Smart Wallet Technologies - Case Study Example

Smart Wallet Student’s Name Institution Affiliation Smart Wallet Abstract The smart wallet market has been one of the contemporary lucrative market but the developments in the sector has not been exploited fully as a result of loose compatibility on customer The development of this product is designed on the basis of use of electric self-recharge mobile devices with a component of extra thin SIM technology. The product will be able to contact the phone while the phone can also contact it in case of loss. Table of Contents Smart Wallet 2 Abstract 2 Introduction 4 1)The Idea 4 Brainstorm 4 Final Idea 4 Initial Research 5 Our Features 6 Science or Invention 7 2)Approaches to Innovation 8 Plastic Moulding/Injection Moulding 8 Smart Phone and SIM/Micro SIM Technology 9 Circuit Board 10 New Product Design (NPD) 10 Idea Generation 12 Opportunity Assessment 12 Specification and Planning 13 Product Design 14 Limited Production and Testing 14 Internal Testing 14 External Testing 14 Final Design 15 Final Product 15 References 16 Introduction This report is an outline of the process of invention and innovation production. It is the first of three assessable tasks for Innovation in Society Seminar. The innovations are destined to create a prospective smart wallet product with digital enhancement. The digital wallet will also comprise of technological enhancement that will ensure maximum security. In particular, the digital enhancement of the wallet will ensure that the loss of the wallet will be traced from double positions. The mobile charge backup will ensure an all-round service both indoor and outdoor. 1) The Idea Brainstorm i. Key with button and speaker to call from phone when lost and vice versa ii. Breakfast machine – machine that has the ability to cook bacon, toast bread, make smoothies and cook eggs. iii. iPhone case pedometer that charges when walking iv. Personalized car noise that plays when unlocked v. Sock pin vi. Sock bag with zip vii. The technological enhancement will also comprise of a Symantec cyber career connection (SC3) that would be ideal for fostering security detail connectivity. viii. Hanging capacity will also enable wallet users in offices to have protected storage capabilities in hanged positions such as office cabinets. Final Idea The product we decided on inventing was the key‐tag with the abilities to call the phone when lost, as well as the phone calling the keys from an app when lost as well. This product will also be characterized with a moderately slim that is blue-tooth powered. The self-charging capacity will increase its utility as a travel wallet which is one of the fundamental roles of a wallet for use during travel. In order to enhance its operation further, the wallet will also be handcrafted to perfect its operation. Besides, the wallet will also have manual subscription that the owner through press of a button will instigate commands that will send automated data directly to the individual’s mobile phone. For instance, some of the data that can be generated are the amount of cash in the Wallet at a given point in time. Subsequently, the data will be re-sent any time; a deduction is made through manual entries. Other data that will be due for input include the type of document such as Identity cards, debit cards and payment receipt. However, the smart wallet will not have automatic detection of the documents but will have a manual entry point for the detailed manual entry. It will however accommodate at least 35 characters due for entry. Initial Research After conducting some initial research we found that Cobra‐tag had already been invented, however it lacked features that we wanted to include so we decided to do an incremental innovation (micro-innovation) to the product. Cobra‐tag was android only, Bluetooth software, had a small range, shuts down the phone when out of range and is expensive at $59.99 (Cobra Electronics Corporation, 2013). See Appendix A for mind‐map of Cobra‐tag’s features. Similarly, there has been the development of Woolet by Woolet CO, which is a modern wallet with some distinct mobile capabilities. For instance, the woolet has a ultra slip and it is blue-toothed with self-charging capabilities. For this reason, the woolet being one of the considered modern wallet lacks the manual connectivity to mobile devices by virtue of data entry on the enclosed documents and cash. This situation present a lucrative market benefits for our product which is technologically advanced. Our product is also capable of generating automated communication codes that aids in retrieving it in case of loss. This mobile will have an enabled sim card for receiving wave codes as opposed to the current Woolet product that employs blue-tooth technology in its development. Our Features The Smart wallet in this case We wanted to borrow the features of; ability to call phone from keys, ability to call keys from phone and attaches to keychain like a tag from Cobra‐tag (2013). We wanted to use a different technology, SIM‐card technology, as a receiver instead of bluetooth technology to increase the range of the tag. We wanted to make it customizable to the consumer by adding the ability to change its alarm tone. To support the customizing of the tag’s tones, we included a USB port so they can change in on their computer. This USB port will also function as a charging device for the tag. A Clock‐face will be included as added benefit to the consumer. Light attachment as well, so the consumer can alternate between using the tone or a light flashing to