and facing all the challenges of effectively moving to XaaS offers. The previous five blogs have focused on that decision-making journey. Once you have made that decision, with all its myriad implications, you are ready for the second major step: What changes do I make in my go-to-market (GTM) model? That is the focus of our final blog in "The Digital Transformation Journey" series.

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Topics: customer success, XaaS (x-as-a-service), sales, LAER, customer success manager, recurring revenues, digital transformation, The Digital Transformation Journey

The Digital Transformation Journey: Supplier Keys to Success in Subscription Business Models

Posted by J.B. Wood on 9/7/17 5:00 AM

Successfully transitioning your business model from “CapEx,” where customers pay up front for your solution, to an “OpEx” or subscription model where your customers pay over time and your revenue becomes ratable is not easy. And, it’s not just the transition in your revenue model that’s difficult­—it’s also not simple to generate GaaP profits once you have substantially pivoted. That was the point of the last post in "The Digital Transformation Journey" series. But fortunately, with so many hardware, software, industrial and medical equipment suppliers playing today in the subscription business model, some best practices are emerging. 

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Topics: XaaS (x-as-a-service), subscription-based offers, SaaS (software-as-a-service), recurring revenues, digital transformation, The Digital Transformation Journey, subscriptions

The Digital Transformation Journey: Supplier Challenges

Posted by J.B. Wood on 8/8/17 5:00 AM

In my last blog I focused on the positives of building recurring revenues by offering technology solutions in an “as-a-service” model from the supplier perspective. This post and ones before it are part of an overall blog series about why vendors in high tech, industrial automation, medical equipment and other market sectors are moving rapidly toward subscription-based offers. But “Navigating the World of Digital Transformation” is not the kind of story that is all good news. There are real challenges that suppliers face in deciding to head in this direction.  Management needs to deftly navigate these obstacles, or else they may not be around long enough to reach their objective of a profitable, high-growth, recurring revenue business.
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Topics: customer success, sales, knowledge-as-a-service, digital transformation, The Digital Transformation Journey

The Digital Transformation Journey: Supplier Benefits

Posted by J.B. Wood on 7/18/17 5:00 AM

Lately I have been blogging about why vendors in high tech, industrial automation, medical equipment and other market sectors are moving rapidly toward subscription-based offers. In the first two blogs of this series based on my infographic,“Navigating the World of Digital Transformation,” I focused on the perspective of the end customer: what they like and what they don’t like about subscriptions. It’s clear from today’s market trends that many customers find compelling reasons to consume technology as a subscription-based service. Sales are growing at a much faster rate than for traditional CapEx offers.

But is this a better model for the vendors? In the next two posts, I will explore this question in more detail starting with the good news about why recurring revenues are such a hot topic in many board rooms.

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Topics: cloud, digital transformation, The Digital Transformation Journey

The Digital Transformation Journey: Customer Concerns About Subscriptions

Posted by J.B. Wood on 6/29/17 5:00 AM

In my infographic, “Navigating the World of Digital Transformation,” I outlined 6 key steps to thriving in today’s rapidly changing tech market. In my first blog of this series, I covered the many attractive aspects to customers of consuming enterprise technology on an “as-a-service” (subscription) basis. Today, I’m going to talk about the flip side of the coin—why some customers might object to the concept.

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Topics: cloud, managed services, subscription-based offers, recurring revenues, digital transformation, IT, The Digital Transformation Journey, subscriptions, security

The Digital Transformation Journey: Customer Use Cases

Posted by J.B. Wood on 6/15/17 5:00 AM

Every once in a while, a perfect storm hits a market. Usually it’s when a new trend or concept appeals simultaneously to both customers and suppliers. When that serendipity strikes, even long-standing models are forever transformed. That is what’s going on today in tech sectors, from IT, to industrial equipment, to transportation, to healthcare. Subscription-based offers are eating their old transaction-based siblings at a breathtaking rate.

In my infographic, “Navigating the Digital Transformation Journey,” I outlined 6 key steps to thriving in this changing market. Today, I’m going to talk about the most fundamental underpinning of the new subscription economy and the first step on this journey, “Customer Use Cases,” or in other words, why customers love it!

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Topics: customer success, XaaS (x-as-a-service), customer outcomes, customer churn, SaaS (software-as-a-service), outcomes, digital transformation, The Digital Transformation Journey, technology-as-a-service, subscriptions

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