BUS 478 Lecture Notes - Lecture 17: Smart, Connected Products, Smart Parts, Irobot

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 478
• Professor: Daniela Blettner

Document Summary

Week 2: how smart, connected products are transforming competition. The first two waves of it driven competition gave rise to huge productivity gains and growth across the economy. Now, in the third wave, it is becoming an integral part of the product itself. Smart components amplifying the capabilities and value of the physical ones sensors , microprocessors, data storage, controls, software, etc. Connectivity components increases capabilities and value of the smart parts to exist outside the physical. Antennae, protocol enabling wired/wireless connection with the product. Monitoring: enable the comprehensive monitoring of a product"s condition, operation, and external environment through sensors and external data sources. Control: can be controlled through remote commands or algorithms that are built into the device or reside in the product cloud. Optimization: smart, connected products can apply algorithms and analytics to in-use or historical data to dramatically improve output, utilization, and efficiency.