|By Business Wire||
|February 12, 2013 01:30 AM EST||
Financial headlines Q4 2012
- Revenue down 19% year on year to €289 million
- Gross margin up 7 percentage points year on year to 53%
- One-off tax gain of €80 million; proceeds to be received in H1 2013
- EPS of €0.45 and adjusted EPS1 of €0.13 (Q4 2011: €0.05 and €0.16 respectively)
- Net cash flow from operating activities of €91 million
Financial headlines FY 2012
- Revenue down 17% year on year to €1,057 million
- Gross margin up 2 percentage points year on year to 52%
- OPEX down 12% year on year to €484 million2
- EPS of €0.58 and adjusted EPS of €0.40 (2011: €-1.97 and €0.55 respectively)
- Net debt of €86 million compared to €194 million at the end of 2011
Operational headlines Q4 2012
- HD Traffic 6.0 launched in US powered by 75 million probes
- New LBS portal launched for developers
- PND market share in Europe increased to 50%
- Partnership with LoJack Corporation to drive WEBFLEET sales in North American market
Outlook full year 2013
- Revenue in the range of €900 million to €950 million
- Adjusted EPS of around €0.20; €0.25 adjusted for the introduction of lifetime maps
|(in € millions)||FY '12||FY ‘11||y.o.y. change||Q4 '12||Q4 ‘11||y.o.y. change||Q3 ‘12||q.o.q. change|
|Net result attr. to the group||129||-438||99||12||22|
|EPS, € diluted||0.58||-1.97||0.45||0.05||0.10|
|Adjusted EPS, € diluted||0.40||0.55||-28%||0.13||0.16||-22%||0.14||-10%|
Change percentages are based on non-rounded figures
1 Earnings per share adjusted for impairment, acquisition-related amortisation and restructuring charges on a post-tax basis in 2011 and acquisition-related amortisation on a post-tax basis and the €80 million tax benefit in 2012.
2 Excluding €512 million impairment charge booked in Q2 2011.
TomTom’s Chief Executive Officer, Harold Goddijn
“We delivered financial results in the quarter modestly ahead of expectations with a high gross margin and strong cash flow.
“Early in 2012 we implemented a new product unit structure to increase development efficiency and reduce time to market by componentising our core map, navigation and traffic content and technologies. The year ahead will be a pivotal year as new products start to reach our customers. R&D investments will continue to shift to new technologies, away from legacy technologies, to increase returns.”
We expect the macro-economic situation to remain challenging. In this environment Consumer will focus on broadening its revenue base consistent with its brand while limiting the revenue decline from PNDs. We expect our core PND markets to decline by 15–20% in volume year over year. Automotive revenue development will largely depend on the new car sales and take rates of our current partners. For Licensing we expect revenue to be broadly stable. Business Solutions is expected to continue to grow strongly.
For the group we expect full year revenue of between €900 million and €950 million. We expect to deliver adjusted earnings per share of around €0.20. Adjusted for the negative impact of deferred revenue related to PND introductions with lifetime maps in the European market, this would be €0.25.
Business review Q4 2012
Consumer released an update to the Android app, making it available to a broader range of smartphones.
We launched our new cloud-based Location Based Services (LBS) Platform and Developer Portal. The platform provides developers with the content and tools to create location-enabled applications. These applications include map display, routing, traffic and geocoding.
We launched the latest version of our real-time traffic information service in the US. With over 75 million probes in the US alone, HD Traffic 6.0 is able to report the location and length of traffic jams on highways more accurately than the previous version. During the quarter we signed a partnership with Telenav to deliver TomTom HD Traffic to Telenav's mobile navigation customers.
Automotive is affected by tough conditions for its customers in the European car market. It is progressing well with the execution of its modular strategy. We aim to sell OEMs and their tier one suppliers, easy-to-integrate maps, traffic and navigation components that provide low development cost, fast time-to-market and the best end-user experience for their customers.
Business Solutions grew its WEBFLEET subscriber base in the quarter by 33% year on year to 239,000 (Q4 2011: 180,000). The customer base passed the 19,000 mark, the largest in the fleet management services industry. Our partnership with Tracker is developing well and sales in South Africa grew markedly. Just after quarter end, we entered into an alliance with LoJack Corporation. The US based stolen vehicle recovery specialist will add WEBFLEET to its product offering and sell it through its extensive dealership network.
|(€ millions)||Q4'12||Q4 '11||y.o.y. change||Q3 '12||q.o.q. change|
|Content & Services||98||107||-8%||105||-6%|
Change percentages are based on non-rounded figures
Revenue for the quarter was €289 million which is 19% lower compared to the same quarter last year (Q4 2011: €357 million) and 6% higher compared to the previous quarter (Q3 2012: €274 million). The year on year decrease is mainly driven by lower Consumer and Automotive sales.
