A step in the right direction is when suppliers talk to their customers about outcomes instead of or in addition to products. In fact, as the term “IoT” becomes crowded and, therefore, less meaningful, PTC’s Patterson says more and more vendors are making the choice to talk less about “IoT” and more about the actual use cases and outcomes realized from the use of the IoT. This, along with a greater shift toward an outcome-based economy, could help boost IoT adoption, ultimately spurring industry growth and supporting IoT innovation.
For companies just starting out on their digital transformation journey, Patterson says a few keys to success are to start small, show value, and grow use. “Don’t try and solve the world’s problems in one project,” he says. For all companies, no matter where they are in their digital transformations, it’s a good idea to look for ways to work smarter not harder. Start by figuring out how to contextualize and analyze data from devices, machines, assets, and equipment as well as people (customers, potential customers, employees, etc.) and environments.