How Technological Advancements are Beneficial for Sharing Economy
CIOREVIEW >> Big Data >> NEWS

How Technological Advancements are Beneficial for Sharing Economy

CIO Review

Sharing economy is a business trend that thrives on collaborative consumption, enabling people to borrow or rent goods and services thus promoting monetization of assets. Previously, individuals discovered and shared such resources through word of mouth or classified ads in a local newspaper. With the latest technological advancements including the internet, pervasive computing, and mobile payments, sharing economy is breaking new frontiers as it opens new avenues of doing business. By easing the sharing of assets on a large global scale, technology today acts as the platform for ordinary people to advertise and sell their goods and services. This trend marks a significant shift from the legacy business practices that were a prerogative of full-time businesses.

Role of Technology in Sharing Economy

Fueled by IT consumerization, people today have easy access to sharing services with just one click on their mobile device. The sharing services today are supported by technologies that have the capability to maintain and process huge amounts of data regarding people and assets.

Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.

Companies today are leveraging technologies such as GPS, Big Data and Machine Learning, and other open source technology to match up owners with the renters in real-time. GPS helps service providers to get current location of the user along with the unoccupied resources in the located area; secure payment gateway helps in easy and secure money transfer between service providers and customers. Search algorithms are used by organizations to find out relevant data and then surface the listings according to the user’s query. Easy-to-use digital technologies allow people to access shared services on the go irrespective of the geographical location.

Role of Big Data

Big Data is playing a vital role in the operations of shared services by deploying an economic model that gathers different types of data for analysis and making informed decisions. The gamut of data is leveraged by companies to derive customer insights. The big data algorithm performs significant tasks of capacity calculations to find the best of the possible suggestions and helps in customer service and operational efficiency enhancements.

As reported by Airbnb, everyday 20Tb of new data is created in the company database along with the tons of already available data. Airbnb uses various big data analytics tools to create more accurate and personalized searches based on the user preferences, social connections, reviews, and rental history. Big data predictive modeling is leveraged by Airbnb to prioritize the resources based on particular market and season demands.

The concept of data economy is revolutionizing the sharing economy and companies are leveraging different data analysis techniques to design their business models. Data economy defines the data that companies consider as an asset and customers are ready to for that asset. Data analysis techniques are implemented on the large volume of collected data and later service providers utilizes the report to make sense out of that information to support decision making. Data exchange is also a very important part of sharing market. Evolution of mobile platforms revolutionized the data exchange techniques as now customers can access company applications on smartphones. Mobile apps increased the customer participation by stimulating data at a higher rate and changing frequent customer visits valuable and worthwhile.

Sharing Economy in the IoT World

Internet of Things (IoT) emerged as a future technological infrastructure for the sharing economy that can revolutionize the functioning of sharing services. IoT provides a platform by which owners can remotely connect to their resources; customers will only have a proximate access to the rented asset. Organization can access the rented fleets of assets on achieved scale by tracking and automatic unlocking. Companies built on the sharing economy model can benefit from the IoT tools that provide remote access to rented asset and assure safety. IoT will also help to decrease the trust deficit between renters and service providers.

The sharing economy has impacted various markets in that last few years, notably apartment rentals and ride services. The latest entrepreneurship ventures and recent developments in effective communication of IT provide a push to the transformation of the additional business markets with the help of sharing economy. The impact of collaborative businesses is increasing in daily life and latest technologies are providing a momentum to spread of sharing economy. The rise of sharing economy demonstrates that customers tend to value the opportunities provided by peer-to-peer engagement and the flexibility and responsiveness that companies are providing today.

