Autor: Eduard Rüsing

Augmented Reality has the potential to radically change both our private environment and the world of work over the coming years and decades. In a study, Prof. Michael E. Porter (Harvard Business School) and James E. Heppelmann, President and CEO of PTC, examine what Augmented Reality is, which technologies and applications will make them so important in the future, and how AR will be implemented in business practice. For example, augmented reality will change the way we learn, how we make decisions, or interact with the physical environment. But AR is not just another communication channel, but a completely new way to get in touch with people. Augmented reality is intended to bridge the gap between man’s limited mental capacity and receptivity and the ever-growing amount of data and insight that the virtual, digital product world provides.

The expanded capabilities of smart connected products will not only deeply affect market strategies and industrial structures. A study by Prof. Michael E. Porter (Harvard Business School) and Jim Heppelmann, President and CEO, PTC, reveals that most all core manufacturing functions e.g. product development, production process, sales or service, will be redefined. In addition, completely new functions and jobs will emerge. These changes will not be easy and come with many uncertainties. But companies that successfully make the transformation will reap strong rewards down the road.

The vision is of the “Smart Connected World”, in which every “thing” in the Internet of Things has a name, can go online and can be communicated with individually via Internet. The vision can be quickly formulated, but the journey there is a rather painstaking evolution as opposed to a disruptive one. That is the result of an international study by market research experts of Oxford Economics who along with PTC researched the status of the development and the market presence of smart connected products (SCP) in the manufacturing industry. Integration and data security were named as significant challenges to be overcome on the journey into an IoT world.

A study of the international manufacturing industry undertaken by Oxford Economics and PTC revealed that nearly 70 percent of the executives surveyed believe that a radical transformation of their companies’ business operations is inevitable within the next three years. The study analyzes the seven main forces influencing the global manufacturing market and discusses strategies that can ensure companies will be able to compete internationally. Process changes can lead to opportunity when completely new business models are discovered.