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July - 2013 - issue > View Point

Data will Drive the Future of Consumer Electronics

Vijay Solanki
Senior Director - Digital Innovation-Philips
Monday, July 1, 2013
Vijay Solanki
Koninklijke Philips N.V. (NYSE-PHG) is a Dutch multinational engineering and electronics conglomerate headquartered in Amsterdam, Netherlands with a market cap of $25.5 billion.

Philips is all about innovation, digital innovation. The foremost priority is to analyze which product can be digitalized and made simpler. The strategy employed is to keep a close tab on consumer trends and market pain points.

The role of Philips is to put brains into products. By placing brains into products, we bring the product closer to the consumers’ heart. For instance, in a baby monitor for a mother of a new born baby, we add a few sensors, cameras and a microphone. By adding an extra feature of being able to integrate the same into a Smartphone; it is possible to create a different experience that can allow other family members such as grandparents to take care of the child. The biggest concern around young babies is being alerted around an issue. So suddenly what was just a baby monitor starts to become much more than that, the role requires absolute thinking that allows us to completely transform the products.

The Move from Hardware to Software

Revolving around the challenges faced, Philips faces the challenges that big organizations which is digital go through on a daily basis. These changes are disrupting the entire industry. Traditionally the business focus of our organization has been around hardware. Now there is a strong attraction towards software and services. Equally we are moving from hardware to software and from products to services. Philips is gearing up to operate in this new world. We are looking at changing our business models to accommodate movement towards software and services.

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