What are smart products?
A smart, or connected, product is a device that is linked to the Internet so it can share information about itself, its environment and its users. These products range from motor vehicles to medical devices to industrial equipment and smart packaging that can report on the location and condition of the product it protects.
What are the business benefits of smart products?
The data that smart products share helps them work more efficiently, make their owner’s lives easier and safer and improve operations. It can enhance support by monitoring and optimizing usage, provide intelligence to view health status or location and predict/prevent failures or downtime by anticipating service needs. It also enables seamless “over the air” upgrades or services. A smart, product-centric ecosystem opens opportunities to create new business models as well as design and develop better products and services that align with customer needs and preferences.