Are You Catching the Spark?
Two of the criteria we track on companies in our industry are innovation engines and technology. They are essential because it delivers on use cases for stakeholders such as end-users, creates moats for your business, develops new revenue opportunities, and keeps disruptors at bay.
Unfortunately, both are weaknesses of our industry. We are an iteration industry, not innovation, and we have fallen behind in technology creation and adoption. As we look to shepherd access control into the mainstream market, we need to make an asserted effort to evolve.
Here are examples of our industry's iteration (note, not innovation):
- Using the word Touchless
- Bluetooth and mobile
- Integrating a "wireless" lock
- Converging with video systems
I believe we have an opportunity and we have the permission to deliver on the following innovations and technology:
- Making our systems more predictive based on artificial intelligence.
- Incorporating more automation when it comes to system configuration and workflows
- Frictionless and responsive doors and entries (beyond turnstiles and auto openers and closers)
- Truly wireless and smart edge devices
Which leads me to some questions:
- What is the "killer innovation or technology" to put our industry on the map?
- Who is going to step up and lead? Will it be an incumbent? A startup? From inside the industry or outside?
- How do we organize to be creative and innovative?
- How do we balance old and profitable businesses with new and expensive R&D?
- How do we shift gears to support the new business opportunities and use cases?
What areas do you believe we can be more innovative, resulting in an increased technology leadership position?
I plan to dive deeper into the four technologies above in subsequent newsletters.