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Guardhat Award Write Up
1.
FROST & SULLIVAN
BEST PRACTICES AWARD Company of the Year 2019 CONNECTED SAFETY - NORTH AMERICA
2.
BEST PRACTICES RESEARCH ©
Frost & Sullivan 2019 2 “We Accelerate Growth” Contents Background and Company Performance ...................................................................... 3 Industry Challenges............................................................................................ 3 Guardhat's Visionary Innovation & Performance and Customer Impact....................... 3 Conclusion ........................................................................................................ 7 Significance of Company of the Year ........................................................................... 8 Understanding Company of the Year ........................................................................... 8 Key Benchmarking Criteria .................................................................................. 9 Visionary Innovation & Performance ..................................................................... 9 Customer Impact ............................................................................................... 9 Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices............................................................................................................... 10 The Intersection between 360-Degree Research and Best Practices Awards.................... 11 Research Methodology ...................................................................................... 11 About Frost & Sullivan ............................................................................................ 11
3.
BEST PRACTICES RESEARCH ©
Frost & Sullivan 2019 3 “We Accelerate Growth” Background and Company Performance Industry Challenges The personal protective equipment (PPE) market is evolving to a larger connected safety space as it integrates wearable technologies into product offerings, intending to boost security and protection protocols, worker productivity, and long-term cost savings. A significant gap exists in industries with high-risk occupational hazards and highly mobile workers (such as those in chemical facilities, oil and gas sites, construction, and mining) but with limited connectivity. The result renders limited situational awareness for both individuals and organizational structures. The lack of ‘last mile’ connectivity translates to a knowledge and safety gap in discerning the location of individuals, the surrounding conditions, and sub-optimal communications. The PPE market includes a variety of product categories and use-cases, with some areas more dynamic than others, and the overall market dynamically evolving to respond to changing workplace environments and increasing digitalization and automation. Work environments and workers are connecting to the Internet of Things (IoT) and machine-to- machine communications, which connect to enterprise resource planning or safety monitoring systems. Such sensors and monitors incorporated into workplace PPE wearables hold a promise of increased safety, better compliance and, higher productivity— however, the success of consumer wearables has not translated to the industrial space. Buyers for PPE wearables in industrial settings are price sensitive and resistant to significant process changes. Adding smart technology wearables to PPE increases equipment prices and often requires larger investments in complex multi-vendor platforms and systems. Currently, buyers resist implementing major changes and investments in connected PPE because the return on investment (ROI) seems like a marginal benefit for an indistinct timeline. As long as the regulatory agencies do not require smart wearables, buyers will defer decisions to adopt such technologies. Moreover, regulatory standards can make new product rollouts cumbersome, with many guidelines, standards, and usage requirements to address and modify before approval. Regulatory approvals can pose significant challenges when harmonizing sensors and technology with PPE and safety standards. Head protection is perhaps the most common and highly commoditized and price sensitive market; however, the addressable market is large and diverse and smart technologies have opportunities to prove demonstrable value. The landscape of vendors for smart head protection is in a nascent stage, but dynamic in product innovations. Across the wide total potential market, vendors can carve out spaces for customization and niche applications with dedicated features and form factors. Incorporating sensors and communication elements in the helmets that relay information to a platform system can provide useful
4.
