Connected products can share their data with their users, and likewise with the manufacturer, unlocking new service opportunities.
For example, I have the Nest thermostat in my house. I can adjust the temperature on my way home from work just but using a simple app control.
For a Minnesotan like me, this is pretty awesome when you experience winters like we have.
For example, just like a smart thermostat, manufacturers can automatically send updates to assets. Or if maintenance is required, technicians can often save time and money by remotely connecting to devices to ensure software and hardware are performing effectively. This can avoid unnecessary service calls.
Innovative Product Designs
Another great use case is how companies can change their product design strategies.
For example, IoT enables a new design strategy known as evergreen design. The premise is that when products are operating in the field, new software features can be built and delivered to a device to extend functionality and the usable life of a product. The Tesla car illustrates this concept well. Tesla actually used an evergreen design strategy to avoid a major recall.
A few years back, there were several instances in which the battery cell of the car actually rubbed against street curbs as the car turned corners, causing fires. Instead of sending all the Tesla cars back to the dealer, or a mechanic shop, the company sent a software update that automatically raised the clearance of the car chassis where the battery was located.
Tesla’s evergreen design saved the company money, as well as customer time, and money associated with a traditional recall.
Big Data Analytics
Another big game-changer in business is the value to be had from big data. Now that products can share information throughout their product development cycle and useful life, there is, in essence, a stream of data that we can collect, analyze, and use to inform all sorts of business decisions.
Wouldn’t it be nice to know when the average daily usage of your products or product segments is in decline or incline? It could drive new product innovation timelines, customer success strategies, and new revenue from cross-sell and up-sell.
Data Collection & Analysis of Consumer behavior
The practice of using big data is not new. For example, in the retail market, companies are using purchasing behavior data to inform their business decisions.
A great example comes from 2004 when Walmart conducted a big data study on customer purchasing behaviors prior to hurricanes.
What they found was surprising. A few days prior to the forecasted hurricane, people bought a significant amount of pop-tarts. In particular, strawberry pop-tarts. On the day of the hurricane, they bought more beer. Based on this data, Walmart adjusted their stock supply in anticipation of the new demand. This use case is unique in that data was originating from people’s shopping behaviors. What is different now is that we can collect and analyze data from products as well.
Take the case of smart sports equipment. A friend I play golf with had a sensor attachment that told her about her swing, ball placement, and field location. So, as we were playing throughout the day, she was pulling out her golf app, observing her golf swing, and adjusting performance based on that data. This is great for the user, and there are also added benefits for the manufacturing company!
For example, the tennis racket company Babolat has sensors attached to their play pure drive product, which collects data about a player’s swing, the speed of their ball, and impact location.
Product to service transformation
Babolat also provides a training service, where based on the player’s performance, Babolat will provide consulting, hitting tips, and other development programs. In this use case, big data is transforming a traditionally hardware-oriented company into a service company as well.
This brings me to my last example, which illustrates a radical change in how businesses perceive product value.
Namely, products are now carriers for potentially limitless services based on how you creatively leverage their smart and connected elements. This concept is not new.
For example, Rolls Royce licenses out their engines to airline customers, and they charge airlines for the millage of the planes as well as services associated with repair, and maintenance.
For example, there is a big software battle for ownership of the car segment. Google, Apple, Microsoft, and the original car makers are attempting to get a slice of the services associated with cars, such as navigation, entertainment, and safety systems. This new service focus is really interesting for product development and associated business operations.
Bottomline – products are carriers of tremendous value. Now that we have sensors, connectivity, big data, and analytics, customers and businesses can leverage this value, and create new opportunities.
IoT Intro Class
At EAC, we want to make sure you don’t miss out on any revolution with respect to potential capabilities that you can add to your products- while we also realize the importance of basing your IoT initiatives around your mission statement. That’s why we created what we call our IoT Development Workshop.
We have made it our mission to help guide organizations like yours to explore and embrace the uncertainty of the emerging IoT market.
Data Visualization and system integration tools are shaping the future of business and I am going to explain exactly why.
First, it is essential that you understand the impacts of technology and data today.
The impacts of big data
Humans collectively produce approximately 2.5 quintillion bytes of data each day and this number is only increasing with the acceleration of the Internet of Things (IoT). These already astonishing statistics are growing at an ever-increasing rate as our world becomes even more digitized and data-centric.
Due to this overwhelming growth, businesses have begun facing challenges with data capture, analysis, distribution, storage, and visualization. In fact, big data has started to become so large and so complex that businesses are even finding traditional data processing techniques to be inadequate. This is exactly why system integration and business intelligence software have become essential components for successful business data management strategies.
System integration and system integration tools
For instance, integration applications (such as EAC Productivity Apps) connect existing systems and enable seamless data to flow from various systems into role-based dashboards or “mashups.”
By using applications that integrate all of your business systems, your organization opens up a clear, efficient path, for information to travel from one application or system to another. The process of linking together different computing systems and software applications opens up an organization’s ability to easily collect, aggregate, and share data.
The trend towards business intelligence (BI) has driven many companies to evaluate technology-driven processes for analyzing data and presenting actionable information.
BI technologies can handle large amounts of structured and sometimes unstructured data to help
System integration, Bi, and data visualization
Tools and applications that integrate business systems incorporate oftentimes incorporate data visualizations, also known as data dashboards.
Data visualizations deliver graphical representations of data or information, often in the form of a chart, diagram, picture, or any other visual illustration. Visual representations of data and information help humans understand the significance of data by transforming it into information placing it in a visual context.
Human visual processing is efficient in detecting changes and making comparisons between quantities, sizes, shapes, and variations in lightness. When properties of symbolic data are mapped to visual properties, humans can browse through large amounts of data efficiently.
If considering the way the human brain processes information, using charts or graphs to visualize large amounts of complex data is much easier than attempting to analyze multiple different spreadsheets or reports. By using visual elements like charts, graphs, and maps, data visualization tools provide an accessible way to see and understand trends, outliers, and patterns in data.
The impacts of data visualization
Data visualization enables executives, managers, and other corporate end users, to easily digest huge amounts of data by displaying visuals.
These data visuals encourage decision makers to compare sizeable amounts of information while data is being revealed beneath several levels of detail. This encourages the natural eye to compare and contrast different pieces of data, that may have otherwise been lost within reports.
System integration tools that collect data from internal and external systems and aggregate it into data dashboards, enable organizations to reason quantitative information. This helps executives, managers, and other corporate end users to better understand trends, patterns, and possible correlations. Data visualizations can also allow decision makers to make better business decisions.
Visual data representations of information assist decision makers in the absorption of information in new and more constructive ways. They encourage a user to think about the substance of the data rather than the methodology.
With the ability to manipulate and interact directly with data, organizations visualize relationships and pattern between operational and business activities. This allows them to identify and act on emerging trends faster, as well as, identify areas that need attention or improvement.
By using system integration business intelligence tools and applications, organizations can collect data from internal and external systems, prepare it for analysis, develop and run queries against that data, and create reports, dashboards and data visualizations to make the analytical results available to corporate decision-makers, as well as operational workers.
Think data visualization and system integration could be what your organization needs?
We offer EAC Productivity Apps as