At present many businesses are focusing their efforts to prepare for the Internet of Things that will generate cost savings and make their operations more efficient. Unknowingly, some companies are already leveraging on the new generation of connected products that will fundamentally change their business models.
Companies that are already on the path of Internet of Things
- Philips Lighting has always been a pioneer in technological innovations in the lighting industry. Due to escalating global competition, Philips Lighting has decided to leverage on the new generation of connected products instead of participating in a price competition. The company has started to utilize new sensor-based light bulbs to deliver a better set of lighting services. Today’s light bulbs have extended lifespan but the sensor-powered light bulbs can be used for different purposes making it a more valuable option for lighting.
- Emerson is also leveraging on the technology of connected products. Emerson is a provider of cooling and heating systems but now it is calling itself as a provider of comfort services because of the additional benefits gained from the new generation of connected solutions.
- John Deere is taking steps to redefine its business value in the agriculture industry. As a provider of tractors and agricultural machineries, John Deere has ensured durability and longer life for its products; however, by installing a myriad of sensors on the agricultural machineries, farmers are allowed to do their jobs more efficiently. Instead of a traditional farm equipment vendor, John Deere has transformed itself into an information services company.
Many companies are evangelizing about the significant benefits that will be gained from the Internet of Things and they are willing to redefine the business as software and digital companies. However, many building blocks still need to be put in place to achieve the vision and to gain modest financial results from the efforts.
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