Business is both a tradition and an innovation in itself and those who can understand the connection between the past and the future can win while those stuck solely with either one will surely lose. Business tradition is important for such individuals to comprehend the dynamics and mechanisms of business markets while business innovation is crucial to improve on such dynamics and mechanisms to bring change and development, while profiting from resultant products and services. One such innovation in today’s business world is the concept of online business, which has been implemented by virtually every field of business in the world to integrate entire markets into a singular global one. The online retailers of the world today are hauling in billions of dollars annually from their customers through online transactions and purchases, while online casinos are entertaining billions of virtual customers in their Blackjack and Poker tournaments and all seems to be fine for all those involved. As business tradition continues to provide new ideas for the flexible and constructive business mind, innovation becomes a natural outcome of such an interaction to bring further development and success for individuals, firms and entire economies.
A great example of a sector where information systems and technologies are significantly impacting processes and outcomes alike is the automobile industry. Everyday a new technology is integrated into the new generation of cars to increase competition in the market while attracting more interest and demand for smarter cars. Karl Brauer for Forbes Magazine reports on the most important ten technological innovations in today’s modern cars to depict a picture of the inclinations of the market, its producers and customers. The first two of such innovations are autonomous vehicles, referring to driverless cars and the driver override systems, which help drivers relax on the wheel through the use of intelligent algorithmic computational functions. Biometrics are also used in the new generations of cars, enabling the vehicles to recognize their drivers through fingerprint recognition while comprehensive vehicle tracking systems make it possible for car owners, authorities and insurance companies to keep close track on vehicles. Similarly, active window displays turn car windows into interactive entertainment systems while remote vehicle shutdown systems enable drivers to turn off their engines from far away locations to protect them against theft. As active health monitoring softwares make it possible for drivers to keep a close tab on the well-being and functionality of their vehicles, multi-cylindered supercars will rip up the highways with unbelievable engine powers an torques. And finally, as the internet becomes a fully integrated and accessible feature of modern day cars, intelligent and personalized marketing will also penetrate into every driver’s life as an integral concept, where every body part and panel will be reconfigurable through software algorithms. All in all, the new generations of cars will provide nothing short of high levels of luxury, leisure, functionality and security for their drivers thanks to the developments in the mentioned information technologies and their applications into car manufacturing.
Peter Holley for the Washington Post reports on such innovations through the discussion of how the new generations of smart cars are not just pieces of mechanical hardware anymore but rather fully integrated software systems at the same time. The author reports on the case of Daniel Dunn and Honda’s user agreement, which granted the company the right to track its drivers throughout their driving experience through an installation within the company’s new breed of smart cars. Such a capability enables companies such as Honda to collect significant amounts of personal data about their customers which gives them an enormous control over their customers’ lives, without them knowing about it. As more cars are monitored by automobile manufacturers and their centralized surveillance systems, the possibilities of mal-intent and misconduct increase as do potential benefits of such control and surveillance. In order to keep up with such a fast-paced development in the mentioned forms of computational technologies, significant effort is put into the actual coding process of such vehicles, which in turn transforms automobiles into terrestrial mini sized spaceships that carry multi-dimensional functions on board. However, the intent and purpose of collecting and sharing such personal data still remains at large a security risk regardless of its presupposed benefits for drivers and passengers. Although the companies manage to obtain permissions from their customers through the use of lengthy service agreements, their promises of safer and more secure driving experiences are still not legally bound as the representatives of automobile manufacturers refuse to comment on the issue. On the business side of things, such a security risk produces significant concerns for business developers and investors alike, which means that in the near future, there will be more developments in this field to bring about change and progress into the industry. Such developments will hopefully reserve the technical capabilities the new generations of smart cars provide for their drivers and passengers, while protecting their legal rights and privileges against possible cases of misconduct.
On the brighter side of things, the marriage between smart computational information technologies and modern day cars has produced some great examples of success, consistency and safety. Brian Milligan for BBC News reports on the outstanding statistical records of the new Volvo XC90 with the car not being involved in any deaths of drivers or passengers since 2002, while more than 50,000 units have already been sold in the United Kingdom alone ever since. Milligan infers that according to research conducted by the independent laboratory of Thatcham Research, Volvo XC90 is the safest car ever tested as the vehicle utilizes camera and radar systems to warn its drivers about possible dangers on the road. While these systems automatically shut down the automobile when it gets too close to another vehicle, the Autonomous Emergency Braking system also provides assistance in this regard by bringing in cheaper insurance premiums. Due to the fact that the AEB system has been scientifically proven to reduce collisions and accidents by 38%, cars which utilize the system are insured at cheaper rates as the insurance companies trust such vehicles to have less accidents and therefore cause them less financial trouble. Milligan also states that in the very near future, the AEB system is more than likely to become an industry standard with legal action taken against manufacturers which fail to comply. The idea behind this system is that high safety and security should both be common standards for all cars to reduce human error, save lives and prevent damages for all the actors involved. As for the business side of things, such systems not only add more value and security to the act of purchasing a vehicle for customers of all types, but they also help with the insurance aspect of such purchases to create a more trustworthy and integrated business paradigm. As more customers feel secure with purchasing a new car and more companies provide further assistance to make their customers’ rides safer, the markets will surely benefit from such a close relationship between smart cars, aware customers and responsible manufacturers.