Recent advances in technology put Internet-of-things (IoT)-innovation on top of the management agenda across industries. It is predicted to increase economic value by $11.1 trillion in 2025 (McKinsey 2015). The Service Science Factory and Noventum collaborated on this article to present a state-of-the art view on the Internet of Things and how to implement this vision within organizations.
Companies once deemed “too big to fail” are increasingly exposed to failure. The threat of disruption is everywhere. Startups are taking on the Goliaths in every market. Scores of malls across the United States are in collapse. Many household brand names are losing ground or even shutting completely. Regardless of industry, businesses face digital Darwinism, the evolution of technology and markets. Disruption is just a matter of when, where and why. To compete, executives must make tough decisions but more so, they must look to new horizons for new insight and direction. Whether companies thrive or cower in the face of digital Darwinism is a choice.
These days, when migrants arrive at a refugee camp, one of the first things they ask for is access to WiFi and electricity to recharge their cell phones. Their smartphone is as basic a resource for survival as food and water. This is a vivid reminder of the fact that we are fully immersed in a digital world.
Nearly all executives have acknowledged the relevance of digitization and related trends, such as the Internet of Things, connectivity, and industry 4.0. However, the full impact of digitization has usually not been understood in detail. Moreover, most firms struggle to implement digitization initiatives successfully.
The keyword “Industry 4.0” is no longer an empty cliché or a black box; it is currently probably the most important topic within the German economy. Not only will existing processes be revolutionized – but also new businesses and business models will arise. More and more companies have already started to tap into its potential.
The revolution in self-driving vehicles has advanced faster than insurance companies can react to it. These cars introduce unique factors that must be integrated into the models that are used to set insurance premiums. At this time, coverage for self-driving cars is set using the same formulas as for traditional cars. Not long ago, there was a fatality involving the Tesla Model S. This occurred while the vehicle's Autopilot mode was active. The case brought new attention to the risks of using self-driving cars on the road, and insurance companies noticed.
Marc Vollenweider has spent over 15 years guiding Evalueserve to become a global research, analytics and data management solutions provider. In this week’s episode he discusses his transition from being a McKinsey partner to founding a business employing over 3,500 people as well as the counter-intuitive benefits arising from simplification and automation.
Visions and consequently major innovations are molded by the technical and human revolutions that industries live in. In a time when just one big industrial revolution existed, every company simply had to follow the common path (see production automation in the 60's-70's). The 20th century car industry was a good example. Then Internet technology came onto the scene (more complex and diverse than the web from the early 2000's) and the thread for innovation is no longer so straight forward.
In this in-depth article Haydn Shaughnessy discusses why traditional ROI decision making is becoming irrelevant and how options planning is a key element of competitiveness. In these uncertain times firms need to recognise and analyse their options thoroughly in order to be ready for inevitable change.
Innovation may have a different meaning for every individual, but the true key to thinking outside the box lies in a diverse mindset. Allowing diversity into a business plan can be the secret to succeeding and achieving greatness. Don’t just take my word for it; evidence backs it up too.
Paul Brody is a Global Innovation Leader in BlockChain Technology and a Solution Leader in the Industrial Internet of Things at EY. Paul has spent more than 15 years in the electronics industry and has done extensive research for his clients on technology strategy. Paul understands that technology is deeply rooted in strategy, but it gets complex as new technologies and disruptions arise in our modern world. For example, the moment self-driving cars are perfected, it will cause a huge disruption in our economy, so how can we navigate through it?
The IoT (or "Internet Of Things") is becoming a more popular topic of conversation these days. Many have already realized this with regard to individual use (say, through fitness trackers) or "smart homes." But the IoT can also have a huge effect on the workplace - here's how.
We are all part of a giant transformation, “digital world is eating up physical world” – enterprise, individual, activity, relationship, emotion, etc., almost every entity around us is getting through some degree of digitization. Michael Wei, Director of Samsung AI research center in the US, discusses the current developments, activities and challenges in artificial intelligence and its part in the digital transformation agenda.
Why do so many companies seem to be sitting on the sidelines when it comes to creating connected products and designing services that tie into them? The cost of adding wireless connectivity to a device is plummeting toward $1. Projections about how many Internet of Things (IoT) objects will be part of our lives, at work or at home, range from 12 billion by 2020 (Cisco) to 50 billion (Ericsson and Intel).
What will the product of the future be like – and how will it be different than today’s products? Generally, all products will become part virtual, part physical. They will be connected, reconfigurable and – hopefully – smart. Also, the business model for their manufacturers will be dramatically different.
