How Smart, Connected Products are Transforming Competition

“Barriers to entry go down, however, when smart, connected products leapfrog or invalidate the strengths and assets of incumbents. Moreover, incumbents may hesitate to fully embrace the capabilities of smart, connected products, preferring to protect hardware-based strengths and profitable legacy parts and service businesses. This opens the door to new competitors, such as the “productless” OnFarm, which is successfully competing with traditional agricultural equipment makers to provide services to farmers through collecting data on multiple types of farm equipment to help growers make better decisions, avoiding the need to be an equipment manufacturer at all.”

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