For many companies, digitalization of business 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.
Digitalization of business for new business opportunities
Digitalization of business 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 service 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 of business equals new business opportunities
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.