The Impact of the Internet of Things (IoT) on Product And Service Innovation
Keywords:
Business Innovation, Digital Transformation, Industry 4.0, Internet of Things (IoT), Product Evolution, Service EvolutionAbstract
The Industrial Revolution 4.0 has driven significant digital transformation, with the Internet of Things (IoT) becoming a key driver of change in how products are designed, manufactured, and distributed, as well as how services are delivered. IoT technology connects physical devices to the internet, enabling real-time data collection and analysis, leading to improved operational efficiency, better customer experiences, and new business models. Methods: This article uses a literature review approach to examine the impact of IoT on the evolution of products and services, exploring multiple aspects, including the impact on the supply chain, product development, marketing, and customer service. The study integrates multiple sources of information to provide a comprehensive picture of the role of IoT in business transformation. Results: The results show that IoT has triggered significant product and service innovations, such as connected products, service personalization, and improved operational efficiency. The adoption of IoT has also transformed traditional business models, enabling companies to offer data-driven services and create new revenue streams. Conclusions: IoT has had a transformational impact on the evolution of products and services, driving companies to adapt and innovate. Companies that are able to harness the potential of IoT will be more competitive and able to meet the changing needs of customers.
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