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

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

[Infographic] Why You Need to Leverage IoT in Healthcare

Posted by Vele Galovski on 12/15/16 5:00 AM

Despite the healthcare industry experiencing steady growth year over year, many HHIT (Healthcare & Healthcare IT) providers are beginning to see the cracks in their traditional business models. This infographic outlines the various ways HHIT organizations can embrace the Internet of Things (IoT) through smart, connected products to capture new revenue streams, including optimized customer processes, and improved business outcomes.

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Topics: healthcare, infographic, internet of things (IoT), HHIT, equipment manufacturers, smart, connected products, smart services

[Infographic] How the Internet of Things is Impacting Hardware Manufacturers

Posted by Technology Services Industry Association on 9/9/16 6:30 AM

In an increasingly connected world, the Internet of Things (IoT) is forcing traditional hardware manufacturers to rethink how they run their businesses. The historical make/sell/ship business model is no longer sufficient now that customers expect providers to help them save money and improve their business outcomes. To respond to changing customer demands and offset the industry-wide trend of declining product revenues, many hardware manufacturers are embracing smart, connected products to create new revenue streams. In this infographic, you'll see just how IoT is impacting hardware manufacturers and why embracing digitization is crucial to improving revenue growth in a rapidly changing technological climate.

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Topics: infographic, industrial equipment, internet of things (IoT), hardware manufacturers, equipment manufacturers, smart, connected products, smart services

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