Business growth strategies rely on new revenue streams, which necessitate new and agile pricing models that can adapt to changing market needs. Thanks to the web, consumers are demanding more pay-as-you-go and fee-based products and services, and businesses are necessarily adapting internal business processes to accommodate agile pricing strategies. Without the ability to pivot pricing strategies rapidly, companies will not be able to optimize or will miss out on new revenue opportunities.
Most industrial companies struggle to quickly and effectively deploy technology solutions for their customers and internal business functions. All too often, new technology-enabled initiatives—such as aftermarket solutions to create new revenue streams, Internet of Things (IoT) platforms to improve the efficiency of manufacturing processes, or analytics use cases that could transform core operations—fall short of expectations. One key reason is that a company’s tech backbone is outdated, inflexible, or insufficiently resilient to support the requirements of next-generation technologies.