IoT- Predictions for 2017

In this post we will try to foresee what is in store for IoT in 2017.

IoT Will Impact the Omnichannel– The convergence of digital and physical worlds across multiple channels has dramatically changed how businesses reach and manage customer relationships. This results in a transformation of marketing.

“Things” Grow Up and Get Smarter– The average amount of computing power is growing and things are getting smarter and more connected.

Data Collection Migrates to the Cloud– Next year, data collection will move to the cloud. One of the big purposes will be to use AI algorithms to recognize not only someone’s speech but also how to optimize the operations of a machine.

Companies Will Develop More Sensical IoT Products– In 2017, we will see a growing number of consumer-facing connected products that use connectivity to solve real problems. Winning IoT products will have a service component.

Standards Will Remain Messy– There is nothing close to a shared language, and there are a plethora of competing standards.

Tesla’s Elon Musk recently made waves recently by promising that, by the end of 2017, he’ll have a car ready that can drive from Los Angeles to New York without the need for a human driver.

Source- http://www.ioti.com/iot-trends-and-analysis/11-iot-predictions-2017

Sharing Economy in the Manufacturing Sector

According to the article (‘Can product manufacturers benefit from the sharing economy?’ <!–

by Hannah Furlong)  consumers buy less when they are provided option of sharing.

Manufacturers can benefit if they strategically design pricing and increase quality to meet customers’ needs. Research found that sharing of products that have low marginal costs can result in decreasing revenue for companies who manufacture those products since number of customers will be reduced.

For high cost products, manufacturers can charge higher prices because increased perceived value due to sharing economy business model. Manufacturers can make more efficient and durable goods to capture these opportunities.

Can product manufacturers effectively realize this opportunity? What manufacturers should prepare for these changes? What industries can be the most benefited?

Source: sustainablebrands.com, Can product manufacturers benefit from the sharing economy? by Hannah Furlong, Sep 28, 2016

http://www.sustainablebrands.com/news_and_views/products_design/hannah_furlong/can_product_manufacturers_benefit_sharing_economy

Sharing Economy in the Payment Industry

Sharing Economy in the Payment Industry  

According to the article (The sharing economy is doing amazing things for mobile payments, written by ), Business based on sharing economy is conducted by peer to peer payment through mobile payment technology.

Many of sharing economy business models depend on customers being able to make mobile payments. PwC projected that the sharing economy will grow from US$15 billion in 2013 to US$335-billion in 2025 which means high potential to grow.

Does the payment industry will grow as sharing economy grow? How the payment industry should prepare for this change given the rapid growth in the technology? How customers are adopting for these changes?

 

Source: memeburn

The sharing economy is doing amazing things for mobile payments

Sharing Economy’s Effect in the Auto Industry

The article posted on Mar 28, 2016 (http://www.bloomberg.com/news/articles/2016-03-28/how-sharing-cars-could-actually-boost-auto-sales) provides a unique point of view on the car sharing economy.

The traditional view is that auto sales will decrease with car sharing economy resulting in a negative effect for the manufacturing industry. A new paradigm is that a car sharing economy could have a positive effect on auto sales because of “empty legs” which means additional distance between one passenger and another. In New York City, UberX drivers travel almost half of the miles without a passenger according to the article.

In the contemporary scenario, each person drives one car. In the future, as adoption rates increase, the market size will grow by 1.2 car and consume 20% extra miles as empty rides between one passenger and another will add 10% to 20% more miles per drive. The life expectancy of on-demand vehicles is expected to be 3 years because of higher utilization. Sharing economy will increase demand for small sized cars.

How will car sharing economy transform the auto industry? How should the automobile business model be changed? What kinds of automobile need to be developed for the future?

Smart Manufacturing Marketplace

In a series of blogs by the Smart Manufacturing Leadership Council, there is a discussion on a shared marketplace (https://smartmanufacturingcoalition.org/shared-infrastructure/marketplace) which would be an open source area for pay as you use and specific applications use software. If implemented it has the potential to decrease costs to companies substantially. We are already seeing many software packages today being repackaged as an online service with monthly subscription rates. Another aspect that it will lead to is individual or small teams developing apps and services for the users of SM applications. While this would lead to more peer to peer shared development, it will give rise to a new class of developers. Moreover, given the lesser requirements of infrastructure for developers, the costs of development will go down. What will be the regulation for mapping out such services? What does it mean for huge software developers in long run? How will they protect their interests in the long run as they will be looked upon to develop the initial infrastructure for SM?

TPP deal protects Canadian jobs

Canada has become a founding member of the Trans-Pacific Partnership, a 12-country trading block that will enjoy a significant drop in tariffs nearly across the board while fundamentally changing the nature of the North American auto industry and nudging Canada’s supply-managed agricultural sectors towards greater international trade.

Conservative Leader Stephen Harper says the historic deal protects Canadian jobs today and creates more for generations to come as it secures access to hundreds of millions of new customers in the Asia-Pacific region.

But it won’t please everyone.

“This deal is, without any doubt whatsoever, in the best interests of the Canadian economy,” Harper told a news conference Monday after the deal was announced.

http://www.cbc.ca/i/caffeine/syndicate/?mediaId=2676613157

What Does Food Packaging Have To Do With Big Data And The Internet Of Things?

Chris Wilder – Forbes tech

There are several types of packaging available for brands to interact with their customers. The conventional package is simply the first option available for brands to promote their product. It’s important for brands to ensure a package that articulates the brand values and promise. Going further there is the hybrid packaging that combines rigid and flexible materials. The active packages are those that offer further information about the company and things like nutritional facts to customers in the form of a QR code. Interactive packaging goes even further by offering extra care to products sensitive to particular environmental conditions. Finally, we have the IoT effects over packaging where current businesses are combining RFID labels with other technologies to enhance the supply chain and logistics in the food industry as well as the freshness and endurance for certain produce.

Original article: http://www.forbes.com/sites/moorinsights/2015/10/01/what-does-food-packaging-have-to-do-with-big-data-and-the-internet-of-things/