Innovation Inspiration: Terabytes Of Opportunities

11 Sep 2013|jhall

It’s morning, your bedroom lights just mimicked a sunrise and woke you up after 7 hours and 37 minutes of sleep. You go for your morning run and log in 2.2 miles and 434 calories burned. Back at home, your coffeemaker alerts you that you’re low on beans and suggests you try some from Ethiopia based on your past consumption. On your way to work, your car identifies an alternative route due to road work….

Far-fetched? No. Mobile and wearable technology, along with the Internet of Things (from coffeemakers to cars to lightbulbs) have combined to accelerate the Quantified Self (QS) movement where we track and measure our every move. An explosion of consumer data: terabytes of opportunities to engage.

5 reasons why brands should care about Quantified Self
QS can drive customer engagement and provide brands with amazing customer insights – as can connecting our ‘Things’ to the internet. Cisco calls this the ‘Internet of Everything’ and claims it creates $14.4 trillion in Value at Stake by improving customer experience and driving innovation.

Wearable technology is going mainstream
Google glasses, fitness wrist bands and smartwatches – they’re only the beginning. Forrester Research found that “28 percent of consumers were willing to wear sensors if they were included in clothes versus being tied to a specific device.”

Tech companies are not the only players in this space
One of the most popular wearable tech products is the Nike+ Fuelband: leading Nike to create an incubator program to further stoke the QS phenomenon. Fashion brands will make a play as wearable tech and fashion occupy the same “real estate on the human body.”

Disrupters can come from anywhere
Tracking our health and fitness is growing exponentially, leaving established brands like Weight Watchers to be faced by a deluge of new apps and wearable tech.

How to leverage the Internet of Things
PWC examined how to use technology to encourage engagement, loyalty and help customers achieve their goals. Touchpoints will become more continuous and possibly extend the length of time a consumer engages with a product and the brand.

Connected personal mobility
Cars have been at the forefront of the Internet of Things movement. Companies like Ford are thinking beyond internet services, looking at ways to pre-order a coffee from Starbucks or automatically pay for gas. Start-ups like Dash want all cars to be connected cars.

Babies and pets
Soon we’ll be able to track babies and pets. Wouldn’t it be better to give the pediatrician or vet a factual report of sleep and eating patterns instead of having to rely on memory?

Tracking products and services
Eight examples of life logging; tools to aggregate your data; and soon you’ll be able to wear a sensor on your tooth.

Video: The Internet of Things
From IBM, a nice overview. Watch it here.

Video: Monitor Me
BBC explores the medical revolution that promises to help us live better.

Get in touch if you’d like to hear how Added Value can help you with disruptive innovation.

Written by Jonathan Hall, Managing Director,  Added Value Cheskin.

Image credits: IBM – The Internet of Things.

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