IOT Essay: Smart, Connected Products, and Market Flooding
Instructions: What are TWO big challenges that your organization faces with the market flooding with ?smart connected products?? Are these challenges big enough to make you change the way you do business? Why or why not?
Solution.
IOT Essay: Smart, Connected Products, and Market Flooding
Introduction
Scholars define smart, connected devices as products in the market that are entrenched with processors coupled with software that enhances connectivity which allows data to be exchanged between the given product and the environment, other commodities, a user or a manufacturer (Porter & Heppelmann, 2015). For one to understand the concept of Smart, connected products are better to grasp the term ‘Internet of Things”. This term refers to the network of devices or products that are technologically embedded to communicate and sense. In the market world there include examples of such as Tesla’s Intelligent Management Systems, iRobot Roomba and the Continuous Glucose Monitor device at Medtronic. This paper will expound on the two main challenges that the Smart connected products have posed in the market world.
Competition
First, with the introduction of these devices in the market, some multinational companies are on the verge of increasing productivity with the utilization of these products. Therefore, these devices have significantly impacted the market as a factor in fostering high-level competitions within the market sector. Porter suggests that smart, connected devices have completely changed the classical organizational functioning of a number of organizations to increase productivity (Porter & Heppelmann, 2015). Therefore, as companies want to increase productivity, they have introduced a more advanced intelligence system in their management and production systems. For example, ABB Robotics introduced of the remotely monitored and adjusted system that could be altered by end users during operation. This move made Tesla Company to put up an “autopilot” system in its production of cars for enhancing its network capabilities over time all the way through remote software updates.
Over-Dependence, System Manipulation, and Unexpected Layoffs
Another challenge that Smart, connected products have created in the market is the over-dependence and over-reliance on them. Alternatively, business corporations have introduced some products that can function for themselves without humans monitoring them. Such strategies to reduce costs on inputs have led to unexpected workers’ layoffs within some organization. Research suggest most smart, connected tend to experience glitches that have led multiple drawbacks in corporations on matters regarding profit maximization and loss of revenue. Porter suggests that these products are defenseless to a similar kind of refusal of administration assault that overpowers servers and systems with a surge of getting demands. In any case, smart, connected have a weakness, and the effect of interruptions can be more extreme. Hackers can take control of an item or benefit of the touchy information that moves between it, the producer, and the client. Recently, on a TV program, DARPA showed how a programmer manipulates ultimate control of an automobile’s acceleration and braking, for instance. The hazard postured by malicious programmers entering an airplane, cars, medical paraphernalia, generators, and other associated items could be far more prominent than the dangers from a break of a business email server (Porter & Heppelmann, 2015). These activities have posed a significant threat to businesses in the current market. Additionally, when an organization depends on a system, which then is hacked will result to operations cessation that will initiate losses to a firm.
Conclusion
“Internet
of Things” has created a network where companies are on the verge to stay
updated with the new technologies in the market that will foster their
productivity levels. Thereby, posing stiff competition on rival firms, overdependence on such devices,
and laying off workers. Furthermore, technologies have its emerging problems
such as hacking. Alternatively, smart, connected products have more advantages
to the firm as well as customer experience. These changes greatly impact on
businesses to change their strategies and keep on updating their smart,
connected products.
References
Porter, M. E., & Heppelmann, J. E. (2014). How smart, connected products are transforming competition. Harvard Business Review, 92(11), 64-88.
Porter, M. E., & Heppelmann, J. E. (2015). How smart, connected products are transforming companies. Harvard Business Review, 93(10), 53-71.
