Module - Skills for Business Enquiry
Class or Article - Article
Lesson or Name - Porter, Michael E. and Heppelmann, James E. (2014) 'How Smart, Connected Products Are Transforming Competition', Harvard Business Review, 92(11): 64-88.
Additional Info - 118-119
Precis
Michael E Porter and James E Heppelmann’s, article, “How Smart, Connected Products Are Transforming Competition” (2014), argues that smart, connected devices are re-shaping and re-defining industry boundaries, business models and products offerings. Porter and Heppelmann propose by addressing the requirements and benefits of a connected product infrastructure, they should also consider their business’ strategies short term to secure their position long term. Porter and Heppelmann’s purpose is to present the change in industry boundaries and their products that smart connected devices will have, in order to better prepare business for their future marketplace. The article highlights the need for companies to consider their future role now in order to prepare and secure their position in the future marketplace by stating “ Shifting boundaries mean that companies that have been industry leaders for decades may find themselves playing more of a supporting role in a broader landscape.”
Reflection
The Internet of Things (IOT) has the opportunity to offer an unparalleled opportunities for companies to scale, transform, innovate or cease to exist. The landscape in which organisation exist and co-exist is shifting underneath them and all around them and if companies are not strategising or planning in effect how to deal with this change they could see themselves ceasing to exist or trade in the future. The idea of IOT as the third wave of the technology industry is something I feel it quiet apt when you consider the size of the potential future market and the shift in consumer behaviour and understanding.
I feel for companies who are not observing this area and feel that their will not effect them might be nieve. One recommendation I have upon my reflection is to scenario plan and strategise where you want to play in the future marketplace.
There are alot of questions still be be answered and understood such as the technology stack and what makes up the interface of IOT. This in itself has opportunity and threat which companies and organisations need to be considering.
The Internet of Things, the next big revolution in consumer technology. Will this era reveal the next apple? or create the first trillion dollar company or person?
Quotes
I feel for companies who are not observing this area and feel that their will not effect them might be nieve. One recommendation I have upon my reflection is to scenario plan and strategise where you want to play in the future marketplace.
There are alot of questions still be be answered and understood such as the technology stack and what makes up the interface of IOT. This in itself has opportunity and threat which companies and organisations need to be considering.
The Internet of Things, the next big revolution in consumer technology. Will this era reveal the next apple? or create the first trillion dollar company or person?
Quotes
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