Entrepreneurial Management Capabilities

BUSM7028 Entrepreneurial Management Capabilities

Quarter 4, 2022

Ideation Proposal

BUSM7028 Entrepreneurial Management Capabilities

Quarter 4, 2022

Ideation Proposal on integrating IOT for smart home appliances

Tanjimul Hoque Patowary(19916356), [email protected]

Idea Description

My proposed product is more of a smart ecosystem for home using internet of things technology. One potential application of IoT technology is in the creation of new products. By using sensors embedded within existing products or developing entirely new products that incorporate sensors, businesses can gather critical information about user behavior patterns or environmental conditions. This information can then be used to develop improved versions of current products or create entirely new ones based on customer feedback. Furthermore, by connecting these sensor-equipped Products together into networks, companies can establish “smart” ecosystems in which all members cooperate towards common goals. In this way, businesses can harness the power of collective intelligence to optimize processes and make wiser decisions with regards to product design & development. (AbuNaser and Alkhatib, 2019).

Initial comments on possible market gaps/opportunities.

There are a number of possible gaps in the market for the smart ecosystem for home using internet of things technology. Here are a few examples:

A lack of seamless integration between different devices and platforms. Systems that are currently available tend to be designed with one specific platform in mind, such as iOS or Android (Jabbar et al., 2019).
Lack of interoperability between different sensors and other data sources. Many devices on the market today only accept data from certain types of sensors, which limits their usefulness overall. For example, temperature readings from weather stations often cannot be used by security systems due to differences in protocols (Malche and Maheshwary, 2017).

Initial comments on value to be created from a product and ”service” perspective.

The smart ecosystem for home using internet of things technology is expected to create value for the customers by providing them with a variety of benefits. These benefits include improved safety and security, convenience and ease of use, cost savings, enhanced lifestyle options, and more. Here are some of the key benefits of the smart ecosystem:

Improved security: With multiple devices monitoring various aspects of your life, you’ll be much less likely to fall victim to theft or attack. Home security systems are now a reality thanks to the proliferation of CCTV footage recordings. The same principle applies to other areas such as health care and energy consumption – having multiple sources monitoring data allows for more reliable predictions and better preventive measures.
Greater convenience: Thanks to sensors embedded in all kinds of appliances, appliances can now be controlled remotely from any device with an internet connection (or even without one). This includes everything from your refrigerator monitor cheese placements down throughto your thermostat .
Enhanced productivity: Smart ecosystems let us automate tasks that were once difficult or time consuming (such as checking laundry status or turning on lights when we enter a room). These automated actions save time by eliminating mindless repetition , freeing up mental bandwidth that could be put towards creative endeavors instead.

One to three key summarised issues you can see that may impact advancing your idea toward a feasibility study

When it comes to implementing a smart ecosystem for home, there are several potential issues that could arise. Some of the most common problems include:

Lack of understanding among team members: It can be difficult to get everyone on board with a new smart ecosystem initiative, especially if they don’t understand how technology works. This is why it’s important to create an environment in which IT professionals and other team members can share information and collaborate easily (Risteska Stojkoska and Trivodaliev, 2017; Singh et al., 2019).
Security concerns: Even if everyone understands the benefits of a smart ecosystem, there may still be some hesitation about sharing sensitive data or personal information online. Make sure you have robust security measures in place so that data doesn’t fall into the wrong hands (AbuNaser and Alkhatib, 2019).
Inability to manage large volumes of data: A big part of using a smart ecosystem is being able to access and use large amounts ofdata quickly and efficiently. If your infrastructure isn’t up for the task, you will likely experience performance issues and frustration from users who want access to their data now (Park et al., 2017).

REFERENCES

AbuNaser, M. and Alkhatib, A.A.A. (2019). Advanced survey of Blockchain for the Internet of Things Smart Home. 2019 IEEE Jordan International Joint Conference on Electrical Engineering and Information Technology (JEEIT). doi:10.1109/jeeit.2019.8717441.

Almusaylim, Z.A. and Zaman, N. (2018). A review on smart home present state and challenges: linked to context-awareness internet of things (IoT). Wireless Networks, 25(6), pp.3193–3204. doi:10.1007/s11276-018-1712-5.

Jabbar, W.A., Kian, T.K., Ramli, R.M., Zubir, S.N., Zamrizaman, N.S.M., Balfaqih, M., Shepelev, V. and Alharbi, S. (2019). Design and Fabrication of Smart Home With Internet of Things Enabled Automation System. IEEE Access, [online] 7, pp.144059–144074. doi:10.1109/ACCESS.2019.2942846.

Malche, T. and Maheshwary, P. (2017). Internet of Things (IoT) for building smart home system – IEEE Conference Publication. Ieee.org. [online] doi:10.1109/I-SMAC.2017.8058258.

Park, E., Cho, Y., Han, J. and Kwon, S.J. (2017). Comprehensive Approaches to User Acceptance of Internet of Things in a Smart Home Environment. IEEE Internet of Things Journal, 4(6), pp.2342–2350. doi:10.1109/jiot.2017.2750765.

Risteska Stojkoska, B.L. and Trivodaliev, K.V. (2017). A review of Internet of Things for smart home: Challenges and solutions. Journal of Cleaner Production, 140(3), pp.1454–1464. doi:10.1016/j.jclepro.2016.10.006.

Singh, S., Ra, I.-H., Meng, W., Kaur, M. and Cho, G.H. (2019). SH-BlockCC: A secure and efficient Internet of things smart home architecture based on cloud computing and blockchain technology. International Journal of Distributed Sensor Networks, 15(4), p.155014771984415. doi:10.1177/1550147719844159.