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How Smart, Connected Products Are Transforming Competition - Harvard Business Review

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How Smart, Connected Products Are Transforming Competition - Harvard Business Review

Information technology is revolutionizing  products. Once composed solely of mechanical and electrical parts,  products have become complex systems that combine hardware, sensors,  data storage, microprocessors, software, and connectivity in myriad  ways. 

These “smart, connected products”—made possible by vast  improvements in processing power and device miniaturization and by the  network benefits of ubiquitous wireless connectivity—have unleashed a  new era of competition.

Smart,  connected products offer exponentially expanding opportunities for new
functionality, far greater reliability, much higher product utilization, and capabilities that cut across and transcend traditional product  boundaries. 

The changing nature of products is also disrupting value  chains, forcing companies to rethink and retool nearly everything they  do internally.

These new types of products alter industry structure and th…