“Take the jet engine. It has about 20 sensors that capture real-time continuous data — temperature, engine performance, etc. If I can take that data and use it to model a consumer outcome — say, more time on the wing or less fuel burn — that’s worth an awful lot of money to my customers. A 1 percent change in fuel burn for an airline is worth hundreds of millions of dollars.”
“Most of the writing you see about the economy speaks to narrow questions: What will growth be this year? When will the unemployment rate get back to normal? And so on. But the things that will determine standards of living a generation from now have almost nothing to do with this month’s jobs report or the Federal Reserve’s latest policy meeting. Those determinants, instead, depend on companies’ innovations — in particular, whether those innovations turn out to have major economic consequences.”
These days, it’s hard to escape the Internet. It seems like everything from your espresso maker to your eyeglasses are connected to the Web. While there’s been a lot of discussion about the Internet’s impact on our IQ, a new infographic explores how companies and municipalities deploying smart technologies can improve our lives.
By 2015, not only 75% of the world’s population will be connected to the Internet – so will 6 billion devices. Clearly, when things are networked, that has an impact on how actual value is produced. In many cases, it is no longer the manufactured product that is the focus, but rather the web-based service that users access through that device.
Warby Parker is opening up its first full-fledged store and is using sensors, Wi-Fi and other technology to understand how people use their retail space, and take that data and marry it with their online sales trends.