MANAGING in the

NEW WORLD

Internet of Things

Retailers and manufacturers alike worldwide are making liberal use of technology to transform their processes. Amazon is one such example of a digitized company. This trend has also sparked debates about the loss of jobs due to automation. The use of technology to ease processes, transform businesses and gain competitive edge has been a facet every since the Industrial Revolution. But now, thanks to the involvement of smart devices, business intelligence is being captured more sharply. The Internet-of-Things (IoT) is proving to be one of the hottest developments in the so-called Industry 4.0. Its is being used widely in manufacturing. As a result of the widespread connection of smart devices, business analytics operations can now be performed even at the granular level. Predictive analysis is further being used to seek business answers.

Source:https://www.forbes.com/sites/maciejduraj/2018/11/07/how-leveraging-the-internet-of-things-for-manufacturing-can-be-a-game-changer/#3114b6421230

Uploaded Date:13 November 2018

A study was conducted by Bain and Company along with marketing research firm Gartner to assess the present position and the future growth of the Internet-of-Things. The results are hugely positive for organizations dealing with such technologies. From a present base of US$ 235 billion to more than a double of US$ 520 billion will be the size of this industry. The major sub-components that will thrive are- consumer devices, legacy embedded systems, systems integration, and data-driven business analytics. The last will be a key battleground for several industry players. Due to their broad focus, others will be able to concentrate on their niche areas. Cloud-based IoT service providers will for instance be much in vogue by the year 2021.

Source:https://www.bain.com/insights/IoT-markets-are-growing-at-20-snap-chart/

Uploaded Date:17 October 2018

The Chief Amazement Officer at Shephard Presentations claims that consumers are no longer merely expecting but actually demanding personalized services. The good news for businesses here is that tools are now available to provide micro-level services. This is due to the use of the Internet-of-Things (IoT) which uses data-driven business analytics to determine exact customer requirements. There are various ways in which leading businesses are already trying out such services. One such is Amazon’s concept in its brick-and-mortar stores in Seattle called Amazon Go. Instead of visiting these stores, customers can simply tap into mobile applications to get a feel of the place using IoT sensors placed at strategic points. Another such example is with Disney World which has launched a wearable device called Magic Band. This uses RFID technology that can be used anywhere in the park. This device does the work of hotel keys, tickets, fast passes, credit cards and a lot more. The tracking of customer business intelligencehas not escaped universities either. At the Deakin University in Melbourne, students are asked about their tea or coffee preferences via sensors installed. Predictive analytics, location-based services and artificial intelligence all combine to provide this solution. In these three examples we see how customer experience best meets data security.

Source:https://www.forbes.com/sites/insights-inteliot/2018/06/14/iot-is-building-higher-levels-of-customer-engagement/#5df722eb7d87

Uploaded Date:16 October 2018

A horrifying little detail for manufacturing companies is that 70% of their lot found on the Fortune 1000 list in 2008, have now vanished off from there. This is suffice to say that the 30% who still find themselves on the list have done a good job. These companies have adopted to modern business trends by investing on technology especially aspects such as the Internet-of-Things (IoT) and Artificial Intelligence (AI). Rolls-Royce is a good example of a legacy company surviving, thanks to their use of predictive maintenance suites. Such capabilities are transforming these companies towards “servitization” This is the model where operational silos of maintenance and service have become AI-driven high-margin businesses. The use of predictive business analytics has led to much reduced downtime caused by machine failure, and as a result lowered repair cost. IoT sensors have also been aligned with devices. Traditional business models haven’t yet been upended to as great an extent as often believed, due to the slow adoption rates, but this will rise. That is why large-scale data warehousing is taking place, so that trends can be understood before they disrupt the players by surprise. It does not matter whether the AI expert is in-house or externally sourced. Customers now need to be convinced towards buying into a service rather than a product.

Source:https://www.forbes.com/sites/insights-intelai/2018/09/21/the-iot-powered-rethink-for-manufacturing-from-sales-to-servitization/

Uploaded date:27 September 2018

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