How manufacturers need to move from products to services with the rise of IoT

Manufacturers need to break their dependence on just selling products to selling services if they’re going to grow. Smart, connected products with IoT sensors embedded in them are the future of subscription business models and a key foundation of the subscription economy. In a subscription economy world, whoever excels at product reliability and uptime grows faster than competitors and defines the market. Airlines with the highest on-time ratings have designed in reliability and uptime as part of their company’s identity; their DNA is based on these goals. Worldwide Business Research (WBR) in collaboration with Syncron, a global provider of cloud-based after-sales service solutions focused on empowering the world’s leading manufacturers to maximise product uptime and deliver exceptional customer experiences, recently surveyed to see how manufacturers are addressing the reliability and uptime challenges so critical to growing subscription business.