Recently, Principal Hubert Selvanathan had the honor of presenting to the membership of the Industrial Internet Consortium (IIC) on the the emerging opportunity for manufacturers to monetize the Industrial IoT via smart connected products and services. This topic sparked interest from both technology vendors and traditional manufacturers, making it clear that IIoT monetization is at the top of everyone’s mind. Upon leaving the IIC meeting, three things were evident. First, manufacturers recognize that IIoT can be the foundation of new revenue streams. Second, providers are still in the early stages of this new wave of industrial monetization with a new framework emerging. And third, a transformation of both the business and operating models is key to realizing success.
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