Revolv is a warning about how the digital economy will operate in the future.
Revolv, the innovative home automation hub, that was purchased by Google’s Nest, recently announced that they will stop supporting all devices in the coming weeks. Revolv’s home automation used radio signals to communicate with light switches, garage door openers, home alarms, motion sensors, HVAC controllers to enable automation and mobile control of these devices. It also used WiFi to connect to the Internet, allowing a user to control devices from anywhere via a mobile app or Internet login. It provided a powerful solution to enabling automation at the device level in the home, without having to rewire your home. It promised to make homes connected and to create a hub for controlling the home. It was the Internet of Things (IoT) at the home level. The decision to cease operations changes that vision and offers lessons on how digital platforms and IoT solutions will operate (and not operate). For consumers that purchased the Reolv hub and used it automate home devices, this ending of operations is surely a large disappointment and a lost of the money invested. As digital platforms and the IoT are a critical part of the digital economy and how firms and consumers will operate going forward, there are important lessons about the future of the digital economy in the decision to end Revolv’s operations.
Indeed, the Internet of Things (IoT) solutions and digital systems are game changers. The case of Revolv shows the risks and challenges of how capital investment, system control, data management, and ownership of these digital platforms should occur.
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About Russell Walker, Ph.D.
Professor Russell Walker helps companies develop strategies to manage risk and harness value through analytics and Big Data. He is Clinical Associate Professor of Managerial Economics and Decision Sciences at the Kellogg School of Management of Northwestern University. He has worked with many professional sports teams and leading marketing organizations through the Analytical Consulting Lab, an experiential class that he founded and leads at Kellogg.
His most recent and award-winning book, From Big Data to Big Profits: Success with Data and Analytics is published by Oxford University Press (2015), which explores how firms can best monetize Big Data through digital strategies. He is the author of the text Winning with Risk Management (World Scientific Publishing, 2013), which examines the principles and practice of risk management through business case studies.
Analytics, Automation, Autonomous Vehicles, Big Data, Big Data Analytics, Big Data to Big Profits, Data Analytics, Data Capture, Data Monetization, Data Products, Digital Disruption, Digital Economy, Digital Platforms, Digital Service, Driverless cars, Future of Cloud, Future of Digital Economy, Future of Digital Platforms, Future of IOT, Google, Hacking, Hacking Risks, Internet of Things, IoT, IoT Ownership, nest, Revolv, Sensors
Russell Walker helps companies develop strategies to manage Risk and harness value through Analytics and Big Data. As Clinical Professor at the Kellogg School of Management of Northwestern University, Russell Walker has developed and taught leading executive programs on Big Data and Analytics, Strategic Data-Driven Marketing, Enterprise Risk, Operational Risk, and Global Leadership.
He founded and teaches the popular Analytical Consulting Lab and Risk Lab, experiential classes, which bring Kellogg MBAs together with real-world projects in Analytics and risk evaluation.
His is the author of the book From Big Data to Big Profits: Success with Data and Analytics (Oxford University Press, 2015) which examines data monetization strategies and the development of data-centric business models in the new digital economy. He is also the author of the award-winning text Winning with Risk Management (World Scientific Publishing, 2013), which examines the principles and practice of risk management as a competitive advantage.
Dr. Walker consults with firms on the topics of Big Data and Analytics, Risk Management, and International Business Strategy.
Russell Walker can be reached at: