Smart products

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Recent innovations in mobile and sensor technologies allow for creating a digital representation of almost any physical entity and its parameters over time at any place. RFID technologies, for instance, are used to ground digital representations, which are used to track and geo-reference physical entities. In general, physical worlds and digital representations become tightly interconnected, so that manipulations in either would have effect on the other.

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Integration of information and communication technologies into products anywhere and anytime enable new forms of mobile marketing in respect to situated marketing communication, dynamic pricing models and dynamic product differentiation models. As Fano and Gershman state: "Technology enables service providers to make the location of their customers the location of their business". [1]

Smart products are specializations of hybrid products with physical realizations of product categories and digital product descriptions that provide the following characteristics:

The vision of smart products poses questions relevant to various research areas, including marketing, product engineering, computer science, artificial intelligence, economics, communication science, media economics, cognitive science, consumer psychology, innovation management and many more.

Since smart products combine a physical product with additional services, they are a form of product service system.

Categories of smart products

The term smart product can be confusing as it is used to cover a broad range of different products, ranging from smart home appliances (e.g., smart bathroom scales or smart light bulbs) to smart cars (e.g., Tesla). While these products share certain similarities, they often differ substantially in their capabilities. Raff et al. developed a conceptual framework that distinguishes different smart products based on their capabilities, which features 4 types of smart product archetypes (in ascending order of "smartness") [2]

See also

Related Research Articles

Ubiquitous computing is a concept in software engineering, hardware engineering and computer science where computing is made to appear anytime and everywhere. In contrast to desktop computing, ubiquitous computing can occur using any device, in any location, and in any format. A user interacts with the computer, which can exist in many different forms, including laptop computers, tablets, smart phones and terminals in everyday objects such as a refrigerator or a pair of glasses. The underlying technologies to support ubiquitous computing include Internet, advanced middleware, operating system, mobile code, sensors, microprocessors, new I/O and user interfaces, computer networks, mobile protocols, location and positioning, and new materials.

<span class="mw-page-title-main">Sales</span> Activities related to the exchange of goods

Sales are activities related to selling or the number of goods sold in a given targeted time period. The delivery of a service for a cost is also considered a sale. A period during which goods are sold for a reduced price may also be referred to as a "sale".

<span class="mw-page-title-main">Pricing</span> Process of determining what a company will receive in exchange for its products

Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of product.

Personalized marketing, also known as one-to-one marketing or individual marketing, is a marketing strategy by which companies leverage data analysis and digital technology to deliver individualized messages and product offerings to current or prospective customers. Advancements in data collection methods, analytics, digital electronics, and digital economics, have enabled marketers to deploy more effective real-time and prolonged customer experience personalization tactics.

Context awareness refers, in information and communication technologies, to a capability to take into account the situation of entities, which may be users or devices, but are not limited to those. Location is only the most obvious element of this situation. Narrowly defined for mobile devices, context awareness does thus generalize location awareness. Whereas location may determine how certain processes around a contributing device operate, context may be applied more flexibly with mobile users, especially with users of smart phones. Context awareness originated as a term from ubiquitous computing or as so-called pervasive computing which sought to deal with linking changes in the environment with computer systems, which are otherwise static. The term has also been applied to business theory in relation to contextual application design and business process management issues.

<span class="mw-page-title-main">Smart device</span> Type of electronic device

A smart device is an electronic device, generally connected to other devices or networks via different wireless protocols that can operate to some extent interactively and autonomously. Several notable types of smart devices are smartphones, smart speakers, smart cars, smart thermostats, smart doorbells, smart locks, smart refrigerators, phablets and tablets, smartwatches, smart bands, smart keychains, smart glasses, and many others. The term can also refer to a device that exhibits some properties of ubiquitous computing, including—although not necessarily—machine learning.

<span class="mw-page-title-main">Mobile device</span> Small, hand-held computing device

A mobile device, also referred to as a digital assistant, is a computer small enough to hold and operate in the hand. Mobile devices typically have a flat LCD or OLED screen, a touchscreen interface, and digital or physical buttons. They may also have a physical keyboard. Many mobile devices can connect to the Internet and connect with other devices, such as car entertainment systems or headsets, via Wi-Fi, Bluetooth, cellular networks, or near-field communication. Integrated cameras, the ability to place and receive voice and video telephone calls, video games, and Global Positioning System (GPS) capabilities are common. Power is typically provided by a lithium-ion battery. Mobile devices may run mobile operating systems that allow third-party applications to be installed and run.

<span class="mw-page-title-main">Ambient intelligence</span>

Ambient intelligence (AmI) is a term used in computing to refer to electronic environments that are both sensitive and responsive to the presence of people. The term is generally applied to consumer electronics, telecommunications, and computing.

Smart environments link computers and other smart devices to everyday settings and tasks. Smart environments include smart homes, smart cities, and smart manufacturing.

