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Google Nest V/s Honeywell Resideo in Smart Thermostat Space
- 1. 18 Cooling T O S Group E Chandra Sekaran B | Sudha Hagar | Kapil Malhotra Siddhartha Garikapati | Sambit Pattnaik
- 2. Too Small to Ignore ! $3B 9% CAGR $6B+ 2018 2025 23% CAGR 65M units Smart Thermostats • Growing environmental concerns leading to focus on HEMS (Home Energy Management Systems) • Increasing Digitization, Technology advances, Future Electricity System Trends driving disruption Energy use breakdown (Average use/ Household) Why we care? ~45% Energy utilized on HVAC
- 3. A typical thermostat Key Players Thermostat Overview
- 4. Technology: Evolution & Revolution 1890- 1915 1940 1950 1960 1970 1980 1990 2000 2010 2018 Program m able System Zoning Round Therm ostat Digital Therm ostat Sm art Therm ostat 2025 Sm artHom e, Sm artGrid Performance
- 5. The Product: Evolution Loosely Held HighLow Tightly Held IMITABILITY COMPLIMENTARY ASSETS Digital Thermostat Honeywell, the Market leader, enjoys the profits ! Digital Thermostat Others mature, market tightens! Digital Thermostat Honeywell gains through Professional Contractor network, compatibility to most HVAC systems Smart Thermostat Nest introduces the Smart Thermostat (matures on the offering from Ecobee), and takes the market by surprise! Smart Thermostat Honeywell and Ecobee close in with their offerings – Lyric, Ecobee, others adapt as well! Connected Home New business models, Companies with complementary assets & services last!
- 6. The Process: Value Chain • Supplier: Self (Sensors), External • Manufacturing: Internal, Contract • Distribution: Internal (ADI), External • Strong Professional Contractor base (ContractorPRO) • Supplier: External • Manufacturing: Contract • Distribution: External • Leverages Google Store, Partnerships (Airbnb Etc.) Fulfillment Value Chain Development Chain Focused on science. Lately, reviving art (Legacy experience) ! Focused on Art (aesthetics, human centered design!), now mastering science ! Do It Yourself (DIY) Don’t Install Yourself (DIY) Vertical Integration
- 7. The Organization: Top Down Driven by Honeywell Operating System (CI philosophy based on TPS) and Velocity Product Development (VPD) Renewed focus on User Experience (HUE), Software as a competitive advantage 2012 2014 Heavyweight team - Spinout 2018
- 8. The Organization: 2019 New capabilities through acquisitions: pursuit of new services & business models 2014 • Decentralized Benefits • Successful platform approach • New Capabilities: Analytics, Diagnostics • Discipline, Science followed by Art • Centralized Hardware • Nest platform killed, integrated to Google assistant. • Flexibility, Art followed by Science Buyer building around the assets and capabilities: pursuit of new business models
- 9. The way we see ! Leading to disruption in energy sector: Future Electricity System Resideo – Demand Response/ Energy Management, Diagnostics HVAC OEM, Contractors Google – Demand Response, Ad revenues from Assistant (Home as an enabler to counter Alexa) Industry 4.0 Resideo will focus on Home product expansion, Monitoring & Analytics. Google will focus on acquisition of smaller Home product companies. Customers benefit from products & efficient services of both brands New Standards: Data Privacy, Z-Wave, Thread Protocols
- 10. 18 E Thank You