Avoiding the Kodak Moment--Making Sense of IoT, Analytics, and Technology Disruption in the North American Smart Pumps Market
NEW YORK, March 29, 2016 /PRNewswire/ -- Innovative Game Changers are Delivering Niche Products as Pump Manufacturers Remain Slow to Adapt
Technology convergence is driving unprecedented change in the manufacturing and process industry. This inspired the term "Kodak Moment," which means a new competitor completely alters the industry's business model and the incumbent withers away unable to weather the change. The pumps industry is poised to experience the Kodak Moment. This research looks at the transforming pumps landscape, evolving end-user needs, and the gaps in current solutions. It draws inspiration from several other industries to provide insights into how manufacturers can leverage change and capitalize on emerging opportunities through understanding the nuance of the market. Tips are provided on how to develop a compelling solution and create a successful strategy.
Kodak Moment: Move Fast or Die Soon - If you do not have an analytics strategy in the next 3 years, your company will not survive after 10 years. - With the typical product development and launch cycle, pump manufacturers need to act now to avoid the Kodak moment.
New Business Model: Doing More of the Same is a Sure Way to Fail - It is not product vs. product anymore. Instead, the focus is on platform and ecosystem. In a platform vs. platform match, it is either win big or lose small.
Killer Apps: Develop Key Features Worth Purchasing - The market is moving from evolutionary innovation to revolutionary innovation with focus on developing features end-users require.
Analytics Quandary: Software and Pumps are not Mutually Exclusive - "If you went to bed as an industrial company, you're going to wake up as a software and analytics company," Jeff Immelt, CEO. No longer, can pump manufacturers focus only on hardware.
Insights not Data: Focus on Prescriptive Analytics - End users are saying no to Big Data, and instead require actionable insights based on prescriptive analytics
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