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What are some ways manufacturers can leverage IoT strategy to increase sales?

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posted Mar 23, 2018 by Latha Shree N

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Right now, when you look at manufacturers, they are selling a product. They might be selling that product one time and they might sell it with consumables, think of the razor blade model. You need razor blades with a razor. We can actually go a lot farther with IoT. One of the examples of that is moving from just building and selling a product to delivering equipment as a service to compliment your existing product sales. Its not just the concept of leasing equipment, it’s the concept of delivering something as a service. It’s not just a railroad car, but it is train service. Its not a jet engine, it is hours of flight uptime. You are working with the customer to figure out what is their actual need, how are they going to utilize this, and how can you provide them with ongoing service which gives you an ongoing revenue stream.

answer Mar 26, 2018 by Ashley Thomas