Insights into how consumers are using a product translate into iterative improvements of that product — and inspire breakthroughs into fundamentally new products. Decode the data that a product's user interface provides, and you can divine how customers wish your product would work, setting the stage for your next success story. Where are users moving their cursors as they use your software? To which spot do their fingers gravitate on the control panel of a connected appliance?
Here, new data technology offers a combination of real-time feedback and focus group insights, without interrupting the customer.
Aggregating data that testifies to product defects and failures can tell designers where the big-picture problems lurk, and clue in parts suppliers to flaws with their own pieces of the puzzle.
Connected data can also enable expansion into lucrative pay-per or anything-as-a-serviceopportunities of the sort that are becoming standard. (These days, you can lease even heavy mining equipment on a pay-for-tonnage-moved basis instead of buying it outright.) To work reliably for vendors, such business models require data from multiple sources. These sources have to testify to how much, how often, and how intensively a vendor's product is being used, and by whom, and under what conditions. That data also needs to be tamper-proof, to avoid the digital-era equivalent of rolling back a car's odometer.
On the other side of the equation, customers will appreciate the use of multiple sources of good data, so they can feel confident that vendors are billing them fairly.