Author:
Brody Paul,Pureswaran Veena
Abstract
Purpose
– The article analyses the market changes that are likely to be produced by and Internet of Things comprised of hundreds of billions of connected devices.
Design/methodology/approach
– Based on an IBM study, the authors foresee an Internet of Things emerging as a low-cost, private-by-design “democracy of devices” that will enable new digital economies and create new value, while offering consumers and enterprises fundamentally better products and user experiences.
Findings
– The IoT creates the ability to digitize, sell and deliver physical assets as easily as with virtual goods today. Using everything from Bluetooth beacons to Wi-Fi-connected door locks to allow customer access, many physical assets will become digital services.
Practical implications
– In a device-driven democracy, conference rooms, hotel rooms, cars and warehouse bays can themselves report capacity, utilization and availability in real-time. By taking raw capacity and making it easy to be utilized commercially, the IoT can remove barriers to fractionalization of industries that would otherwise be impossible.
Originality/value
– The article paints a compelling picture of a future in which the Internet of Things initiates five vectors of disruption by: Unlocking excess capacity of physical assets. 2. Creating liquid, transparent marketplaces. 3. Radical re-pricing of credit and risk. 4. Improving operational efficiency. 5. Digitally integrating value chains.
Subject
Strategy and Management,Strategy and Management
Cited by
29 articles.
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