The ultimate goal: a connected ecosystem
How does an ecosystem differ from a connected product? Instead of providing a single source of data, an ecosystem of connected products and services drives significant value at every stage of the consumer journey and your internal value chains via multiple data streams. Take Caterpillar as an example of one such connected ecosystem done right:
With their Cat Connect services, this iconic brand has adopted multiple service models, transforming their manufacturing equipment into a fleet of connected products. Caterpillar’s customers use this smart equipment to monitor jobsite efficiency, equipment maintenance needs, fuel consumption, and more. This allows them to reduce costs while improving safety and production on their jobsites.
These new services create a reputation for innovation for Caterpillar, driving loyalty for the brand and attracting new customers. Additionally, the data Caterpillar collects from all this smart manufacturing equipment drives optimization in their product lines, as well as within their sales pipelines.