Consumer revenue for Q4 decreased year on year by 23% from €242 million in Q4 2011 to €187 million in Q4 2012. The year-on-year decrease is mainly the result of PND demand continuing to be less skewed towards the fourth quarter. PND sales in EMEA were relatively strong and we saw revenue from the SportWatch nearly double year on year albeit from a small base. Sequentially, Consumer revenue increased by €15 million or 9%, mainly due to our higher market share in Europe and seasonality in PND demand in the US.
The PND market size in Europe was 2.5 million units compared to 3.2 million units in the same quarter of last year. TomTom’s European market share increased from 47% in Q4 2011 to 50% in Q4 2012. The North American market size was 2.5 million units compared to 3.7 million units last year. Our market share in North America was 19% compared to 27% in the prior year.
Automotive revenue for Q4 2012 was €44 million, which is a decrease of 21% compared to €56 million in Q4 2011 and 10% sequentially (Q3 2012: €49 million). The year on year decline reflects the tough conditions in the European automotive industry which continue to constrain new car sales.
Licensing generated revenue of €37 million in this quarter, a decline of 7% compared to the €40 million in Q4 2011, mainly due to lower revenue coming from third party PND vendors. Sequentially, revenue increased by €4.0 million or 12% (Q3 2012: €33 million) as a result of higher revenue from smartphone and internet customers.
Revenue for Business Solutions in the quarter was €20 million, representing an 8% increase year on year (Q4 2011: €19 million) and a 6% increase sequentially (Q3 2012: €19 million). The year on year increase is the result of the growth in WEBFLEET subscription revenue. The partner model for geo-expansion is increasing the relative contribution of WEBFLEET revenue in the mix.
Hardware revenue development reflected the decline in Consumer PND and Automotive hardware sales. Hardware revenue in the quarter decreased by 24% year on year to €191 million (Q4 2011: €250 million). Sequentially, Hardware revenue increased by 13% (Q3 2012: €169 million).
Revenue from Content & Services for the quarter was €98 million, an 8% decrease year on year (Q4 2011: €107 million) and a 6% decrease sequentially (Q3 2012: €105 million). Content & Services revenue accounted for 34% of revenue for the quarter (Q4 2011: 30%; Q3 2012: 38%).
The gross margin for the quarter was 53% compared with 46% in Q4 2011 and 55% in Q3 2012. The year on year increase is mainly due to the accelerated write-off of pre-paid third party service costs in Q4 2011 and one-off provision releases in the current quarter. Excluding the releases the gross margin for the current quarter was 51%. Foreign exchange currency movements did not have a meaningful impact on the gross margin compared to last year and prior quarter. The normalised gross margin in Q4 2011 was 48%.
The restructuring program initiated in Q4 2011 has made a visible impact on the lowering of our cost base in 2012. Total operating expenses for the quarter were €130 million compared to €156 million in Q4 2011, representing a 17% decrease year on year. €14 million out of the €26 million decrease is explained by the restructuring costs recognised in Q4 2011. Sequentially, operating expenses increased by €11 million or 9.5%.
The year on year reduction in operating expenses in the quarter was mainly visible in the areas of Marketing (-31%) and SG&A (-23%). In R&D we continue to invest in our innovation projects which resulted in a modest decrease of 3.2% for the quarter compared to Q4 2011. The amortisation of technology and databases decreased by 19% year on year as the result of the accelerated amortisation of certain technologies in Q4 2011.
The sequential increase in operating expenses is mainly due to the timing of R&D projects, which led to higher R&D expenses, and an increase in the SG&A expenses mainly as a result of higher property and personnel expenses.
The net interest charge for the quarter was €2.4 million compared with €3.8 million in Q4 2011 and €3.2 million in Q3 2012. Interest paid for the quarter was €3.5 million. The amortisation of transaction costs related to the term loan and revolving credit facility amounted to €0.8 million.
The other financial result for the quarter was a loss of €0.3 million compared with a gain of €0.7 million in Q4 2011.The loss was mainly driven by our hedge results.
In the quarter we had a normalised income tax charge of €2.6 million, representing an effective tax rate of 11.7%. Due to an €80 million one-off tax gain as a result of a settlement of prior year tax issues with the Dutch tax authority, the total tax result was a gain of €77 million (Q4 2011: gain of €4.6 million). The normalised tax rate in Q4 2011, excluding a €5.9 million one-off tax gain as well as the tax effect of the restructuring charges was 20.7%.
