Emerging Techologies - UNIT-4
Emerging Techologies - UNIT-4
Emerging
1
Technologies
Contents
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Meaning of Internet of Things
Components of IoT
Benefits of IoT
Types of Product – Service hybrid
Examples of IoT enabled Innovations
Impact of IoT on Business
Future of IoT
Case Study on IoT
Cont….
Contents
3
Innovative Leadership & Network
Leadership, Skills and Characteristics
for Innovative Leadership
Meaning of Innovation Network
Significance of Innovation Network
Steps to Build an Innovation Network
Define Social Media Analysis,
s
Meaning of Internet of Things
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Impact of IoT on Business
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Remote Work
With IoT technology, there is no need of physical presence of
human beings to handle work at the venue.
If the business does not have to deal with physical inventory, then
maximum use of IoT technology can be made because it allows
the employees to connect and work remotely,
Studies have proven that remote workers are happier and more
productive, thereby significantly improving business functions.
Skilled Workers
The fact that IoT devices and software require basic knowledge
and the ability to interact with technology makes it necessary for
businesses to focus on recruiting skilled workers who can handle
IoT technology efficiently.
Future of IoT
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Future of IoT
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Future of IoT
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Future of IoT
29 By 2025, it is estimated that there will be more than to 21 billion
IoT devices
More cities will become “smart”. Cities will be able to automate,
remotely manage, and collect data through things like visitor
kiosks, video camera surveillance systems, bike rental stations, and
taxis.
Artificial intelligence will continue to become a bigger thing.
Smart home hubs, thermostats, lighting systems, and even coffee
makers collect data on your habits and patterns of usage.
5G Networks will continue to fuel IoT growth. They would
provide greater speed and the ability to connect more smart devices
at the same time.
Faster networks mean the data accumulated by the smart devices
will be gathered, analyzed and managed to a higher degree.
The development of driverless cars as well as the connected
vehicles already on the road will benefit from data moving faster.
Innovative Leadership
30 In the rapidly changing world today, it is crucial for
organizations to be innovative in order to stay competitive in the
market and ensure continued success.
This need for innovation has brought on a requirement for
leaders who are capable of influencing and inspiring creative
efforts.
An innovative leader recognizes a great idea – perhaps devised
by a subordinate – and envisions the path that leads to that
idea’s becoming a reality.
Creative genius is less important in an innovative leader than is
the ability to form a vision around an idea or set of ideas.
And once the innovative leader has formed that vision, he/she
shares it with employees, suppliers and business partners the
vision as well as enthusiasm for turning that vision into a reality.
Characteristics of Innovative Leadership
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i. Risk tolerance
ii. Domain expertise
iii. Openness
iv. Low anxiety
v. Emotional stability
vi. Confidence
vii. Action oriented
viii.Collaborative inquiry
ix. Serious play
x. Paying attention
Characteristics of Innovative Leadership
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Risk tolerance:
Innovation is synonymous with creativity.
Free-flowing creativity involves a great deal of risk.
A leader should have high level of tolerance.
He/she should have the uncanny knack to consider
all possible eventualities to make well-calculated
risks.
Domain expertise:
Leaders must have the required domain expertise to
communicate effectively with their team,
Understand the inherent risks and advantages of a
creative idea.
Characteristics of Innovative Leadership
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Openness
Leaders should be receptive and open to exploring the idea
when team members come up with a new idea,
Openness to new ideas, even radical ones, significantly
contributes to the creation of a highly innovative climate in
the organization.
Low anxiety levels
Anxiety is contagious, especially if it comes from a leader.
Leaders should have typically low levels of anxiety.
This helps them create an environment where people feel
comfortable and secure, rather than anxious and threatened.
Characteristics of Innovative Leadership
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Emotional stability
An innovation leader should be grounded with emotions under control.
For example, huge swings from an elated mood to depression, and then
back to elation is not desired. Ideally, an innovation leader is wired to be
happy and positive.
