The unique feature of smart connected products is not the interconnection, but the “thingsâ€, which are the new capabilities of the products and the data they generate will create a new era of competition. Therefore, companies should not be limited to the technology itself, but should focus on the changes in the nature of competition.
How do companies create and capture value in the era of smart connected products? How should the (highly sensitive) mass data generated by the product be utilized and managed? How to improve the relationship with traditional business partners, such as channels? With the great expansion of industry boundaries, what role should the company play in it? Enterprises will face a series of new strategic choices mentioned above.
With the increasing number of smart connected products, the term “Internet of Things†came into being in order to explain the new opportunities that followed. But its birth does not help us understand this phenomenon and its effects. Whether it is involving objects or people, interconnection is always a mechanism for transmitting information. The unique feature of smart connected products is not the interconnection, but the “thingsâ€, which are the new capabilities of the products and the data they generate will create a new era of competition. Therefore, companies should not be limited to the technology itself, but should focus on the changes in the nature of competition.
Define "smart interconnection"
Smart Connected Products consists of three core elements: physical components, smart components, and coupling components. Smart components enhance the functionality and value of physical components, while connected components further enhance the functionality and value of smart components and leave some of the value and functionality out of the physical product itself. This makes the value increase a virtuous circle.
Physical components contain mechanical and electronic parts of the product. In the case of cars, physical components include engines, tires, and batteries. Smart components include sensors, microprocessors, data storage devices, controls, and software, plus built-in operations and user interfaces. The coupling components include interfaces, antennas, and wired or wireless connection protocols.
Smart interconnect products are emerging in various manufacturing areas. In heavy industry, Schneider's PORT technology can reduce elevator waiting time by up to 50%. The technology can determine the state of use of the elevator, calculate the fastest time to reach the destination floor, and assign the most suitable car to quickly transport the guests. In the consumer electronics arena, the Big Ass smart fan detects people entering the room and automatically turns on, and adjusts the fan speed based on temperature and humidity. In addition, the fan can record the user's preferences and make corresponding adjustments.
What can smart connected products do? “Smart†and “Connected†will give the product a new set of functions and capabilities, divided into four categories: monitoring, control, optimization and automation.
monitor. Through sensors and external data sources, Smart Connect products provide comprehensive monitoring of product status, operation and external environment. Monitoring data is extremely important for product design (reducing over-development), market stratification (classifying customers through analysis and usage patterns), and after-sales service (more accurate diagnosis of faulty components and improved first-time repair rates). In some products, such as medical instruments, monitoring is a core element of product value. Medtronic's digital blood glucose meter measures the blood sugar level in tissue fluids by implanting a sensor under the patient's skin and alerts the patient or doctor via a wireless connection. Before the patient's blood glucose reaches a dangerous level, the blood glucose meter can issue a warning for up to 30 minutes in advance to allow the patient to receive timely treatment.
control. People can remotely control through commands and algorithms built into the product or in the product cloud. Algorithms allow products to react to specific changes in conditions and environments. For example, when the pressure is too high, the valve is automatically closed; when the garage flow rate is expressed to a certain level, the indicator light is turned on. Controlled by built-in or cloud-loaded software, products can be highly customized, which was previously costly or difficult to achieve.
optimization. With a rich ability to monitor data flows and control product operations, companies can optimize their products in a variety of ways that were largely impossible in the past. We can analyze real-time data or history and embed algorithms to dramatically increase product yield, utilization and productivity. Taking wind turbines as an example, the built-in microcontroller can control the angle of the blades in each rotation to maximize wind energy. One can also control each turbine to minimize the impact on adjacent turbines while maximizing energy efficiency.
automatic. By combining detection, control and optimization, the product is delivered to an unprecedented level of automation. The simplest product is iRobot's vacuum sweeping robot Roomba, which has built-in software and sensors that scan and clean floors of different structures. More advanced products have the ability to learn, analyze the service needs of products according to the surrounding environment, and adjust according to user preferences. The automatic function not only reduces the dependence of the product on manual operation, but also enables remote operation in remote areas and improves work safety in hazardous environments. For example, as the number of smart meters entering the network increases, the energy efficiency of the grid can be continuously improved, and the power plant can better understand the user's electricity habits and adjust and optimize accordingly.
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