<span class="mw-page-title-main">Digital marketing</span> Marketing of products or services using digital technologies or digital tools

Digital marketing is the component of marketing that uses the Internet and online-based digital technologies such as desktop computers, mobile phones, and other digital media and platforms to promote products and services. Its development during the 1990s and 2000s changed the way brands and businesses use technology for marketing. As digital platforms became increasingly incorporated into marketing plans and everyday life, and as people increasingly used digital devices instead of visiting physical shops, digital marketing campaigns have become prevalent, employing combinations of search engine optimization (SEO), search engine marketing (SEM), content marketing, influencer marketing, content automation, campaign marketing, data-driven marketing, e-commerce marketing, social media marketing, social media optimization, e-mail direct marketing, display advertising, e-books, and optical disks and games have become commonplace. Digital marketing extends to non-Internet channels that provide digital media, such as television, mobile phones, callbacks, and on-hold mobile ringtones. The extension to non-Internet channels differentiates digital marketing from online marketing.

The Internet of things (IoT) describes devices with sensors, processing ability, software and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks. The Internet of things encompasses electronics, communication, and computer science engineering. "Internet of things" has been considered a misnomer because devices do not need to be connected to the public internet; they only need to be connected to a network and be individually addressable.

<span class="mw-page-title-main">Smart city</span> City using integrated information and communication technology

A smart city is a technologically modern urban area that uses different types of electronic methods and sensors to collect specific data. Information gained from that data is used to manage assets, resources and services efficiently; in return, that data is used to improve operations across the city. This includes data collected from citizens, devices, buildings and assets that is processed and analyzed to monitor and manage traffic and transportation systems, power plants, utilities, urban forestry, water supply networks, waste, criminal investigations, information systems, schools, libraries, hospitals, and other community services. Smart cities are defined as smart both in the ways in which their governments harness technology as well as in how they monitor, analyze, plan, and govern the city. In smart cities, the sharing of data is not limited to the city itself but also includes businesses, citizens and other third parties that can benefit from various uses of that data. Sharing data from different systems and sectors creates opportunities for increased understanding and economic benefits.

A smart object is an object that enhances the interaction with not only people but also with other smart objects. Also known as smart connected products or smart connected things (SCoT), they are products, assets and other things embedded with processors, sensors, software and connectivity that allow data to be exchanged between the product and its environment, manufacturer, operator/user, and other products and systems. Connectivity also enables some capabilities of the product to exist outside the physical device, in what is known as the product cloud. The data collected from these products can be then analyzed to inform decision-making, enable operational efficiencies and continuously improve the performance of the product.

Smart-M3 is a name of an open-source software project that aims to provide a Semantic Web information sharing infrastructure between software entities and devices. It combines the ideas of distributed, networked systems and semantic web. The ultimate goal is to enable smart environments and linking of real and virtual worlds.

Digital transformation is the process of adoption and implementation of digital technology by an organization in order to create new or modify existing products, services and operations by the means of translating business processes into a digital format.

Ubiquitous Commerce also known as U-Commerce, u commerce or uCommerce, refers to a variety of goods and/or services. Sometimes, it is used to refer to the wireless, continuous communication and exchange of data and information between and among retailers, customers, and systems regardless of location, devices used, or time of day.

<span class="mw-page-title-main">Digital object memory</span>

A digital object memory (DOMe) is a digital storage space intended to keep permanently all related information about a concrete physical object instance that is collected during the lifespan of this object and thus forms a basic building block for the Internet of Things (IoT) by connecting digital information with physical objects.

<span class="mw-page-title-main">Fourth Industrial Revolution</span> Current trend of manufacturing technology

"Fourth Industrial Revolution", "4IR", or "Industry 4.0" is a buzzword and neologism describing rapid technological advancement in the 21st century. The term was popularised in 2016 by Klaus Schwab, the World Economic Forum founder and executive chairman, who says that the changes show a significant shift in industrial capitalism.

Urban informatics refers to the study of people creating, applying and using information and communication technology and data in the context of cities and urban environments. It sits at the conjunction of urban science, geomatics, and informatics, with an ultimate goal of creating more smart and sustainable cities. Various definitions are available, some provided in the Definitions section.

A digital twin is a digital model of an intended or actual real-world physical product, system, or process that serves as the effectively indistinguishable digital counterpart of it for practical purposes, such as simulation, integration, testing, monitoring, and maintenance. The digital twin has been intended from its initial introduction to be the underlying premise for Product Lifecycle Management and exists throughout the entire lifecycle of the physical entity it represents. Since information is granular, the digital twin representation is determined by the value-based use cases it is created to implement. The digital twin can and does often exist before there is a physical entity. The use of a digital twin in the creation phase allows the intended entity's entire lifecycle to be modeled and simulated. A digital twin of an existing entity may be used in real-time and regularly synchronized with the corresponding physical system.

References

  1. Fano, A.E.; Gershman, A. (2002). "The future of business services in the age of ubiquitous computing". Communications of the ACM. 45 (12): 83–87. CiteSeerX   10.1.1.212.4501 . doi:10.1145/585597.585620. S2CID   31971733.
  2. Raff, Stefan; Wentzel, Daniel; Obwegeser, Nikolaus (2020-08-20). "Smart Products: Conceptual Review, Synthesis, and Research Directions*". Journal of Product Innovation Management. 37 (5): 379–404. doi:10.1111/jpim.12544. ISSN   0737-6782. S2CID   225497377.