Customer Relationship Management:
With IoT products, customer touch points potentially become customer touchlines.
With IoT products, the challenge of CRM systems will switch from data collection to data handling.
IoT products are likely to increase the relevance of strategic customer behavior for CRM theory.
IoT products will facilitate the application of price discrimination strategies.
IoT products will create new kinds of customer switching costs.
With IoT products, new indicators for company performance become available for CRM models.
Product Life Cycle Management:
IoT products may come without product generations.
PLC models need to consider gradual adoption of IoT products.
Business Model Development:
The IoT facilitates the application of Internet-based business models with physical products.
IoT products facilitate joint value creation with third parties.