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#News(General) [ via IoTForIndiaGroup ]
The idea of ownership is outdated, says Jamie Bennett, VP of Engineering, IoT and Devices at Canonical. Within physical and digital spaces alike, businesses are turning to subscription-based offerings to better suit the demands of their customers – software is sold in installments; renting is the de facto scenario for a young, aspirational generation; and servitisation is transforming large-scale industries at pace.
Ownership once guaranteed value because people felt invested in what they had. But it also led to rigidity, a lack of choice, and reduced innovation. The explosion of new technologies in recent years – from big data to the Internet of Things (IoT) – has put ownership in an uneasy position.
We may never own a bike, a book, or desk space again: singular business transactions will be replaced by an ecosystem of service-ship, measuring worth in terms of outcome, not products.But IoT will provide the foundation for smarter services – a toothbrush, for example, will not just clean your teeth but measure dental hygiene over time; trainers will track fitness objectives as you go from A to B; and fridges will understand the smallest dietary requirements to become part of people’s ever-changing lifestyles. The potential for IoT to transform business models and open new monetary channels is almost limitless when every device is connected to the internet.
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