How To Monetize Services With IoT

By Marieke Wijtkamp, VP Marketing & Client Services at Librestream Technologies Inc.

There’s no question you’ve heard the phrases digital transformation and the Internet of Things more than a few times. The focus on these digital capabilities remains high as service expectations shift towards responsive, outcome-based models. Companies that successfully evolve their service models have an opportunity to monetize results from digital transformation and IoT strategies.

After working closely with manufacturers and service companies on their digital strategies, we’ve seen first-hand how these innovators capture a competitive advantage and earning power. Service leaders have already deployed digital transformation strategies and are in the process of adjusting service operations to provide higher levels of service and to monetize the outcomes.

Evolving service models is not an easy job and it requires much more than just technology. Traditional service processes must change, which affects teams across the organization. Companies that approach these new digital capabilities with realistic adoption plans and change management strategies are the ones finding the most success.

We’ve partnered with service industry leader, Technology Services Industry Association (TSIA), to create a two-part blog series about The Role of Digital Transformation within Services. We sat down with TSIA VP of Field Service Research, Vele Galovski, to talk more about digital transformation and how to monetize services.