Source: Cognizant

Making products smart can deliver game-changing innovation, enriched customer experiences and new, across-the board levels of efficiency. From R&D and manufacturing, through distribution and after-sales support, product data is changing how products are built, sold and cared for.

More interesting facts about the rise of the smart product economy in the link.

“Three broad phases will shape this crucial time period, which will span at least 10 years. First, smart products will get gradually smarter, followed by a period of hyper-competition and then a phase of industry realignment around consortia. Each phase will require careful planning and readjustment to market realities. In the end, market success will require an intensive ecosystem approach toward product innovation and service delivery, as well as a sophisticated approach to partnering. “