At the core of the transformation that's happening within a firm is value change is this new information, this data that's available from smart connected products. Firms have always had information from their business systems and they have surveys and focus groups to understand what their customers are thinking. But that's a very limited amount of data to help you understand what's going on with my offering or my product and my customer right now.
With smart connected products, you suddenly have these tremendous streams of data coming back at you. High-volume, high variety information, that if decoded, would provide tremendous understanding about the use of your product, the satisfaction of your customer, the amount of value they're receiving and so forth. To unlock the value of this data that's now available to us, we're going to have to both analyze and integrate this data with other sources.
Data Analytics - You can think of this data coming in, in a very raw format. Some people have said data is the new oil. And if data is the new oil, then we're going to need a refinery. Really, a data analytics capability to help us produce very useful by-products out of a very crude, raw initial resource. And so, big data analytics helps us to see patterns and trends in information, that aren't visible to the naked eye.
Data Integration - And we can then integrate that source with other sources of information, coming from our business systems. So that we can understand the full picture of what's happening with our product and our customer. And how we should optimize the situation or react to a problem that's beginning to develop.
Digital Twin and Augmented Reality - Well, in addition to using big data analytics and data integration capabilities, some companies are beginning to deploy techniques like a Digital Twin, Augmented Reality and Virtual Reality. A Digital Twin is a digital representation of a physical product, so that we can see in this digital product what's happening with the physical product. And of course, that's useful for many different reasons. Associated with that, then, are techniques like Augmented Reality and Virtual Reality. Virtual Reality allows us to create a virtual reality understanding of that product and Augmented Reality allows us to take this understanding into the field and to augment back onto the actual product, visually, some of the service notifications or operating procedures. These are all really interesting, powerful, new ways to understand, comprehend, and then act on what that data is telling you.