BEST PRACTICES RESEARCH ©
Frost & Sullivan 2019 4 “We Accelerate Growth” information for monitoring location, atmosphere or pollutants, and situational responsiveness.1 Thus far, innovation has been incremental—a truly revolutionary value in the space would be the form of a more comprehensive vision for connecting endpoints wearables with a useful IoT platform and integrations with additional third-party enterprise systems and sensors. The manifold potential benefits of smart PPE equipment remain unrealized as of yet, disconnected from the upstream systems and applications. The potential for capturing useful Big Data remains over the horizon, but broader adoption and application depends on integrations with smart, wearable PPE. Caught between technology development sphere and industrial facilities realm, connected PPE manufacturers should leverage more on-the-ground feedback in development to help mitigate practical challenges and boost usability. Closer equipment, platform, and enterprise integration and collaboration can overcome the industry’s price sensitive and prove ROI to propel adoption in hazardous spaces.2 Guardhat’s Visionary Innovation and Performance/Customer Impact Founded in 2014 by a group of entrepreneurs with experience in the heavy industry sector, Guardhat was developed to address the lack of safety solutions available to the industrial workforce. By combining comprehensive situational awareness technologies with connected communications, the company’s vision consistently drives toward bridging the ‘last mile’ between wearable safety PPE and enterprise systems. Guardhat’s technology empowers workers and operators alike with intelligent safety monitoring and connected situational awareness. End-to-End System for Full Visibility Guardhat utilizes a full end-to-end proprietary system that enables an entirely new level of situational awareness focused on supporting human elements. The Guardhat system manages a range of data inputs, feeding a purpose-built IoT platform to simultaneously leverage a wealth of Big Data for comprehensive visibility throughout facilities. The Guardhat system presents all data using a single pane of glass, consolidating the spectrum of devices and wearable data sources with a platform to organize and coordinate. Operators and on-site personnel are able to leverage an intelligent system to understand situational context, operations, and how people and assets interact. Accounting for asset and employee location, status, and enabling communication among them, the Guardhat solution provides real-time perspective. This is especially useful in the industrial context - with limited communication capabilities (e.g., without WiFi or cellular 1 Wearables and Smart Personal Protection Equipment (PPE) Technologies for the Industrial Market: Wearable PPE Unveils Growth Opportunities with Promise of Improved Worker Productivity and Long-Term Cost-Savings, (Frost & Sullivan March 2016). 2 Global Internet of Things (IoT) and PPE Industry, 2016: Increased Scrutiny to Spur Early Adoption of Smart/IoT-enabled PPE by High-risk Industries, (Frost & Sullivan September 2017).
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BEST PRACTICES RESEARCH ©
Frost & Sullivan 2019 5 “We Accelerate Growth” networks) – as the Guardhat platform is able to locate sensors, assets, and individuals with a custom built real-time location system (RTLS) geolocation software that provides sub-meter locational accuracy. With high precision, Guardhat systems alert individuals to dangerous areas, nearby equipment operation, and security restricted zones. Rather than relying on traditional radios, Guardhat systems utilize a peer-to-peer network, enabling real-time communication between individuals, connected assets, and a central hub – all in an effort to prevent accidents, improve response times/productivity, and unlock a universe of Big Data potential. KYRA Platform: Built for Multi-format Data Inputs and Unified Visualization An evolution of the traditional hardhat, Guardhat’s solution uniquely manages a complete range of data, and provides a link between sensors and devices by utilizing an in-house developed platform and control center called KYRA. From field devices producing gas/temperature/sensing data, wearables and audio/video commutations, the KYRA platform combines multi-modal data from disparate elements and formats into a single analytics engine. With the sub-meter accurate geolocation system serving as the middleware, the platform can deliver new levels of transparency to read individuals’ mobility, position, floor level, proximity, and relationship to people and assets. A leader in the connected IoT space, Guardhat’s KYRA platform and analytics engine can accept and process a massive amount of rich, real-time data (geo-stamped and time stamped with event information) to present a single, human-centric vision and status assessment across a facility. Connecting an Ecosystem of Integrations The Guardhat system provides the last mile of connectivity, stitching together data and communications previously disjointed. Guardhat’s solution goes beyond its own hardware and integrates with any connectable sensor, and with a variety of third-party platforms. Guardhat opens its software platform to licensing and integrations, via Bluetooth, open application program interface protocols, or any wireless or wired connection, to collaborate with diverse IoT sensors and wearables - alleviating the high cost for facilities to develop back-end platforms for collecting and analyzing Big Data from multiple formats. The company has already partnered with a number of institutions to explore new use cases for worker connectivity and productivity. Guardhat systems can fluidly integrate with third-party platforms such as IBM Watson, enterprise resource planning and enterprise asset management SAP, Oracle, IBM Maximo, as well as HR management systems. Guarhdat developed its own mobile application, but is able to work with app developers and system integrators to unlock value from all of the newly connected and unified data providers.
