At the height of the industrial economy, productivity was something you could see, touch, or feel – think: crops, cars, and other goods. The shift to a service-based economy has changed that. Productivity is less tangible, measured by more abstract, analytical, data-based means, and as we are seeing, IoT is proving to be one of the biggest disruptors in the service economy by enabling service-based industries to reach customers in new and innovative ways.
Service organisations are using connected assets to not only improve internal processes, but also to enhance current offerings and introduce new ones to the market. The end result: new and diversified revenue streams through the emergence of assets-as-a-service and outcomes-as-a-service models.
Here are four specific examples of how IoT has expanded or created completely new service-based business opportunities:
As adoption of IoT continues to expand, the service economy will benefit through using the technology to build on existing business ecosystems and – perhaps more importantly – identifying new ones.
Need help extracting the value of IoT for your business? KORE can help. Learn more here.
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