Smart products and services are transforming value creation#
Information technology has already been responsible for transforming the economy on several occasions in recent decades – from early automation of individual tasks through to company-wide process standardization and the mobile availability of services. The next step in the digitization process is now upon us – and, for the first time, the focus is on the product itself!
New ecosystems create new roles#
Whereas in the past, the value chain was separated into its individual functions to increase productivity, smart products have brought about an entirely new form of competition. They require and create their own ecosystems: digitally expanded functions increase the connectivity of smart products, opening the door to new services and business models. Consequently, smart products transform value creation as a whole by encouraging the dissolution of industry boundaries and the emergence of new roles.