alert them of their missing item’s whereabouts. Feature on phone’s app to alert friends of their location. Support all major phone operating systems, so adding iOS to the Cobra‐tag’s (2013) Android and Blackberry support. See Appendix B for mind‐map of Our Tag’s features. Science or Invention The difference between science and invention is the unknown. Pure scientific discoveries open gateways to innovation and industry (Charles, 1983). The product that we have decided on can be defined as invention or even innovation as it is simply a new way of using existing technology to solve a problem. Many people lose their keys or phone on a daily basis and this product is an improvement on solutions to this problem already attempted by others. The basis of this is the use of MICRO‐SIM technology and the increasing affordability and reliability of it (Cramer, n.d.). Other solutions to this problem have used Bluetooth technology but this technology is quite limited in range and does not involve the mixture of innovation and technology of our proposed product (Formosa, n.d.). The name of our product is yet to be decided, there has been some discussion around the possible use of The MEEPER due the product ability to be tailored for individualization and also the ability to link the product to safety/alarm applications. The product (possibly Meeper) is an electronic product that uses MICRO‐SIM and battery technology similar to that of a smart phone and gives the user the ability to locate keys by ringing them but also gives the user the ability to ring their chosen phone from the device enabling them to locate their phone if also lost. This can also be linked to Smartphone applications such as the invisible alert app (Invisible Alert, n.d.). This product has come about through the refinement of technologies involving; Polythene wastes Electricity (Batteries)-generated from solar power from an invented solar harnessing garget. SIM and MICRO‐SIM Radio Signals Heat waves from mobile phone use. 2) Approaches to Innovation Plastic Moulding/Injection Moulding Reflection into innovations that have allowed for the progress of the product presented includes many things such as Plastic moulding which is also known as Injection moulding which is a manufacturing process for producing parts by injecting material into a mould (Plastic Moulding, n.d.). This Injection moulding process was innovative because it could be used by a range of different materials depending on the needs of the products such as metals, glasses, confections and in the case of the product presented and the most common material plastic (Plastic Moulding, n.d.). This innovation of plastic or injection moulding has allowed the plastic injection moulding industry to evolve to get to the point where it is now and can allow for more intricate and compact designs; Please see Appendix C. The timeline of this invention stems back to the late 1800’s or the 3rd techno‐economic Paradigm Period: This period was driven by the steel and electrical telecommunications industries and the rising technology of the time was automobiles (Perez, 2009). Besides, the time frame that the product needed in creating a solid framework upon which all market elements will have been isolated identified and harmonized with the product features in order to revamp its capacity to meet the aggressive needs of the consumers in improved security for personal documents and cash. This product therefore sought to venture the market with all possible implications on the market players both users and the distribution networks. Smart Phone and SIM/Micro SIM Technology Another innovation that has allowed the opportunity to be innovative and design our product was the telephone. The telephone was first patented by Alexander Bell in 1876 or during the second techno economic paradigm period which was driven by the coal and transport industries and marked by the rising technology of electricity (Perez, 2009). This lead to the commercialisation of the telephone and then the creation of the smart phone and application market in recent years, (see Appendix D). The computer chips placed on the SIM does not contain a competitive memory size but it is credited with a considerable hostage of information required to make connections to mobile phone networks. These elements includes the distinct Identity known as the International Mobile Subscriber Identity (IMSI) that has been useful in connecting people calling one’s mobile contacts to their phones as opposed to making its on others. Through the SIM technology, it is possible to store names and telephone contacts making it relatively easy to switch phone gargets without subsequent loss of contact details. The use of this technology in the smart wallet will enable concrete identification of individual identity and connectivity based on the registered SIM owner and for this matter, the wallet owner. As a result, the wallet owner would be the only individual who can be contacted by the digital augmented wallet in case of an incidence of loss. Besides, the technology as opposed to blue-tooth case with also provide cloud-based backup beyond the fiddly multitap’ mobile garget keys previously used on phone but now enabled n wallets for mobility and connectivity with the mobile device of the owner. More specifically, the sender of radio signal, receiver technology, SIM, MicroSIM and now NanoSIM technology are the true drivers behind this market pull innovation. Radio signal sender and receiver technology allows the transmitter in the phone to convert sound waves into electrical signals through