Businesses are always trying to limit any form of disruption to their operations. Which is reasonable considering that the standard business model is to find ways to maximize profits, while maintaining operations in an efficient and cost-effective manner. Perhaps the biggest threat in this regard, is a company’s desire to innovate. Let’s explore four ways Geotab has embraced disruptive innovation in the Telematics space.
What Is Disruptive Innovation?
Disruptive innovation is defined by Investopedia as any technology or ideas whose application significantly affects the way a market or industry functions. This could also involve companies or ideas trying to build a new market and value network that could potentially disrupt current market and value networks.
A recent article in Business Times, states that “enterprises often stand in their own way by stalling disruptive innovations or ideas out of sheer loyalty to their core businesses”. Essentially, a reluctance to be open-minded and diversify your business model can allow new trends to evolve the demand of the market around you.
How Disruptive Innovation Changes the Game?
An example of this can be seen with how Netflix disrupted the DVD renting industry. At one-point Blockbuster were leading the charge in DVD rentals. But with advances in technology and consumer preferences shifting towards greater accessibility of content, Netflix was able to make its services more creative and modernized to fit this model, whereas Blockbuster fell short.
How Geotab Has Stayed Relevant?
In the face of this, Geotab has introduced the following disruptive technologies/ideas:
- Source and Destination
- Automation and Integration
- Partnerships with OEM’s
- SMART Fleet
Source and Destination
Source and Destination is a tool that offers real-time data and visualization to productivity managers to ensure optimal operation of equipment and resources. This offers to disrupt the way mines traditionally measure productivity, monitor vehicle usage and record material moved from one point to another. Managers would previously have to be on-site to manually track mine operations, but Source and Destination is making it possible to view a mine holistically and remotely.
Automation and Integration
As we move towards the future, customers are looking for convenience and efficiency in terms of how they receive information. To accommodate for this Geotab’s data can be automated through scheduled reporting and live dashboards. By having a web-based based platform with an open-source SDK, we have made it easier for customers to integrate data from the MyGeotab platform, with their own management systems. These tools disrupt the standard methods of how we receive and view information and how accessible it can be made to everyone.
Partnership with OEM’s
The future of OEM’s is growing at an incredibly fast past. Globe Newswire estimates that embedded telematics units are forecasted to increase from 41% in 2018 to 82% to by 2024. Further to this the number of telematics subscribers estimated at 80.4 million in 2018 is estimated to grow as much as 339.3 million by 2024. With OEM’s looking at increased offerings such as vehicle monitoring, maintenance and security they threaten to disrupt the telematics environment especially for aftermarket telematics providers.
Recognizing this, Geotab partners with OEMs such as Ford, Volvo & Mack to provide integrated telematics solutions that allow consumers to view the manufacturer’s vehicle data on a single platform that also accommodates those requiring a third-party device. Read more on Geotab’s OEM Telematics Platform.
SMART Fleet
SMART is a term that is driving the future of the automotive realm. By creating a network of devices that can connect, communicate and interchange data between one another, the world is taking confident strides in the Smart fleet movement. Fleetwatch recently reported on the International Federation of Freight Forwarders Association (FIATA). The event under the theme of “Where Technology and Logistics Meet’’, discussed how digitisation is needed to steer the logistics industry towards becoming more resource efficient, faster and more responsive to customer needs.
Geotab allows fleets to become smarter. The sensors and auxiliary add-ons installed to measure various outputs of our customer’s fleet all communicate and exchange data with our Geotab telematics device, which is itself connected to the internet via the MyGeotab platform. Insights that are gained from this data offer solutions to problems such as traffic congestion, poor road conditions and unsafe driving areas. Read more on how Geotab is helping enable smart cities.
Conclusion
In the famous words of El-Hajj Malik El-Shabazz, better known as Malcolm X, the future belongs to those who prepare for it today. It will take time for businesses to adapt to an ever-changing market, but sometimes innovation requires a level of disruption, in order to take your business to the next level.
Author: Stuart Munien | Sim Card Administrator, Geotab Africa
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