Changing business models with IoT
In the 1960s, Rolls Royce pioneered the concept of power by the hour - a pay per use system for its engines. Instead of purchasing the product upfront, the customer was offered a performance-based contract. This helped align the incentives of the manufacturer and operator - reliability, reduced expenditure and accurate cost prediction. Jonathan Wilkins, marketing director at industrial automation equipment supplier, EU Automation, explains how automation is changing business models.