How to measure product performance
As more companies aspire to measure product performance in support of product evolution, many are still unsure how to acquire and use this data. The value of using field and customer data to drive new products, features, and future research is growing. Yet despite increasing value and volume, field and customer data are frequently unavailable, of poor quality, and context-free.
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Benefits: Product performance monitoring
Introducing product performance monitoring technology through sensors allows the product to send data to the cloud, which can then be accessed remotely by the manufacturer. This enables devices to stay connected all the time. The manufacturer benefits from this as the information is then used to solve problems before they occur, thereby increasing service efficiency.
Continuous product design
Continuous product design enables interconnected products to be constantly improved using an agile development model with real-time usage data, allowing for a customer-centric approach with high customer satisfaction. With dynamic performance data analysis, designs can be altered throughout the product life cycle.
After sales service
Using the data collected, companies can personalize their communication with customers by suggesting relevant products, guiding customers on product usage, notifying them of new product features, and suggesting timely repairs. This is a great way to improve customer experience and loyalty. Proactive after sales service provided to customers can help generate new revenue streams by increasing the number of products serviced every year.
Download this report to discover why analyzing data to understand product performance can give businesses a competitive advantage in today’s crowded marketplace.