the telephone network to the receiving phone (History of the Telephone, n.d.). This coupled with SIM, MicroSIM and NanoSIM technology developed initially by Giesecke & Devrient in 1991 (Giesecke & Devrient, n.d.). This occurred during the fifth techno‐economic period driven by the micro‐electronics industry with rising technologies of biotechnology and space activities have enabled this innovation (see Appendix D). Circuit Board The creation of the circuit board through printed circuit plan manufacture innovation empowered by the development of the battery by Allessandro Volta in 1800 (History of Electricity, n.d.), and further mechanical advances in outfitting power streams has permitted numerous new items to be offered to the world (PCD&F History, n.d.). A circuit board is utilized to mechanically backing and electronically interface segments utilizing conductive pathways, tracks or sign follows. Improvement of the strategies utilized as a part of current printed circuit sheets began right on time in the twentieth century (see Appendix E). Incremental improvements in this technology have allowed us to create our innovative product. In particular, the insulated boards will also be used to tap and prevent loss of charges from the surface of the SIM too hence the efficiency of the transmissions. New Product Design (NPD) New Product Design (NPD) The new product plan process needs to recognize, measure and make the open door while evaluating advancement at all passages underway to guarantee that particulars and norms are met (Reid, 2010). Before outlining another item, handle models and particulars should be set. Our product needs to; Satisfy needs by solving the problem in a new way Meet expectations for: i. Battery life ii. Range iii. Volume iv. Ability to tailor v. Be easy to manufacture and deliver to the clients or the distribution point. vi. Be aesthetically pleasing vii. Be small, look cool and feel good to use Bethany (Charles, 1983). This product will also be integrated into the ICT development with the use of smart technology that will provide a high-power compatible SIM for use in iPhone 4 or other current generation mobile devices both small and huge devices. 3) The Innovation Imperative Idea Generation This product idea has come about through incremental technology improvements enabling needs in society and in the marketplace to be met. Incremental improvements in network standards, MICRO‐SIM technology, battery efficiency, plastic injection moulding and programming of applications now make it possible to create a slim unit that can easily fit into a pocket yet provide all the functionality necessary while also adding an element of customisation (Cramer, n.d.). This new product scenario is market pull rather than technology push as existing technology is being used in a new way (Schaper, 2007). The idea lies on the potential capacity of the Micro-SIM in advancement mobile technology to protect personal details and documents in particular. Opportunity Assessment Many different product designs are entertained in this stage. Options for the style and functionality of the product will be shortlisted to come up with the ideal mix to take into the preliminary design stage. The digital wallet management has not been explored extensively before. Diagram One NPD Flow Chart (Emerald Insight, n.d.) Majority of the digital wallets have been focusing on models that provides unique SIM simulation services that ensures compatibility with phone model as opposed to creating SIM-based wallet tracking capacity. Due to the high demand for secure wallet storage and tracking, this implies that the market for the new product will face high probability of acceptability as it has various competitive advantages as defined earlier relative to its competing brands. Specification and Planning Depending on budget restraints multiple designs can make it through to this stage before a decision is made on which design to make tangible. Usually only one prototype design will be made due to the exorbitant costs of producing ‘one off’ products (Cost of Prototypes, n.d.). Our innovation will falls under the category of a process as it involves technological development aimed at promoting wallet product and the overall experience with mobile enhanced ‘wallet management’. The prototype will use particular elements that will make it highly resilient regarding physical implications on human handling in order to enhance its workability across different stages of our developments until the end product is realized. However, in order to enhance the product survival pertaining to the prototype, the planning will set aside individual (s) who will be responsible for benchmarking the product key-tag against the prototype identified. Product Design This stage involves the most cost and the most risk. Prototypes with simple electronics can start from around $3500.00 and up (Cost of Prototypes, n.d.). Given the amount of technology being crammed into this device with the highest importance on aesthetics we envision that the cost of prototype production will greatly exceed this. Gate B in diagram one is quite important in understanding what functions are actually able to be produced. The stage will also consider cost projection based on the market dynamics and set aside an extra $500 for the contingencies. Limited Production and Testing Once a prototype has been built it will then be tested both internally and externally to set expectations on the product and identify possible secondary uses (Reid, 2010, p. 122). Internal Testing Internal testing will revolve