Regulatory Implementation Acts will be established, outlining the specific usage guidelines for this legislation.
In the rapidly evolving world of technology, smart products are making their mark, revolutionising various sectors and improving customer experiences.
The implementation of smart products requires a solid foundation, with validated business models that include both customers and partners. Crucially, the customer's consent to grant the provider access to the data of the used smart product is essential.
Currently, the market readiness of smart products stands at a maturity level of 3 to 4. While initial offers are available, they do not yet fully embody the concept of a smart product. However, this is a promising sign of growth and development in the near future.
For customers, the benefits of using smart products are significant. They lead to higher utility through better, digitally enhanced, and individualised products. Moreover, these products are tailored to the customer's needs, offering a more personalised experience.
One example of this can be seen in Software AG's connection of smart products to Cumlocity IoT, as demonstrated in the Forrester Consulting TEI study. Another pioneer in this field is Heidelberg, with their role as a leader in intelligent, connected printing presses, provided by PTC.
Smart products serve as a data provider for digital additional services. The analysis results from these products are used by the provider to improve and individualise the product, as well as to develop new digital services. Furthermore, smart products can coordinate with third parties and adapt their behaviour according to individual situations.
This data-driven approach opens up new revenue streams for providers through the offering of digital additional services. At the customer level, a digital infrastructure is ensured for the use of smart product offerings.
It's worth noting that at the provider level, scalable connectivity technology is selected and built structures for product operation are established. Currently, there are no alternative solutions to smart products available.
In conclusion, the adoption of smart products is set to transform industries, offering a more personalised and efficient customer experience, while also opening up new revenue opportunities for providers. As the technology continues to evolve, we can expect to see even more innovative uses and applications of smart products in the future.
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