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These new types of products alter industry structure and the nature of competition, exposing companies to new competitive opportunities and threats. Visit our companion case study and video on how Joy Global’s smart, connected mining equipment transforms mine performance.
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For many firms, smart, connected products will force the fundamental question: “What business am I in?” This article provides a framework for developing strategy and achieving competitive advantage in a smart, connected world.
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Smart, connected products raise a broad set of new strategic choices for companies about how value is created and captured, how to work with traditional partners and what new partnerships will be required, and how to secure competitive advantage as the new capabilities reshape industry boundaries.
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The changing nature of products is disrupting value chains, argue Michael Porter and PTC CEO James Heppelmann, and forcing companies to rethink nearly everything they do, from how they conceive, design, and source their products to how they manufacture, operate, and service them to how they build and secure the necessary IT infrastructure. These “smart, connected products” offer exponentially expanding opportunities for new functionality, far greater reliability, and capabilities that cut across and transcend traditional product boundaries. Products once composed solely of mechanical and electrical parts have become complex systems combining hardware, sensors, electronics, and software that connect through the internet in myriad ways. Information technology is revolutionizing products, from appliances to cars to mining equipment.