Solution as a Service
One of the greatest opportunities that the Internet of Things provides is the transformation of business models. The development is moving away from the sale of physical products and towards simply selling connected services. Sensors built into products guarantee the manufacturers valuable insights into user behaviour.
In turn, this extensive database enables them to realistically simulate product performance and precisely set prices based on usage times or intensity. Business models that follow the “pay per use” approach put an end to purchasing costs and also offer a wide-ranging cost transparency, which leads to an efficient and more responsible equipment management. This will enable manufacturers to develop even closer customer relations.