The cash inflow from operations for the quarter was €98 million compared with €138 million in the same quarter last year. The year on year reduction is mainly because the cash inflow from reduced working capital was lower in the quarter than in the corresponding quarter of last year.
The cash flow used in investing activities during the quarter was €15 million, an increase of €3.3 million compared to €11 million in Q4 2011.
Cash flows used in financing activities amounted to €48 million mainly reflecting the net effect of repayments made during the quarter net of the proceeds from our new term loan.
On 31 December 2012 we made the final repayment on the outstanding amount of the loan we entered into in 2008 and we drew down on the new €250 million term loan.
This new term loan is part of the forward-start facility arrangement we signed in April 2011. It additionally includes a €150 million revolving credit facility, which remained unutilised on 31 December 2012. Netted with the transaction costs, the carrying amount of this €250 million loan at year end was €247 million.
Our net debt position on 31 December 2012 was €86 million, down from €194 million at the end of 2011. Our leverage ratio was reduced from 0.9 at the end of 2011 to 0.5 at the end of 2012.
As at 31 December 2012, accounts receivable plus other receivables were €268 million compared with €236 million at 31 December 2011. The increase is mainly attributed to the income tax receivable balance partly offset by a decrease in the trade receivables balance. The inventory level was reduced to €44 million from €66 million at the end of last year and €59 million at the end of previous quarter. Cash and cash equivalents at the end of the quarter were €164 million compared to €194 million at the end of the prior year.
Current liabilities were €475 million compared to €845 million in the same quarter last year. The year on year decrease is mainly due to the full repayment of our previous borrowings partly offset by the current portion of our new term loan.
At the end of the quarter we had shareholders’ equity of €838 million up from €742 million at the beginning of the quarter.
- END -
Consolidated income statements
|(in € thousands)||Q4 ‘12||Q4 ‘11||FY ‘12||FY ‘11|
|Cost of sales||134,678||191,426||502,398||633,545|
|Research and development expenses||45,257||46,745||166,315||172,822|
|Amortisation of technology & databases||21,777||27,007||84,011||84,619|
|Selling, general and administrative expenses||46,698||60,511||169,716||208,917|
|Stock compensation expense||1,723||789||7,140||7,985|
|Total operating expenses||129,693||155,559||484,487||1,064,341|
|Other finance result||-290||714||1,642||6,093|
|Result before tax||22,112||7,210||60,533||-440,870|
|Net result attributed to the group||99,112||11,887||128,724||-437,844|
|Basic number of shares (in thousands)||221,895||221,895||221,895||221,874|
|Diluted number of shares (in thousands)||222,316||221,939||222,024||221,874¹|
|EPS, € basic||0.45||0.05||0.58||-1.97|
|EPS, € diluted||0.45||0.05||0.58||-1.97|
¹ In 2011, 29,686 potential diluted shares were not taken into account as the effect would be anti-dilutive.
Consolidated balance sheet
|(in € thousands)||31 December 2012||31 December 2011|
|Other intangible assets||821,233||871,528|
|Property, plant and equipment||26,770||32,555|
|Deferred tax assets||13,610||10,493|
|Investments in associates||3,880||4,450|
|Total non-current assets||1,247,062||1,300,595|
|Other receivables and prepayments||118,262||51,242|
|Other financial assets||444||2,784|
|Cash and cash equivalents||164,459||193,579|
|Total current assets||477,382||498,046|
|Equity attributable to equity of the parent||835,775||706,000|
|Deferred tax liability||170,909||182,273|
|Other long term liabilities||18,130||12,720|
|Total non-current liabilities||410,744||245,107|
|Tax and social security||33,263||20,942|
|Other liabilities and accruals||250,963||272,502|
|Total current liabilities||475,283||845,083|
|Total equity and liabilities||1,724,444||1,798,641|
¹ The 2011 borrowings were fully due in 2012 and hence the full amount has been presented under current liabilities.
