The Internet of Things has a role to play in every stage of the product lifecycle.
In the manufacturing process, the IoT delivers process improvements through clearer visualisation of multi-faceted information, advanced analytics and machine learning.
To aid the sales process, the IoT can be used for augmented reality selling or to secure competitive advantage through innovative features.
But it is after the product is sold that the IoT has most to offer.
Traditionally, once a product was sold, the producer had little or no visibility of it. Now, newly connected products can deliver insights for consumers and producers that can help to drive product development.
With insights about how consumers actually use a product, producers have an opportunity to identify new market opportunities like never before.
These insights can also inform customer service, support and engineering.