In Part One of this series, we looked at the 10 questions posed by Michael Porter and Jim Heppelmann in their HBR article How Smart, Connected Products Are Transforming Competition and we examined questions about how to think about what Internet of Things (IoT) phenomena means for your product strategy and decisions. Here in Part Two we discuss data and business model questions.
Using IoT to Transform a Service Business
Business model transformation from IoT is not just happening to physical product manufacturers. Take the case of Fleet Advantage, a finance company specializing in leasing tractors and trailers for vehicle fleets.