Digitalization View stories by topicCompliance & Safety Digitalization Etteplan LifeInnovation & New TechnologiesR&D EfficiencyService & Maintenance For many companies, digitalization and the Internet of Things (IoT) mean growth in service business alongside their product manufacture. New growth paths can be found in service-based business, which relies on the analysis of data gathered from machines and its utilization.
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Digitalization brings new business opportunities Digitalization is not only about technology. It’s also about thinking out of the box and utilizing existing applications in a different way. Traditional product development is geared to manufacturing an idea of a real product, whereas in digitalization of business it’s all about finding new business models and services. Expanding a business so that it is based on services is a good way to create new business and bolster its competitive position. There is no need to aim for the goal in one go. Instead it pays to build a service business one step at a time. Digitalization helps to, for example, better understand how machines are used, increase their capacity and change technical characteristics. When devices communicate and exchange information in a digital environment, applications analyze a huge mass of data and pre-emptively create information that supports decision-making. This massive exchange of data and information is the basis for new and unique services.
