Porter 2014

Question 1

What are the three core elements of smart, connected products

Answer 1

Physical components, smart components, and connectivity components

Question 2

What is the role of physical components in smart, connected products?,

Answer 2

They comprise the product’s mechanical and electrical parts

Question 3

What do smart components include in smart, connected products

Answer 3

They include sensors, microprocessors, data storage, controls, software, and embedded operating systems.

Question 4

What is the purpose of connectivity components in smart, connected products

Answer 4

They enable communication between the product and its environment.

Question 5

How do smart, connected products create new value opportunities

Answer 5

They offer improved monitoring, control, optimization, and autonomous operation.

Question 6

What are the four key capabilities of smart, connected products?

Answer 6

Monitoring, control, and optimization and autonomous.

Question 7

What is the importance of monitoring in smart, connected products?

Answer 7

It allows for real-time data collection and analysis.

Question 8

How does control enhance the functionality of smart, connected products

Answer 8

It enables remote and automated operation of the product.

Question 9

What does optimization in smart, connected products entail

Answer 9

It involves using data and analytics to improve product performance and efficiency.

Question 10

How do smart, connected products contribute to autonomous operation?,

Answer 10

They use advanced algorithms and machine learning to make decisions and operate independently.

Question 11

What are the three levels of connectivity in smart, connected products?,

Answer 11

One-to-one, one-to-many, and many-to-many.

Question 12

What is one-to-one connectivity

Answer 12

Direct communication between the product and its user or manufacturer.

Question 13

What does one-to-many connectivity enable

Answer 13

It allows a single product to connect and interact with multiple other products or systems.

Question 14

How does many-to-many connectivity benefit smart, connected products

Answer 14

It enables a network of products to communicate and coordinate with each other.

Question 15

What is the impact of smart, connected products on competition?,

Answer 15

They redefine industry boundaries and create new competitive opportunities.

Question 16

How do smart, connected products affect traditional product design?,

Answer 16

They require integration of hardware, software, and connectivity.

Question 17

What new challenges do smart, connected products pose for manufacturers?,

Answer 17

They must manage data security, privacy, and software updates.

Question 18

How can smart, connected products improve customer relationships

Answer 18

They enable personalized service and proactive maintenance.

Question 19

What is a key strategic decision companies face with smart, connected products

Answer 19

?,Deciding whether to build or buy the necessary technology and capabilities.

Question 20

How do smart, connected products influence after-sales service?,

Answer 20

They allow for remote diagnostics and predictive maintenance.

Question 21

What is the role of the ‘technology layer’ in the layered architecture of business models?

Answer 21

The technology layer encompasses the technological infrastructure and capabilities that support the business model.

Question 22

How do you often describe physical products? (architecture)

Answer 22

Modular architecture

Question 23

How do you often describe digital products? (architecture)

Answer 23

Layered architecture