Consolidated statements of cash flows
|(in € thousands)||Q4 ‘12||Q4 ‘11||FY ‘12||FY ‘11|
|Depreciation and amortisation||28,528||36,999||110,670||119,097|
|Change in provisions||-928||-6,645||-9,428||-10,224|
|Equity-settled stock compensation expenses||1,210||1,067||5,700||7,996|
|Changes in working capital:|
|Change in inventories||12,861||9,683||13,819||27,915|
|Change in receivables and prepayments||33,058||31,185||47,660||113,384|
|Change in current liabilities (excl. provisions)1||3,249||47,253||-51,210||-154,770|
|Cash flow from operations||98,391||137,744||186,676||195,219|
|Corporate income taxes paid||-4,244||-1,119||-11,025||-5,456|
|Net cash flow from operating activities||90,895||134,163||166,940||174,175|
|Investments in intangible assets||-11,075||-9,512||-42,990||-57,918|
|Investments in property, plant and equipment||-3,519||-3,370||-9,311||-16,502|
|Total cash flow used in investing activities||-14,554||-11,254||-50,814||-72,792|
|Repayments of borrowings||-290,000||-110,000||-388,000||-210,000|
|Proceeds of new term loan||247,140||0||247,140||0|
|Redemption of vested equity instruments||-4,605||0||-4,605||0|
|Acquisition of non-controlling interests||0||-4,004||0||-4,243|
|Proceeds on issue of ordinary shares||0||0||0||724|
|Total cash flow from financing activities||-47,782||-114,004||-145,782||-213,519|
|Net increase in cash and cash equivalents||28,559||8,905||-29,656||-112,136|
|Cash and cash equivalents at beginning of period||136,528||182,313||193,579||305,600|
|Exchange rate effect on cash balances held in foreign currencies||-628||2,361||536||115|
|Cash and cash equivalents at end of period||164,459||193,579||164,459||193,579|
¹ Includes movements in non-current portion of deferred revenue presented under other long term liabilities.
Basis of accounting
The condensed consolidated financial information for the three-month and twelve-month periods ended 31 December 2012 with related comparative information have been prepared using accounting policies which are based on International Financial Reporting Standards (IFRS). Accounting policies and methods of computation followed in the condensed consolidated financial information, for the period ended 31 December 2012, are the same as those followed in the Financial Statements for the year ended 31 December 2012. Further disclosures as required under IFRS for a complete set of consolidated financial statements are not included in the condensed consolidated financial information. The consolidated and company financial statements of TomTom NV for the year ended 31 December 2012 have been prepared and audited but are not yet published. The quarterly condensed consolidated information in this press release is unaudited.
Audio webcast fourth quarter and full year 2012 results
The information for our fourth quarter results audio webcast is as follows:
12 February at 14.00 CET
TomTom is listed at NYSE Euronext Amsterdam in the Netherlands
ISIN: NL0000387058 / Symbol: TOM2
Founded in 1991, TomTom is a leading provider of navigation and location-based products and services.
TomTom maps, traffic information and navigation technology power automotive in-dash systems, mobile devices, web based applications and government and business solutions.
TomTom also designs and manufactures its own location-based products including portable navigation devices and fleet management solutions, as well as GPS-enabled sports watches.
Headquartered in Amsterdam, TomTom has 3,500 employees worldwide and sells its products in over 40 countries.
For further information, please visit www.tomtom.com
This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and the industry in which it operates. These statements are based on the Company’s current plans, estimates and projections, as well as its expectations of external conditions and events. In particular the words “expect”, “anticipate”, “estimate”, “may”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These include, but are not limited to: the level of consumer acceptance of existing and new and upgraded products and services; the growth of overall market demand for the Company’s products or for personal navigation products generally; the Company’s ability to sustain and effectively manage its recent rapid growth and its relations with third party suppliers, and its ability to accurately forecast the volume and timing of sales. Additional presently unknown factors could also cause future results to differ materially from those in the forward-looking statements.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 8, 2016 10:45 AM EST Reads: 377
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 8, 2016 09:30 AM EST Reads: 146
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 7, 2016 02:00 PM EST Reads: 564
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 7, 2016 01:45 PM EST Reads: 368
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 7, 2016 01:30 PM EST
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 7, 2016 12:00 PM EST Reads: 349
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 7, 2016 11:30 AM EST Reads: 351
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 7, 2016 10:15 AM EST Reads: 121
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 7, 2016 07:00 AM EST Reads: 127
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Feb. 6, 2016 03:30 PM EST Reads: 727
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Feb. 5, 2016 09:00 PM EST Reads: 790
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 2, 2016 02:00 PM EST Reads: 415
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Feb. 2, 2016 04:30 AM EST Reads: 855
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
Feb. 1, 2016 05:00 AM EST Reads: 944
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
Jan. 31, 2016 09:00 PM EST Reads: 730
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
Jan. 31, 2016 07:15 PM EST Reads: 1,149
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
Jan. 31, 2016 10:00 AM EST Reads: 1,224
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
Jan. 31, 2016 10:00 AM EST Reads: 816
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
Jan. 30, 2016 07:45 PM EST Reads: 793
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
Jan. 30, 2016 03:45 PM EST Reads: 1,274