More and more products contain components for connectivity and this trend is often called the ‘Internet of Things (IoT)'. Connected products effect competition and lead to novel opportunities to provide data-centered business models, gain insights into products' usage, or offer data-driven services. In general, a broad range of possible IoT use cases exists. However, having connected products is not a guarantee for success because companies struggle to derive a data strategy that defines which data is needed for selected use cases. Therefore, the researchers conducted a year-long case study together with an industry partner in order to better understand the opportunities that connected products provide and the obstacles that arise. The case study followed a process model that guides companies through the development of a use phase data strategy. Based on the insights gained during the case study, three additional methods supporting the strategy development were derived. Overall, the research findings show how important a systematic approach is in turning use phase data into value. Workshops with the company allowed the researchers to evaluate the process model and the methods which were developed. Future research should support companies in developing a monetization concept.     «

More and more products contain components for connectivity and this trend is often called the ‘Internet of Things (IoT)'. Connected products effect competition and lead to novel opportunities to provide data-centered business models, gain insights into products' usage, or offer data-driven services. In general, a broad range of possible IoT use cases exists. However, having connected products is not a guarantee for success because companies struggle to derive a data strategy that defines which d...     »