With more products becoming smart, connected, and embedded in complex systems, there are more opportunities to collect data to provide digital value to customers.
To create this value, TSIA has developed a four step guide to creating a digital value chain to help hardware manufacturers digitally transform:
1. Connect and collect structured data
Make more of your products and components ‘smart’ with sensors that gather performance data and securely connect to the cloud. The more connected products you have within an ecosystem, the more of a complete picture you’ll gain.
2. Analyse and visualise
Use existing organisational knowledge of physics and applied engineering to build algorithms for advanced and predictive analytics. This insight can lead to the creation of new digital services and more digital value.
3. Predictive and prescriptive analytics
Combine product performance data across the install base with customer workflows to ensure your company is the best source of knowledge for customers looking to increase adoption and improve business outcomes.
4. Understand the value created and monetise it
When your company supplies outstanding products and value-added services informed by the digital value chain, you can monetise your services commensurate with the value you’ve created.
As the number of smart, connected devices in your install base increases, so will the complexity of your digital value chain. Use it as a guide to organise your process of data collection and storage in a secure, structured setting, which can also manage the complexity of today’s and future operating environments, regardless of size.
Harald Kopp is director of industrial services research at TSIA
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