In these days of new technologies such as Artificial Intelligence (AI), Analytics, Augmented Reality (AR), Digital Twins, Edge Processing, Hybrid Clouds, and so on — all of which are part of the IoT conversation — many companies, including OEMs that manufacture machines and other high value assets, have yet to offer connected versions of their products.
This means they are not only losing out on the high value service opportunities that this creates, but that they are potentially setting themselves up to lose market share to their competitors who have connected their machines and do have an ongoing IoT strategy.
There is now no doubt that, for OEMs, connecting their products unleashes a whole new range of opportunities and competitive advantages that is transforming traditional product markets. Those that do not are taking an increasingly large risk of their products becoming disrupted and uncompetitive in the future.
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