Koninklijke Philips Electronics N.V. PHG penned a strategic collaboration with Cisco Systems, Inc. CSCO to capitalize on the thriving global office market that is projected to be worth EUR 1 billion. The coalition is aimed at leveraging the acceptance of this technology and enables the creation of new value in energy savings as well as workforce efficiency and productivity enhancements across the offices globally.
With the deal, Philips will unite its connected office lighting system with highly advanced IT network to aid building owners and other facilities managers to gain from the application of the Internet of Things concept in modern offices. Moreover, the consumers could get the best energy efficient lighting experience as well as use the information attained from their connected lighting system to save energy and optimize their workspace environment via personalizing their lighting through their smartphones.
We believe the latest deal is in line with Philips’ aim of spreading the comprehension and usability of its connected lighting system across various industries. Of late, Philips has been focusing on streamlining its lighting business and delivering highly energy-efficient cloud-connected smart-LED solutions for homes, offices and municipalities.
Along with the abovementioned partnership, yesterday, Philips also joined hands with SAP SE SAP and Robert Bosch GmbH for spreading the footprint of its lighting business offering. The deal with SAP entails the combination of SAP HANA platform and Philips’ CityTouch street lighting management system to facilitate city planners to gather valuable information and efficiently manage costs. On the other hand, with regard to the Bosch-association, Philips aims to effortlessly assimilate its Hue lighting system with the heating system in the house to create a comfortable environment for the inhabitants.
Going forward too, Philips has planned to offer lighting system to 32 offices of Accenture plc ACN via installation of over 140,000 LED-based products. Such strategic initiatives bode well for this Zacks Rank #2 (Buy) stocks’ long-term growth.
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