The M2M (machine-to-machine communication) market has been growing for quite some time. Mostly used for remote servicing of production plants, custom machines and the like, the advent of the “Internet of Things” (IoT) has turned everyone’s awareness to questions like “what else can we do with this data?”. A variety of benefits can be generated by connecting and monitoring devices and machines to M2M platforms, such as daq.io. For instance, these benefits include the monitoring of (anonymized) usage patterns of products. Or monitoring downtimes of systems and machines. Information like this can be directly used to address issues in current generation products, as well as help tailor the next generation product to customer and market-specific needs. However, not very many decision makers in R&D and Product Management are aware of this, as it appears.
A recent study of current M2M (machine-to-machine) applications revealed that while a new business model and/or a new paid service was created in 75% of M2M projects, only 8% of projects use M2M information for requirements management addressed at new product generations.
In short that means: Data is there – but it is not being analyzed and utilized to the extent that it could be.
In light of these findings, every machine and product manufacturer should ask themselves:
By finding good answers to these questions, manufacturers of products and devices will be able to optimize their research and development resources for new product development and improve customer satisfaction at the same time.
Addressing the questions above will be the key to “closing the loop” with customers and in turn drive success.
Find out more about how daq.io can help you build a meaningful data monitoring strategy on our website. Learn what daq.io is and how you can leverage its functionality in your application. Feel free to contact us for more information.