The Impact of Smart, Connected Products on Business Models

Posted by Vele Galovski on 4/3/18 5:00 AM

As business models continue to shift from the traditional “make, sell, ship” mindset to ones that focus on delivering customer outcomes, the industrial equipment industry is finding it more difficult to grow profitably. In response, equipment manufacturers are beginning to employ the use of smart, connected products to collect data from equipment installed at a customer site to gain insight into unique customer needs. In this short paper, “The Impact of Smart, Connected Products on Business Models,” I discuss how these new technologies are turning traditional business models upside down, while also sharing the benefits and some cautions surrounding smart, connected products.

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Topics: healthcare, field services, industrial equipment, internet of things (IoT), smart, connected products, smart services, healthcare technology

Blending Service and Sales Motions in Industrial Equipment

Posted by Harald Kopp on 3/14/18 5:00 AM

Offering smart, connected products and monetizing IoT services requires a collaborative approach between Sales and Service teams across the board. The moats between Sales and Services need to be crossed, but to do this, organizations also need a blend of Marketing, Sales, and Service motions to maximize customer lifetime value.

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Topics: industrial equipment, internet of things (IoT), hardware manufacturers, equipment manufacturers, smart, connected products, smart services, Blending Service and Sales Motions

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

7 Must-See Resources About Healthcare Technology

Posted by Vele Galovski on 2/6/18 5:00 AM

For decades, healthcare and HT vendors have operated under a traditional manufacturing model–sell equipment and technology, and service it when it breaks. Translating that equipment or software into actual clinical business value was previously left up to the healthcare provider. The recent advent of subscription business models where care providers are paying only when they use their equipment, and also have the abilty to stop paying if they don’t receive value from it, is now forcing manufacturers to make sure that better, tangible health outcomes can be achieved with their products.

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Topics: healthcare, internet of things (IoT), healthcare technology, artificial intelligence (AI)

Welcome New TSIA Members! January Edition

Posted by Andrew Cromey on 1/16/18 5:00 AM

At TSIA, we are dedicated to helping services organizations both large and small grow and advance in the technology industry. We'd like to take the opportunity to welcome our newest members, as well as acknowledge companies already a part of the TSIA community who have recently renewed or expanded their membership to include additional research areas TSIA has to offer. Here's a little bit about each company, in their own words.

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Topics: education services, industrial equipment, internet of things (IoT), SaaS (software-as-a-service), New TSIA Members, software, healthcare technology

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

Why Hardware Suppliers Need Artificial Intelligence, Business Analytics, and Machine Learning

Posted by Vele Galovski on 9/1/17 5:00 AM

If you’re an industrial equipment, telecommunications, or healthcare organization with hardware on a customer site, you’re going to want to understand how artificial intelligence (AI), business analytics, and machine learning fit into the picture. Through conversations with our membership community and TSW conference attendees, it’s become clear that these are are all hot topics that technology suppliers are interested in learning more about but are still having a hard time understanding. In this post, I’ll share what each of these terms mean, how they are fitting into the business strategies of hardware suppliers across the industry, and how you can learn to apply these emerging and highly beneficial capabilities and apply them to your business.  

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Topics: data analytics, healthcare, industrial equipment, internet of things (IoT), hardware manufacturers, smart, connected products, analytics, smart services, machine learning, telecommunications, artificial intelligence (AI), business analytics, remote services continuum

The Customer Journey in Industrial Equipment

Posted by Harald Kopp on 7/28/17 5:00 AM

Smart, connected products and smart services have had a major impact on the world, not only in the way businesses are run, but also to the customer journey over the whole customer lifecycle. As part of TSIA's research initiatives, we track the latest industry trends affecting the industrial equipment (IE) sector, which includes automation technology, instruments and components, and solution providers leveraging industrial equipment. In this post, I’m going to be sharing how these changes to the customer journey, brought about by the increasing adoption of smart technological capabilities, are playing a part in the industrial equipment sector.

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Topics: industrial equipment, internet of things (IoT), smart, connected products, smart services, Art and Science of the Customer Journey

5 Key Themes Impacting Healthcare Technology

Posted by Vele Galovski on 7/13/17 5:00 AM

While the healthcare technology industry is still relatively strong, we’re seeing many of the same trends crop up that have drastically impacted other industries, mainly enterprise IT and industrial equipment. It all starts with the slowing down of CapEx revenue as new product feature innovations take a backseat to value realization. Suddenly, the business model that was built on high growth rates and high profitability needs to adapt to be in the business of delivering outcomes, not just products and services. 

However, with the rise of economic buyers and value-based care in the healthcare industry, there’s an opportunity to reverse these trends by creating new service offers. With that in mind, here are the top business challenges impacting the healthcare technology industry and the 5 key themes TSIA has observed during regular conversations with our membership community. 

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Topics: healthcare, internet of things (IoT), LAER, HHIT, smart, connected products, healthcare technology

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