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During its 18 years, BaseN has encountered many successful product digitalization and service conversion projects, often deployed on BaseN Platform but also within other platforms and environments. However, there’s an even greater number of IoT projects and endeavors which have failed to reach the commercial phase and have been quietly buried into oblivion. Some companies have had as much as four consecutive failures, making them very hesitant to try once more.
At BaseN we understand that a greenfield digital product deployment, as nice as it would be, is extremely rare. In many of our best customer deployments, we’ve initially collected fragments of earlier, not so successful projects and run a service design process in order to catch all possible learning points from them. This has also enabled us to create a vast knowledge base of different digital service models.
A failure in a digital service project is always a sum of many decisions, but most often we see that it does not get enough leadership bandwidth and is considered more like a fact-finding mission, which automatically lowers the expectations. Concentrating on the ‘core business’, be it traditional product sales, labor-based service or consulting, easily takes the priority, and the company moves ever further from the digital leap. Then one day, it might be too late when the competition is already equipping your legacy products with their digital add-ons.
All in all, our view is that every business with customers must embrace the digital transformation by connecting to and knowing their customers better, gradually switching from products to services which include constantly evolving products. Either they do it themselves, or be overrun by the faster digitalizing competitor.