ANSYS Advantage SMART CONNECTED PRODUCTS. Issue 2 - 2018
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Smart Connected Products: Taking the First Step
Two years ago, we published an issue of ANSYS Advantage that focused on the Internet of Things (IoT) and how increased connectivity of products — ranging from personal electronics to highly complex industrial machines — was making the job of the product development engineer even more difficult. Back then, there was significant hype around the IoT, but, with the exception of a few early adopters, little clarity about what connected products would actually mean for businesses both large and small.
Through conversations with industry experts, as well as my personal observations, I have discovered that a lot has changed since then. The dialogue has shifted from “What exactly is the IoT?” to “Given the importance of connected products, how can our business maximize this financial opportunity?”
Not only have numerous companies, of all sizes, launched digitalization initiatives that leverage new product technology, they have also implemented entirely new business models that capitalize on the data being collected by an everexpanding number of connected devices. Once seen as a byproduct of connectivity, today that data is appreciated for its tremendous strategic and financial value.