Connected Data Enables New Recurring Revenue Business

From Product Design to Service Design

Design used to be associated with tangible materials like wood and glass and plastic and metal: Rococo craftsmen carving the legs of a chair to a certain shape. Designer Aalto creating a vase of glass. Aarnio’s Ball Chair designed in the1960’s in a wave of plastic furniture design. Metal used in the consumer electronics from toasters to cell phones.

Today, services are growing in importance. Moving from selling products to service business is an on-going phenomena.

This service transformation is also manifesting itself in the rise of service design.

Data is the New Raw Material

The list of design materials has gained a new entry: Wood, glass, plastic, metal and… data.

• The content, movement, transformation and meaning of data.
• The transactions created based on the data.
• The service experience answering to individual expectation based on data.

The Internet of Things with the connected devices is producing more and more data. This data can be used to make:

• Current products better
• Current services better
• Current operations more productive

Or design something yet more formidable:

• Create new business and thus enable growth.

Aiming at Growing Recurring Revenue

We’re living in the digital economy. Data is more valuable than ever. Data is the key to smooth processes in business and society - from B2B and B2C to government services and human to human interactions.

Combining internal data with external data enables new products and services. Great data drives great customer experiences.

Data together with rule-based actions allow for designing and providing customer-specific services to create specific value and delight to each customer.

The design visualization below summarizes how customer value and customer experience are derived from data, rules and actions:

The Internet of Things platforms and data from the connected devices are not utilized in operational improvement alone, take for example in offering preventive maintenance. Connected data is allowing completely new services.

Forerunner companies are aiming at growth by designing new recurring revenue service models based on connected data.

Our Customers are Showing the New Way

Forerunner Service Providers and Ecosystems are launching new strategic service models and experimenting new pricing and value sharing models. If you would like to read some latest interesting examples, do take look at what we at Good Sign Solutions have enabled for our customers.

Would you like to discuss your new business model needs? Analyse how your customer contracts can drive customer satisfaction? Just leave you contact information or book an e-meeting!