Regulation Implementation Acts to be Established, Outlining Application Rules for This Legislation
In the rapidly evolving world of technology, Smart Products are making a significant impact. These innovative solutions are connecting to platforms like Cumlocity IoT, as demonstrated by Software AG's collaboration with Heidelberg. According to a Forrester Consulting TEI study, this connection is revolutionising the way smart products are implemented.
These Smart Products are not just standalone entities, but they can coordinate with third parties, providing a network of interconnected devices. This interconnectivity offers significant added value to both providers and customers.
For providers, the adoption of Smart Products requires careful consideration and setup. This includes selecting and testing scalable connectivity technology, setting up structures for product operation, and agreeing and validating business models with customers and partners.
Customers, on the other hand, need to ensure a digital infrastructure for the use of Smart Product offerings. Granting the provider access to the data of the used Smart Product is a prerequisite for this digital interaction. This data, collected during the use of the Smart Product, can be used by providers to improve and individualise the products, opening up new opportunities for digital additional services.
Another example of Smart Product implementation can be seen in the collaboration between PTC and Heidelberg, where they are working together to create intelligent, connected printing presses. These Smart Products can adapt their behaviour according to the individual situation, facilitating or extending product use through the development of digital additional services.
For customers, the use of Smart Products can result in higher utility through better, digitally enhanced, and individually adapted products. Moreover, the analysis of Smart Products data can help providers open up new revenue streams through the offer of digital additional services.
The market readiness of Smart Products is currently at level 3 to 4, indicating that they are well on their way to becoming mainstream. With continuous data transfer to the provider, either via 5G or WLAN, the potential for growth and innovation in this field is immense.
As we move forward, it's clear that Smart Products will play a crucial role in shaping the future of technology. They offer a promising solution for businesses seeking to improve their products and services, and for customers looking for a more personalised and efficient experience.
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