MANAGING in the

NEW WORLD

Internet of Things

The Internet of Things (IoT) is of course one of the hottest areas of business that several companies are grappling with right now. But before any company plunges headlong into the technology, a few trends need to be understood. First of all, companies need to start off with products or systems they already either sell or produce. Business research conducted by McKinsey across eleven industries in China, Canada, USA and Germany reveals that for most top executives, optimizing the existing service operations is of key concern. This is in stark contrast to a strategy applied by many newcomers of trying to cater purely to the emerging market needs. The entire learning curve has to be aced using multiple use cases. The business processes may need some sort of tweaking to be able to leverage the available opportunities.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/what-it-takes-to-get-an-edge-in-the-internet-of-things

Uploaded Date:07 January 2019

The Internet of Things (IoT) has helped curate what is the intelligent built environment. This has led to the growth of the prop-tech scenario. This includes several advantages, the first being the prospering of smart cities. Sensors are a key part of this infrastructure of connected devices. Smart commercials are also being propped up by IoT aided devices. Amazon does proactive digital marketing across its network of connected devices for its Go store, as it did in Seattle. Retail stores are doing this using a network of sensors. The third major use is via smart residential areas. Navigation controls are being used in such properties. The French company REIT via its Gecina device is one of the foremost movers in this segment.

Source:https://www.forbes.com/sites/angelicakrystledonati/2018/12/03/this-is-how-iot-underpins-the-intelligent-built-environment/#564eefaf4d95

Uploaded Date:31st December 2018

The Internet-of-Things (IoT) has already had a tremendous impact in the world of retail, which it is quietly revolutionizing. By the year 2025, IoT in retail could be worth US$ 94 billion according to business intelligence provided by GrandView Research. One such trend is that due to the use of Amazon Go and Zippin, plus initiatives by startups to replace cashiers with cameras, the days of the cashiers seem numbered. IoT is also helping retail outlets in better management of the inventory leading to reduced shrinkage and the supply chain getting streamlined. Beacons are helping the sales process through the use of Bluetooth devices that send event invites or discount coupons to nearby smartphones which have the relevant apps downloaded. While online retail is taking away a chunk of the traditional retail space, ambient commerce is thriving. This is the marriage of the two by combining AI technology and sensors in a physical store setting. Consumer IoT devices have gotten better as can be inferred from the Mozilla Foundation’s list. In- car retail is another development set to come up, especially with the rise of autonomous vehicles.

Source:https://www.networkworld.com/article/3324484/internet-of-things/6-ways-iot-is-transforming-retail.html

Uploaded Date:28 December 2018

Manufacturers are now deploying a number of IoT (Internet-of-Things) – based business innovations. IoT is in fact at the forefront of the Industry 4.0 as is being commonly paraded right now. The alignment between manufacturing and IoT is known as the IIoT (Industrial Internet-of-Things). For this the OEE (Overall Equipment Effectiveness) will need to be put in place. Only then can the fuel of this entire process be generated- data. Predictive maintenance depends to a large extent on the availability of data. This data is then processed to gauge the authentic business intelligence. A good example of such integration can be found in Tata Steel’s collaboration with Information Builders to weed out the constraints in the manufacturing process.

Source:https://www.itproportal.com/features/how-manufacturers-are-innovating-with-the-internet-of-things/

Uploaded Date:27 November 2018

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