EDMONTON, Alberta, Jan. 12, 2015 (GLOBE NEWSWIRE) -- By Financial Press
Your grandmother's iron stove did not collect data. Now many household and corporate devices do - but that information is seldom levered into profitable action. Interactive analytics is a new game-changing field that boosts efficiency and cost savings through collection of data.
Although most of the innovation in this field is being done by small cap companies, the big boys are moving in. In 2014, Google paid $3.2 billion for Nest Labs who make remote app-driven thermostats that adjust the temperature of your house according to location and user habits.
Visionstate (TSX.V:VIS) is a leader in interactive technology software. Through touchscreen directories, mobile applications and cleaning management software, the company provides innovative solutions for corporations, retailers and government institutions.
"We are in the business of replacing paper directories with a digital interactive interface," states Visionstate President and CEO, John Putters. "Our flagship product WANDA (Washroom Attendant Notification Digital Aid) is a smart device for public restrooms."
Although restaurants and hotels are judged loudly on social media by the cleanliness of their washrooms, the bulk of these facilities use maintenance protocols that are now 60-years-old.
"We have all seen paper hanging on the wall of public restrooms with unintelligible scribbles," stated Putters. "WANDA replaces the paper with a touchscreen device mounted at the entrance to restrooms, requiring maintenance staff to digitally log their cleaning activities and resources."
WANDA allows managers to harvest a host of information that will deliver efficiencies and enhanced resource use. Putters explains that as the database of information grows, the device will learn to predict unusual service level requirements. A pub franchise can anticipate that its restrooms will require extra servicing during televised play-off games.
But the benefits go beyond superior service and resource allocation. WANDA also provides an audit trail on the maintenance history of the venue. The latter point can be important if a customer slips on the floor and claims that it wasn't recently cleaned.
"If somebody falls and decides to sue, the contracted maintenance company will need to prove that they fulfilled the terms of the contract," stated Putters. "That is difficult to do when you're dealing with paper that can be easily back-dated. So as well as increasing employee accountability, WANDA functions as low cost insurance against frivolous law suits."
WANDA currently provides two revenue streams for Visionstate: a one-time fee for the hardware, and a monthly fee for the software license that manages the data. Visionstate is investigating adding a third revenue stream derived by digital advertising.
Putters sees hospitals and airports as a natural home for Vision State Technology. He is currently running a 15-unit pilot project at Pearson Airport, in Toronto. Visionstate is planning to launch a 10 inch version of WANDA, reducing the capital of cost of the unit from $2,200 to about $900. The 10 inch version is expected to be released in 2015.
In the world of smart devices, big profits lie in the nooks and crannies. Something mundane, like replacing a piece of paper inside a restroom with a touch-screen, can generate significant cash flow. Visionstate's mandate is to identify paper protocols that can be replaced by digital ones - enhancing profitability.
Visionstate recently signed an agreement with CBL Properties to deploy digital interactive kiosks in 30 of their largest shopping malls in the US. ViCCi (Virtual Interactive Client Care Interface) allows shoppers to locate products, shops and services through Visionstate's proprietary interactive touch technology.
"Simultaneous with our roll-out plans for WANDA and ViCCi, we are working on new ventures in the hotel and hospitality industry," stated Putters. "Further announcements will made as we hit milestones in development cycle."
Google's $3.2 billion acquisition of Nest is a leading indicator. "The Internet of Things" has arrived. In the last 6 months smart locks and Wi-Fi -connected security cameras have hit the shelves, along with Water Hero – a device that turns off your home's water supply if it detects a major leak.
Given the stakes, there is a lack of competition in this space, although Planar Systems is developing video walls, large format LCD displays and interactive touch screen monitors. Planar's share price has increased 490% in the last two years.
IDC Research estimates that the worldwide market for "Internet of Things" solutions will grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.
Visionstate is currently trading at .13 with a market cap of $3 million.
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