Q1: How would you describe the current state of IoT?
A1: It depends on your position within the value chain. For established organizations, with strong balance sheets, strategic opportunities have begun to emerge that did not exist last year. Quantifiable ROI is the key. Anywhere a solution lowers costs or increases efficiencies in measurable ways it will be adopted quickly. Given the current economic climate, the ability of an organization to provide true value within IoT will soon become apparent. In the long run this will prove to be beneficial as organizations consolidate and ultimately simplify the IoT Marketplace.
Q2: Where are the successes in IoT right now?
A2: From a broad perspective it is around labor-intensive end user applications. The marketplaces where we see the greatest movement has been in Logistics, Oil & Gas, Automotive, Asset Tracking, and Agriculture. For example, our Agricultural tank monitoring and location solution eliminates manual monitoring of critical infrastructure. Infrastructure which is used in heating, drying, and processing of the nation’s food supply. By eliminating waste, we can help farmers increase yields and ultimately pass those benefits on to the consumer. Furthermore, we can then easily monitor and track the food as it is transported to its final location. This helps eliminate spoilage due to unfavorable transport conditions. All these benefits ultimately lower costs.
Q3: How has the market evolved from last year and how has CoreKinect responded?
A3: With the COVID outbreak, we have seen a sizeable shift towards products catered around this threat. Contact tracing, social distance monitoring in the workplace, and critical asset management just to name a few. In addition, there is a laser like focus currently on tracking medical equipment. We have use cases where the medical staff cannot find critical medical gear at the hospital. The hospital staff knows that they have a piece of equipment, but they cannot find it! As hospital capacity is squeezed, locating critical assets becomes paramount. Lastly, solutions which provide authenticity along with an auditable chain of trust for products such as pharmaceuticals, vaccines, and high value consumables will continue to gain adoption.
Q4: This summer you announced a manufacturing partnership with Benchmark. Describe the relationship and why is it important?
A4: Benchmark gives us the scale, breadth, and expertise across a wide number of industries such as aerospace and defense, industrial, medical, surveillance, and smart city. CoreKinect can now provide fully customized hardware solutions, allowing customers to achieve scale without compromising on quality or flexibility. Through use of our proprietary hardware architecture, CoreKinect serves our B2B partners by providing purpose-built solutions, in the USA, at disruptive price points. This allows us to continuously be flexible depending on the needs of our customers.
In addition to the combined expertise, the proximity of their corporate office and manufacturing facility gives us a competitive advantage that not many others have. Combined with CoreKinect’s engineering expertise, it is a winning combination.
Q5: What are your industry predictions for 2021?
A5: First, the race for 5G market share, coupled with increased geopolitical tensions, will force the marketplace to reexamine its value/supply chain which will present enormous opportunities. Second, lower network costs, customizable hardware, and advanced analytical platforms will open a wide range of new use cases that were not commercially viable previously. Lastly, the speed at which companies need to deploy and use new technologies will increase dramatically. New product designs and customizations should take weeks, not months or years. Advanced platforms will provide real time insights driving operational efficiencies. All of which will m
ake it easier to justify the ROI of any given use case.
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