The Internet of Things (IoT) is claimed to be the fourth industrial revolution, which will enable a new class of businesses to emerge, delivering products and services to meet customers growing expectations. Producing the world’s best widget can no longer sustain a company unless it can gather every possible bit of data about its performance, environment and interaction with humans. With these capabilities suppliers can offer add on services as well as gather data about how their products operate and use that to predict future behaviours. With this data, companies can optimise performance and drive profitable outcomes for themselves through the users experiences. In the Aeronautics industry, Rolls Royce Gas Turbine Division (as long ago as the 1960’s) introduced the concept of a performance based contract where the customer paid for using the engine by the hour rather than paying for the engine upfront. This produced a powerful alignment of incentives between the manufacturer and […]