Industry 4.0 Is All About Picking The Right Solutions, Not Products
by Pushp Kumar Dutt on December 29, 2018
Much has been said and written when it comes to the Fourth Industrial Revolution or Industry 4.0. The underlying truth is that most business owners and decision makers are still searching for a product, and not a solution.
Let us break the shackles of myths and ignorance.
Though there is this surprising tendency to use the terms "solutions" and "products" interchangeably, there is a big difference between a product and a solution. Everyone should realize this underlying difference as this distinction affects the different ways by which customers view an organization, the kind of work it does, and the way it is perceived by customers, channel partners, vendors, and third parties.
What’s A Product?
A product can be defined as a good or service that is associated with a specific company. The product usually goes through a formal process of development and has a proprietary name (often with a ® symbol or trademark or ™).
This is a product.
A product can be a good or a service or a unique combination of both. In fact, more and more organizations are enhancing goods created by them with services, though eventually, they (goods) remain products. In this article, we will be using the word “product” for referring to goods and services.
It’s A Product
Generally, buyers that are searching for products have good knowledge of the nature of their specific business requirements and problems and how to solve them. These buyers are exclusively searching for a specific piece of the puzzle. In a way, they want a product but what is delivered ultimately to them is a solution.
Characteristics Of Products
- Standardized/defined feature set: For something to be defined as a product, it should be a core product with predefined optional characteristics or capabilities.
- Unique name: Usually, trademarked in the country where the product is created and offered.
- Defined delivery model: A product can be delivered to different customers, using predefined methods of delivery.
- Documentation: Core functionality and features of a product can be documented using industry-accepted generalized terms.
- Comparison with competitor's products: A product is capable of being compared to the offerings of competitors. This comparison can be made by using a wide range of variables, such as price per unit, characteristics, etc.
What’s A Solution?
Whereas a product has the capability to do something, a solution is the application of a product for solving a specific business problem or industry requirement.
The screwdriver (a product), when paired with a screw (another product) and a carpenter (a service), is part of a solution for repairing a problem or building a home.
It is widely believed that Solutions provide ongoing value to the end user. There may be instances where these services may be characterized by one-time-only events like configuration or installation (that are more associated with traditional notions about a product).
These activities may be repeated in part or in while as the business requirements of the end user evolve over a period of time. Employees and support staff of the organization would be interacting with the end user:
- If there is a revised version or upgrade to the product;
- If there is a requirement for repair or replacement;
III. If the customer wants to purchase more products or avail services.
This is a solution.
Organizations such as NetObjex that are powered by Artificial Intelligence, Internet of Things, Data Marketplace, and Blockchain are currently focusing on making lives of consumers easier and better. This organization recently launched the PiQube, a revolutionary solution.
Running on a state-of-the-art and secure security system, the PiQube is a secure IoT-Blockchain gateway device that helps in identifying, authenticating, transacting, and communicating with a wide range of compatible devices across ownership and trust boundaries. This revolutionary solution is unique in its own true ways. PiQube assists blockchain developers to easily develop custom applications by eliminating a big majority of existing complications.
Furthermore, the PiQube will assist developers and entrepreneurs to reap the optimum advantages of interoperability with support for distributed ledgers like Hyperledger, IOTA, Stellar, NEM, Ethereum, and more. It also demonstrates efficacy to reduce the procedural complications that are routinely associated with multiple heterogeneous distributed ledgers. You can read more specifications of the PiQube here.
In the past, NetObjex has been extremely successful with the launch of its smart solutions including but not limited to:
- TagAuto.io: This highly successful and easy-to-use automobile tracking solution is admired globally for its unmatched services and advantages for industry segments like fleets and dealerships.
- Clinitraq Smart Radiation Dosimeter: This revolutionary solution, powered by NetObjex's seamless and robust technology, was the proud winner of Best Wearable Device at the 2016 AI in Medicine Conference in Dana Point, California.
- Bonafi.io: NetObjex took crypto tag technologies to a completely different level by launching this anti-counterfeit crypto tag technology that is best used for high-end luxury retail.
The list of advantages associated with PiQube does not end here. Blockchain developers can use it to easily and effectively communicate with multiple distributed ledgers by simply using a single Application programming interface and a common query language.
Characteristics Of Solutions
- Non-standard pricing: The pricing associated with services can be based on a possible combination of list price, volume, customization, etc.
- Recognition of revenue is specific to the solution: The timing of revenue is different. Milestones associated with solution delivery come into the play.
- Based on a standard product: A solution has different features, processes, technologies, and functionalities that may be turned on/off or tweaked to suit the specific requirements of the end users.
It's A Solution
Generally, buyers that are looking for solutions are at an earlier stage in the process of solving a problem. They do have a notion that a problem exists but they are not well aware of where to start with solving that problem.
These buyers think about the likely solutions that can be assisting in their nature, though they may lack the complete understanding of the description of their specific business requirements or problems and the possible solutions. Therefore, it becomes important to provide these buyers with easy and simplified usage examples, assistance (like a sales representative call, request to be contacted, download a document, etc.) and language that let them relate to the offerings of an organization and take appropriate purchase decisions.
With these tips and assistance in mind, you would surely find it easier than ever to define the Fourth Industrial Revolution or Industry 4.0 solutions you want. Call NetObjext now at 1 (855) 928-2283 or email us at email@example.com or simply visit our website https://www.netobjex.com/.
By Pushp Kumar Dutt on December 29, 2018