around the functionality and reliability in usage of the product to ensure it meets standards identified in the preliminary design stage. Expectations on battery life, degree of water resistance, volume of speakers and lighting will be realized through this internal process. External Testing External testing will be done using a sample of the market to test the product. This can be done in focus groups where subjects can use the product in a controlled environment under supervision to provide insights into the real world usage of the product. It is in this stage that some functions previously overlooked can be identified. This is due to the effect of paradigm paralysis which is in effect a narrowing of the mind to scope (Barker, 1993, p. 91) and testing with people not associated with the product can highlight these issues. Final Design Once all testing has been done and a final product has been identified the production process will then be refined to ensure quality control and minimise costs of production. A production blueprint will be established to create consistency in production and identify costs allowing for identification of profit margins for future revenue projections (New Product Blueprinting, n.d.). The final design will also consider on the manner in which it can tap light or heat waves towards making possible connectivity between. This system comprises of a component level innovation system that combines mobile technology with automated responses to track and monitor wallet for improved security. Final Product The final product will then go into production in preparation for market launch. Marketing decisions such as packaging, distribution, pricing strategy and positioning will be finalised in accordance with market testing results (Lamb, 2010). References Barker, J. (1993). Paradigms : the business of discovering the future. New York: Harper Business. Charles, H. T. (1983). Science, technology, and invention: Their progress. Proceedings of the National Academy of Sciences of the United States of America , Vol. 80 7679‐7683. Cobra Electronics Corporation. (2013, August 19). Cobra Tag. Retrieved August 20, 2013, from Cobra Electronics Corporation: https://cobra.com/detail/cobra‐tag.cfm Cost of rototypes. (n.d.). Retrieved from Invention Prototypes : http://www.inventionstatistics.com/Invention_Prototypes_Costs.html Cramer, M. (n.d.). Advances in Technology. Retrieved from EHow Tech: http://www.ehow.com/about_5347491_advances‐communication‐technology.html Emerald Insight. (n.d.). Retrieved from Emerald Insight: http://www.emeraldinsight.com/content_images/fig/0400220506002.png Formosa, R. (n.d.). Pozible. Retrieved from Pozible: http://www.pozible.com/project/7812 Giesecke & Devrient. (n.d.). Retrieved from About us: http://www.gide. com/usa/en/about_g_d/company/company.jsp History of Electricity. (n.d.). Retrieved from Historical Archive: http://www.thehistoricalarchive.com/happenings/57/the‐history‐of‐electricity‐a‐timeline/ History of the Telephone. (n.d.). Retrieved from About.com: http://inventors.about.com/od/bstartinventors/a/telephone.htm Invisible Alert. (n.d.). Retrieved from Invisible Alert: http://www.invisiblealert.com/ Lamb, C. H. (2010). MKTG. Melbourne: Cengage Learning. New Product Blueprinting. (n.d.). Retrieved from New Product Blue Printing: http://www.newproductblueprinting.com/ PCD&F History. (n.d.). Retrieved from PCD&F History: http://pcdandf.com/cms/component/content/article/9002‐pcb‐design‐industrytimeline? start=1 Perez, C. (2009). Technological revolutions and techno‐economic paradigms. TOC/TUT Working Paper No. 20, 10. Plastic Moulding. (n.d.). Retrieved from About Plastic Moulding: http://www.plasticmoulding.ca/history.htm Reid, P. (2010). Strategic Marketing ‐ Decision Making and Planning. Sydney: Cengage Learning. Schaper, M. V. (2007). Entrepreneurship and Small Business‐ 2nd Pacific Rim Edition. Australia: Wiley. Appendix: Appendix A‐ Mind Map Appendix B‐ Brain Storm Appendix C‐ Plastic Moulding Timeline • (1847) Jons Jacob Berzelius produced the first condensation polymer, polyester, from glycerin (propanetriol) and tartaric acid. 1861 • (1861) First man‐made commercial plastic was invented by Alexander Parkes. 1872 • (1872) Hyatt's sibling Isaiah protected the first infusion embellishment machine. 1940s • (1940) The industry changed and extended quickly on the grounds that World War II made an immense interest for cheap, mass‐produced products 1946 • (1946) American inventor James Watson Hendry built the first screw injection machine 1970s • (1970) Hendry went on to develop the first gas‐assisted injection moulding process Appendix D‐ Telephone and SIM Timeline 1876 • (1876) Phone at initially secured successfully by Graham Bell. 1876 •(1876) The first successful telephone transmission of clear speech using a liquid transmitter when Bell spoke into his device 1935 • (1935) First phone call far and wide by wire and radio 1946 •( 1946) Initially business cellular telephone call 1991 •(1991) The principal SIM card was made in 1991, by Munich smart card maker Giesecke & Devrient Appendix E‐ Circuit Board and Battery Timeline • (1800) Invention of the battery by Allessandro Volta 1913 • (1913) German inventor, Albert Hanson, described flat foil conductors laminated to an ensuring board, in various layers. 1927 • (1927) Charles Durcase in 1927 licensed a strategy for electroplating circuit design 1950s • (1950) Printed circuits did not become commonplace in consumer electronics until the mid‐1950s after the Auto get together process was produced by the United States Arm Read More