IoT + Digital Convergence with GS1: Two Continents, One Message | Avery Dennison

Avery Dennison Corporate / IoT + Digital Convergence with GS1: Two Continents, One Message

IoT + Digital Convergence with GS1:
Two Continents, One Message

"The pressures of digital transformation, data detox, consumer expectations and new technologies are globally consistent and continuously evolving."

Last week, Rob Pick and I had the pleasure of speaking at GS1 events half a world apart from each other. Rob was with GS1 Hong Kong for the Unleashing Real IoT Business Values Conference, while I was with GS1 US in Phoenix for the Digital Convergence Forum.

digital convergence with GS1

Overall, the central themes were the same:

  1. Consumer First: While there are still very valuable enterprise applications, all eyes are on consumer centric models where speed, information or differentiation are measured in terms of consumer goals and objectives. With consumer expectations increasing every day, one of the hurdles for IoT and digital transformation will be shifting the mindset and decision making from product and company centric to consumer centric objectives.

  2. Big Data, Thick Data : "Not everything valuable is measurable": In a great presentation by Tech Ethnographer Tricia Wang, she revealed that 74% of big data projects are not profitable and 91% of organizations have not reached maturity in data and analytics. Both conferences had focus on the value of capturing big data and equally emphasized the need to make that data actionable. In all cases, that means better synthesis with machine learning and complementing quantitative data with qualitative indicators (thick data).

  3. Digital Twins: Having a virtual representation of a physical thing (product, plant, etc.) can turn data into real-time insights. When the physical asset has a digital counterpart that can analyze, interpret and iterate on sensor data as it is collected, it means faster, better machine learning and accelerated design and modeling.

  4. Blockchain, Blockchain, Blockchain: There were quite a few phenomenal speakers and panels about the functionality, value and implementation of blockchain for provenance. While still early days, it is clear that the demand and opportunity for distributed ledgers is strong. Consumers and supply chains want to establish more speed, trust and access to product and life cycle data for increased transparency.

In short, the pressures of digital transformation, data detox, consumer expectations and new technologies are globally consistent and continuously evolving.

Rob and I share the Avery Dennison vision that everything will be connected. As more and more everyday objects come online, the Identity of Things is just as essential as the Internet of Things. From Hong Kong to Phoenix, the GS1 event explored how these two things are converging to drive the next generation of supply chains, retail and connected products.

*This blog originally appeared on LinkedIn. View it here.

To learn more about Avery Dennison, visit www.averydennison.com.
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