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Frost & Sullivan 2019 6 “We Accelerate Growth” Real-world Informed Research and Development Guardhat draws from deep experience in the industrial field to incorporate user and customer feedback to continually and effectively develop and improve features. In pilot tests, Guardhat works in a close and structured process to learn how customers, organizations, and individuals use the devices and toolset, and how to formulate ideal solutions to meet actual needs with fluid adaptations. Through three years of extensive field testing and customer studies, Guardhat realized that true innovation would come from integrating thirty-party information with the KYRA platform. Concurrently, the company made its device feature set highly adaptable with plug and play modules, which are pre-certified to speed regulatory approval. This modular structure allows for faster development and iteration, based on customer testing. According to these strengths and strategies, Guardhat has achieved a competitive edge ahead of other vendors and can maintain that differentiation by continuing to swiftly and effectively develop intellectual property. Local Intelligence with Federated Computing In its patented process, Guardhat structures its system to operate much of the computational processing on the device — meaning that devices can communicate intelligently and deliver a more ‘human-centered’ performance. When connectivity bandwidth is at a premium, as in many industrial applications, handling the automated decision making and rules making protocols on the device, and combining with peer-to- peer communication, enables greater local intelligence and more informed decision- making. Rather than relaying to remote servers, nearby devices and sensors can inform peers about hyper-accurate location exposures and experiences. System integrations and localized intelligence improve safety; for example, static gas sensors exchanging information directly with an on-helmet device regarding a proximity warning for dangerous levels. Without relying on sending and receiving data and instructions from a centralized mainframe via unreliable connections, Guardhat’s federated computing design incorporates a built-in engine for processing safety and complex events. Moreover, focusing on the individual and leveraging a federated methodology makes deployment easier, and does not require major retrofits and rebuilds to the facility.
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Frost & Sullivan 2019 7 “We Accelerate Growth” Conclusion In an industrial setting, the myriad of sensors, connected technologies, and wearable safety devices remain disjointed across formats, systems, and control hubs. The founders of Guardhat understood this gap in the industry, and developed the underlying technology, IoT platform, and visualization capabilities to specifically address last mile connectivity. The Guardhat solution provides a vital human-centric design that accounts for wearer location and status, while acting as a hub for communications, facility sensors and connected assets. With an open and expansive third-party integration and resource planning platform, Guardhat collects the unutilized Big Data and presents a digital facsimile of the entire facility in a single pane of glass. With its federated computing model, Guardhat enables intelligent peer-to-peer communication — unlocking never- before-seen ROI, safety, cost, and productivity benefits. For its innovative technology, end-to-end visibility, and responsive development, Guardhat earns Frost & Sullivan’s 2019 Company of the Year Award in the North America connected safety market.
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Frost & Sullivan 2019 8 “We Accelerate Growth” Significance of Company of the Year To receive the Company of the Year Award (i.e., to be recognized as a leader not only in your industry, but among non-industry peers) requires a company to demonstrate excellence in growth, innovation, and leadership. This excellence typically translates into superior performance in three key areas—demand generation, brand development, and competitive positioning—that serve as the foundation of a company’s future success and prepare it to deliver on the 2 factors that define the Company of the Year Award: Visionary Innovation and Performance, and Customer Impact). Understanding Company of the Year Driving demand, brand strength, and competitive differentiation all play critical roles in delivering unique value to customers. This three-fold focus, however, must ideally be complemented by an equally rigorous focus on Visionary Innovation and Performance to enhance Customer Impact.
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Frost & Sullivan 2019 9 “We Accelerate Growth” Key Benchmarking Criteria For the Company of the Year Award, Frost & Sullivan analysts independently evaluated each factor according to the criteria identified below. Visionary Innovation & Performance Criterion 1: Addressing Unmet Needs Requirement: Implementing a robust process to continuously unearth customers’ unmet or under-served needs, and creating the products or solutions to address them effectively Criterion 2: Visionary Scenarios through Mega Trends Requirement: Incorporating long-range, macro-level scenarios into the innovation strategy, thereby enabling “first-to-market” growth opportunity solutions Criterion 3: Implementation of Best Practices Requirement: Best-in-class strategy implementation characterized by processes, tools, or activities that generate a consistent and repeatable level of success. Criterion 4: Blue Ocean Strategy Requirement: Strategic focus on creating a leadership position in a potentially “uncontested” market space, manifested by stiff barriers to entry for competitors Criterion 5: Financial Performance Requirement: Strong overall business performance in terms of revenues, revenue growth, operating margin, and other key financial metrics Customer Impact Criterion 1: Price/Performance Value Requirement: Products or services offer the best value for the price, compared to similar offerings in the market. Criterion 2: Customer Purchase Experience Requirement: Customers feel they are buying the most optimal solution that addresses both their unique needs and their unique constraints. Criterion 3: Customer Ownership Experience Requirement: Customers are proud to own the company’s product or service and have a positive experience throughout the life of the product or service. Criterion 4: Customer Service Experience Requirement: Customer service is accessible, fast, stress-free, and of high quality. Criterion 5: Brand Equity Requirement: Customers have a positive view of the brand and exhibit high brand loyalty.