Confidence
Even in face of swiftly changing business environment, a leader should
have the confidence in his/her ability to succeed, and hold the belief that
the outcomes are likely to be positive even in the face of unknown risks.
Action oriented
All work and no play makes Jack a dull boy, and dullness rarely sparks
innovation.
Innovation requires having fun and bending of rules.
Leaders should generate insight and knowledge through non-traditional
ways such as experimentation, free exploration, improvisation, and rapid
prototyping.
Characteristics of Innovative Leadership
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Paying attention
Paying attention means being a keen observer,
looking deeply at the situation, and perceiving new
patterns and details.
The ability to notice things that may have gone
unnoticed will help innovation leaders make accurate
assessments and figure out the best solution to a
problem.
Innovation Network
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Definition:
A structured network of N organizations sharing common
goals related to research and/or development of new
products/technologies (e.g. The Human Genome Project).
This network type is characterized by a decentralized
structure, low-medium competition and uncommon scope of
operations among members.
Innovation network is a complex linkage of several
co-operative partners who agree on and practice an
intentional, lasting and interactive co-operation based on
the division of labor for the innovation process.
Innovation Network – Example
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Innovation Network – Examples
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Peer to peer networks: Non-competitive, or even
competitive companies sharing insights and co developing
Supply chain networks: Innovation across the value chain
Internal networks: Forums and mechanisms to share
knowledge and ideas within large, distributed organizations
“Feeder” networks: Larger, centralized entity leveraging
external partners in coordinated development.
Customer/User group networks: Advisory groups or other
forums designed to involve customers in bringing forward
both needs and customer-developed solutions.
Events and forums: Discrete events aimed at creating and
nurturing a network of innovators.
Innovation Network – Types
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There are two types of Innovation Networks:
Internal Innovation Network:
It serves to bring together the internal business units
that have a common issue which they cannot solve
themselves.
For these types of issues, the internal network provides
strategic direction, operational infrastructure and
support as partnerships develop.
The internal network serves to build bridges throughout
the organization as new ideas impact people and
processes outside the original innovation network.
Innovation Network – Types
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External Innovation Network
It consists of individuals, small and large corporations,
startups, academic and government institutions that are
outside the organization and who are willing to
collaborate to create new ideas, products, services or
business models.
Informally launch
Create early relationships via informal interaction
events and forums.
The focus of these early efforts can simply be the
sharing of best practices across the group.
From these interactions, nurture one-to-one
relationship building.
Informal launch provides everyone with the
opportunity to test interest and fit without the
pressure of formal evaluation and judgment for
acceptance and rejection.
Steps to Build An Innovation Network
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Formalize and manage the network:
As the informal events continue, it becomes important for more
formal mechanisms to be put in place for more efficient
management of the process.
Also ensure that the network is focused on addressing the
problem statements in the original charter.
Often this includes online collaboration tools and forums to
permit synchronous or asynchronous collaboration around
problems and ideas.
The goal in formalizing innovation networks is to create the
‘sense of community’
An effective way to create this sense of community is to create
opportunities for shared experiences.
Steps to Build An Innovation Network
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Experiment and measure:
Open innovation is not a linear process and it is complex.
The key is to use innovation networks to continually scan for
both needs (trends, problems, opportunities) and solutions
(technologies, products, companies).
These networks and the initiatives within them need to be
treated as strategic experiments.
Steps to Build An Innovation Network
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Experiment and measure:
Open innovation is not a linear process and it is complex.
The key is to use innovation networks to continually scan for
both needs (trends, problems, opportunities) and solutions
(technologies, products, companies).
These networks and the initiatives within them need to be
treated as strategic experiments.
Define Social Media Analytics
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Google Analytics
Even though Google Analytics has been mainly designed to
analyze the web performance of the website, it also offers
plenty of insights about social media, for example:
Sources of social media traffic to your website: Discover
what social media platform brings the most visitors.
Goals completions for social media posts: Assign goals and
analyze their completion
Conversions from social media posts: Assign revenue to
conversions in social media
Assisted social media conversions: See if any of the social
media platforms contributed to a conversion
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