For equipment makers, connecting physical products using industrial IoT solutions
has multiple benefits: smart, connected products
help accelerate development cycles and improve product effectiveness, and the connection they provide to customers also strengthens the relationship between equipment makers and users. Often, the connection is worth more than the product because it enables equipment makers to offer customer-centric services that command high margins.
The increasing ubiquity of connected sensors and IoT platforms
brings servitization business models within reach of a broader set of industrial assets. Forward-thinking manufacturers are turning to equipment-as-a-service (EaaS) business models
to take advantage of the opportunity. But the shift from equipment sales to services is not always an easy transition.