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Frost & Sullivan 2019 10 “We Accelerate Growth” Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices Frost & Sullivan analysts follow a 10-step process to evaluate award candidates and assess their fit with select best practice criteria. The reputation and integrity of the awards are based on close adherence to this process. STEP OBJECTIVE KEY ACTIVITIES OUTPUT 1 Monitor, target, and screen Identify award recipient candidates from around the world Conduct in-depth industry research Identify emerging industries Scan multiple regions Pipeline of candidates that potentially meet all best practices criteria 2 Perform 360-degree research Perform comprehensive, 360-degree research on all candidates in the pipeline Interview thought leaders and industry practitioners Assess candidates’ fit with best practices criteria Rank all candidates Matrix positioning of all candidates’ performance relative to one another 3 Invite thought leadership in best practices Perform in-depth examination of all candidates Confirm best practices criteria Examine eligibility of all candidates Identify any information gaps Detailed profiles of all ranked candidates 4 Initiate research director review Conduct an unbiased evaluation of all candidate profiles Brainstorm ranking options Invite multiple perspectives on candidates’ performance Update candidate profiles Final prioritization of all eligible candidates and companion best practices positioning paper 5 Assemble panel of industry experts Present findings to an expert panel of industry thought leaders Share findings Strengthen cases for candidate eligibility Prioritize candidates Refined list of prioritized award candidates 6 Conduct global industry review Build consensus on Award candidates’ eligibility Hold global team meeting to review all candidates Pressure-test fit with criteria Confirm inclusion of all eligible candidates Final list of eligible award candidates, representing success stories worldwide 7 Perform quality check Develop official award consideration materials Perform final performance benchmarking activities Write nominations Perform quality review High-quality, accurate, and creative presentation of nominees’ successes 8 Reconnect with panel of industry experts Finalize the selection of the best practices award recipient Review analysis with panel Build consensus Select winner Decision on which company performs best against all best practices criteria 9 Communicate recognition Inform award recipient of recognition Announce award to the CEO Inspire the organization for continued success Celebrate the recipient’s performance Announcement of award and plan for how recipient can use the award to enhance the brand
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Frost & Sullivan 2019 11 “We Accelerate Growth” STEP OBJECTIVE KEY ACTIVITIES OUTPUT 10 Take strategic action Upon licensing, company able to share award news with stakeholders and customers Coordinate media outreach Design a marketing plan Assess award’s role in strategic planning Widespread awareness of recipient’s award status among investors, media personnel, and employees The Intersection between 360-Degree Research and Best Practices Awards Research Methodology Frost & Sullivan’s 360-degree research methodology represents the analytical rigor of the research process. It offers a 360-degree view of industry challenges, trends, and issues by integrating all 7 of Frost & Sullivan’s research methodologies. Too often companies make important growth decisions based on a narrow understanding of their environment, resulting in errors of both omission and commission. Successful growth strategies are founded on a thorough understanding of market, technical, economic, financial, customer, best practices, and demographic analyses. The integration of these research disciplines into the 360-degree research methodology provides an evaluation platform for benchmarking industry participants and for identifying those performing at best-in-class levels. About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, helps clients accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The company's Growth Partnership Service provides the CEO and the CEO's growth team with disciplined research and best practices models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages nearly 60 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from 45 offices on 6 continents. To join Frost & Sullivan’s Growth Partnership, visit http://www.frost.com. 360-DEGREE RESEARCH: SEEING ORDER IN THE CHAOS
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