As it turns out, connected products offer a number of benefits to B2B companies. Read on to learn how to get the most out of connected devices at your B2B organization.
Data-Driven Decision Making
It doesn’t really matter whether you manufacture connected devices for B2B clients or you’re a B2B company that uses connected devices. You can still make better decisions based on accurate, timely data.
Let’s say you manufacture factory equipment featuring built-in sensors. You can create a new business model by selling packages of analyzed data to customers so they can gain new insights about their business. What if you’re the B2B user of a connected product? Access to that data helps you make better decisions, such as how to run your business more efficiently.
Moving into New Markets
As with data-driven decision making, connected devices can allow B2B companies to move into new markets. How so?
We’ll use the example of the thermostat maker Nest. Nest is a B2C company, but one that is moving into the B2B market. Thanks to its vast stores of data on consumer energy usage, Nest has positioned itself as a trusted resource for utilities companies to offer better deals to their customers.
How can B2B customers of connected devices move into new markets? With the data they’re gathering from these connected devices, they can see that it’s time to expand their reach and launch in a new market.
Making Operations More Efficient
B2B manufacturers using connected devices have a wealth of data at their fingertips that can inform businesses processes. What can they learn from their information?
Connected manufacturing equipment can tell decision makers how many products are created per minute, where their products are in the supply chain, and whether they need to reorder raw materials. With that information, manufacturers can take steps to reduce their expenses and make operations more efficient.
Predictive Maintenance Lengthens Product Life
Another benefit of connected products for B2B companies is that they provide predictive maintenance. This capability saves time and money, but how?
Connected devices can tell you when they need maintenance. We’ll use smart manufacturing equipment as an example. It could be on the verge of a breakdown, and it will notify network administrators of the impending problem. The machinery will also tell the technician what’s wrong with it, making it faster to fix the problem. That knowledge is invaluable – it keeps the flow of business going.
B2B companies are most certainly cashing in on the popularity of connected products, even if they’re not manufacturing them. Connected products enable better decision making, the ability to move into new markets, more efficient operations, and predictive maintenance functionality. These capabilities provide a competitive advantage for those that use them, leaving others behind.