Porter Prize for Smart and Connected Products
In the 21st century, Information Technology is enabling coordination and integration across the value-chain with customers and business partners. It has transformed the way products and services are creating value and are changing the course of competition.
Smart connected products work in tandem with each other to reap out maximum benefits, they are
- Monitoring the product capabilities: Tracking location, production operation, product condition and the surrounding environment to enable new categories.
- Controlling the smart and connected product: Physical or remote control of product via embedded software or the product cloud to manage real-time data.
- Optimization of product data database: Business logic and big analytical capabilities populate the algorithms that optimize product operation, their use and service and also reveals new product insights