The Industrial Internet is here: smart, connected machines generating vast amounts of data that can be analyzed to improve operations or offer new services.
Traditional capital-equipment suppliers—which have historically focused on mechanical and electrical engineering disciplines—will need to rethink their business models and respond with new data-driven solutions.
Given these shifts, equipment suppliers must have a clear understanding of their strategy to capture the potential of the Industrial Internet. Implemented correctly, these new business models can allow suppliers to strengthen their ties to the customer and create new revenue sources.
Critical questions leadership should ask include: