How many times have you gone to the grocery store and forgotten what to buy? Frustrating, isn’t it? Happy to have you know that there are smart fridges out there that send personalized shopping lists, images of what is inside your fridge and check spoilage of food all from your mobile phone through the internet. This is known as the Internet of things.
The internet of things is the future and it is much bigger than you may think. Smart devices and appliances are all around us, embedded with electronics, software, sensors, network connectivity and the ability to collect and exchange data. The integration of the physical world into computer based systems is allowing technology to reach new frontiers.
It is easy to give credit to companies like Samsung and Google who are producing smart products for the public market, however the company that truly holds the keys to the future is Intel.
As we head into the mass data age, the advancement of the computer processor is inevitable. Intel, with its market share of 87.7 percent of the processing industry is positioned to influence the technology of the future like no other company. After all, devices are only as good as their processors.
Today, smart grids, smart homes, intelligent transportation, and smart cities are all being powered by intel processors and by the looks of it, things aren’t slowing down anytime soon.
Intel’s New Project
Intel CEO, Brian Krzanich, spoke at the National Retail Federation's Big Show conference last Monday and announced the chipmaker's latest innovation for the retail sector.
It is called the Responsive Retail Platform (RRP), and according to Intel, it connects different types of in-store technology and makes it easier to develop and use ‘Internet of Things’ software. Simply put, Intel is bringing together hardware and software in a standardized way so retailers can capitalize on internet of things technology. Now small business will have access to data at the same processing speed and power as multinational corporations.
To put this into perspective, Intel will allow retailers to see what items are not in their correct location and up-to minute store inventory, including what is in storage. They can even tell what items go in to changing rooms, but never make it to the cash register, essentially giving physical retail the same capabilities and analytics of online retail. All this information is necessary to help serve customers better and make better business decisions.
With technology like robots and artificial intelligence to free up employees, every aspect of the store and supply chain will allow retail employees to better focus on the customer and improve the store’s performance.
Along with their big reveal on Monday, Intel also plans for a 100-million-dollar investment in retail processing technology ranging from inventory management all the way to checkout technology.
Intel is the king of the processing industry. Its large market share and a net profit margin of 21% over the last 5 years has earned it an economic moat score of 10. Intel’s largest competitor Advanced Micro Devices Inc. (AMD) had a net profit margin of -8% over the last 5 years. Intel is running its competitors into the ground with its superior processor performance and application into smart devices.
Ask yourself, what will we see 10 or 20 years from now? Flying cars? Personal jetpacks? Probably not. More likely we’ll see tiny computers infused into almost every object in our world, wirelessly sending and receiving information to make our lives better. The internet of things will soon become a household phrase and Intel has solidified itself at the heart of this exciting age of technology.