The key ingredients connected platforms and software products (CPS) firms must consider to stay ahead of the curve
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In an industry driven by constant change and innovations, connected platforms and software product (CPS) firms have created tremendous value. Its innovations fuel the digital world, connecting people, things, devices, and networks.
CPS firms need to overcome 4 significant challenges to maintain their competitive edge:
- Improving the innovation speed – bringing innovative and differentiated products and features faster to the market.
- Analyzing large amounts of siloed data sets to understand customer preferences and behaviors, develop customer-centric products, and continually improve customer experience.
- Increasing the efficiency of product development and engineering processes while keeping costs under control.
- Gaining access to new markets, extending the reach, and accelerating revenue.
From this industry viewpoint, we share the key ingredients that can help Connected Platforms and Software (CPS) product firms to overcome the above challenges and create product differentiation.
Products on the cloud can scale much faster, reach global customers, and deliver a significantly higher quality of service at lower costs