Research Report: The Next Product You Design Might Be a Service Thanks to the IoT
Instead of selling a product as a "one-and-done” item, many companies are taking advantage of the Product-as-a-Service (PaaS) model to create higher quality devices and more dependable revenue streams. We're starting to see this in consumer products like cell phones, where a customer enrolls in a plan that includes annual upgrades to the latest model phone, with the cost of the phone rolled into the monthly service fee.
The Internet of Things (IoT) makes PaaS viable for a multitude of products, including consumer devices, industrial machinery, and even transportation systems. Through the combination of sensors, remote dashboards, edge computing, and cloud-based storage, IoT lets engineers enhance products with value-added services that benefit both the client and the provider.
To create this comprehensive research report, engineering.com spoke with industry experts and engineers from companies that are delivering products as services. We discovered a number of advantages, learned how several companies are making the transition to the new business model, and explored a variety of PaaS platforms that provide the necessary infrastructure, data security, and information processing to allow engineers to focus on designing products and services.
Upon reading this report, product managers, CXOs and design engineers should be able to:
Appreciate the role of IoT in creating products as services
Conceive of ways to repackage existing products into services
Recognize the importance of a full-featured IoT development platform
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