More in News

SAP Cloud ERP programs often become difficult to defend before implementation begins. Midmarket companies encounter long consulting estimates, broad license packages and development work priced beyond the original business case. Internal teams then face a second problem. They must support the project while continuing to maintain the processes the new system is supposed to replace. Implementation speed deserves close examination, but a shorter schedule alone is not enough. Buyers need to understand which activities have been standardized, how much preparation is required before kickoff and where customer-specific work can alter the timeline. A provider that promises rapid delivery without controlling scope may simply shift unfinished decisions into the post-launch period. The stronger model reduces repetitive configuration work while preserving enough review to prevent avoidable rework. “AutomationUI combines its public edition accelerator with license-rightsizing and independently available services that reduce the cost barrier for midmarket companies.” Public cloud adoption also changes the role of customization. SAP Cloud ERP Public Edition is built around standardized processes, making it less tolerant of years of local code and inherited exceptions. Providers must distinguish between a requirement that protects a real business condition and a preference carried over from the previous system. Excessive customization raises cost and maintenance effort. Rigid standardization can create workarounds that weaken adoption after launch. License planning creates a separate source of waste. User counts are often based on loose role definitions or projected demand that may not materialize for several years. Commercial incentives can compound the problem by encouraging a larger initial purchase than the organization requires. Buyers should expect role-based license mapping, realistic usage assumptions and a clear process for revisiting those decisions as the company grows. Post-launch use now matters more than migration completion. An ERP program has limited value when purchased functions remain unused or routine reporting requests return to long development queues. Providers should be judged on how they support adoption and how quickly they can handle practical changes once the system is live. Reusable services and AI-assisted development can shorten report or add-on work that would otherwise depend on lengthy ABAP coding, provided the provider maintains clear controls over quality and access. Commercial structure deserves similar attention. Large bundled engagements can force smaller companies to buy services before the need is clear. Independently available offerings give buyers more control over initial spending and allow them to add support as use expands. They also make provider comparison easier because implementation work and follow-on development can be assessed separately. AutomationUI is well aligned with companies that want SAP Cloud ERP Public Edition without accepting a conventional implementation cycle or an oversized service package. Its delivery model centers on an accelerator designed to automate much of the implementation process and support compressed go-live schedules. AutomationUI combines its public edition accelerator with license-rightsizing and independently available services that reduce the cost barrier for midmarket companies. Its AI-assisted development approach also targets reports and add-ons that would otherwise require extended ABAP work. AutomationUI’s model addresses the cost and adoption pressures that most often weaken midmarket SAP programs. ...Read more
Parking management solutions that incorporate technology, sensors, automation, and data analysis address significant urbanization challenges. They enhance parking operations, optimize space utilization, and improve the overall user experience. As cities strive to become smarter, these solutions are increasingly integrated into modern transportation systems. In contrast, traditional parking systems often rely on monitoring and static management, resulting in inefficient space usage, longer search times, and higher costs. Smart parking solutions do better by providing real-time information, automated access control, digital payment systems and guidance that helps drivers find parking spots. Modern platforms can handle on-street and off-street parking, allowing operators to manage facilities from a dashboard. Users get real-time information on parking availability and easy entry and exit experiences. As transportation networks become connected, smart parking management supports more efficient and sustainable city mobility. Enhanced Parking Solutions for Efficient Management Using sensors, cameras and other devices to keep track of which parking spaces are available so the people in charge can see what is going on and make the parking facility run smoothly. Smart parking systems help people find parking spaces more easily, which means they do not have to drive around the parking facility as much. Makes people happier when they are parking. These systems can read license plates and let people in without them having to take a ticket, which reduces the need for people to be involved and helps things run smoothly when it is busy. The way people pay for parking has become easier due to the ability to use phones or computers for transactions. The development increases convenience for those parking their vehicles and streamlines the payment collection process for parking facility operators. Parking facility managers can monitor activities across multiple locations, enabling them to optimize planning and resource allocation. They have access to real-time data on facility occupancy, revenue generation, and equipment functionality. The use of specialized analytical tools allows for the prediction of peak parking times. The information aids in determining pricing strategies and the number of parking spaces needed at any given time. The equipment within parking facilities is often connected to the internet, enhancing management capabilities. Facility operators can identify malfunctions promptly and schedule preventative maintenance, reducing potential issues. By leveraging automation, connectivity, and operational intelligence, smart parking management solutions promote efficient operations within parking facilities. Rising Need for Parking Management People want parking management solutions because cities and businesses need to manage the increasing number of vehicles and make the most of the limited parking spaces they have. The fact that more and more people are moving to cities is a reason for this demand. As cities get more crowded, it becomes really important to manage parking in a way to reduce traffic and make the transportation system better. Cities are trying to become smarter by using technologies. They are investing in systems that can manage traffic and parking together. “Artificial intelligence, connected mobility ecosystems and greater integration with intelligent transportation infrastructure will drive the future of parking management solutions.” Commercial real estate people are using parking technologies to make visitors happy to use their facilities in a better way and increase the value of their properties. The use of vehicles is changing the way parking is managed. Now parking facilities need to have charging stations, systems to reserve parking spots and ways to manage energy. The goal of being more sustainable is also helping the market grow. When people do not have to drive to find parking, they use less fuel, produce fewer emissions, and there is less traffic. People who manage parking use data to decide how much to charge, predict demand, plan how many parking spots they need, and make long-term investment decisions. The combination of cities getting bigger, the use of technologies and the need to make transportation better is driving investment in smart parking management solutions. Smart parking management solutions are getting more popular because cities, businesses and property owners need them to manage the growing number of vehicles and make the most of the parking resources they have. Emerging Trends in Smart Parking Management Solutions Artificial intelligence, connected mobility ecosystems and greater integration with intelligent transportation infrastructure will drive the future of parking management solutions. Parking management is becoming a dynamic part of urban mobility networks. AI will make parking management better by predicting how many spaces will be taken, analyzing traffic flow and automatically assigning parking spots. AI systems can help people who manage parking lots make sure they have enough spaces available when people need them. IoT will keep getting bigger, leading to more connected parking infrastructure with advanced sensors, smart cameras and intelligent gateways that give us information all the time. Smart parking management solutions will work with navigation systems, mobility applications and digital transportation platforms so drivers can find out if there are parking spaces available before they get to where they're going. As cities invest in transportation infrastructure, smart parking management solutions will become more important for making cities better, more efficient and more sustainable. ...Read more
AI data cloud solutions are rapidly reshaping how organizations handle large-scale information flows, as businesses move toward more connected and intelligence-driven digital environments. Companies are increasingly adopting unified cloud frameworks that combine advanced analytics with AI capabilities, enabling faster data processing and more responsive decision-making across operations. This shift is also improving scalability and system efficiency, though challenges around data security, integration complexity and governance continue to demand stronger architectural planning. In response, organizations are refining cloud strategies with more structured data management practices and enhanced security protocols to maintain reliability while supporting continuous innovation. What Are the Key Benefits of AI Data Cloud? AI data cloud delivers significant advantages by improving how organizations extract value from vast and diverse data sets. By bringing together structured and unstructured information into a unified environment, it allows deeper insights that support more accurate forecasting and strategic planning. This capability helps organizations move beyond surface-level analysis and build a more comprehensive understanding of operational patterns, customer behavior and market dynamics. Another important benefit is the speed and flexibility it introduces into data-driven processes. With faster access to insights, decision cycles become shorter and more responsive to changing conditions. This agility supports better coordination across departments and helps organizations adapt quickly to shifting priorities without disrupting ongoing activities. It also reduces dependency on fragmented data systems, creating a more streamlined and efficient flow of information across business functions. AI data cloud strengthens overall operational resilience by improving consistency and reliability in data usage. Automated data handling reduces manual effort and minimizes the risk of errors, ensuring that information remains accurate and dependable over time. This structured approach supports stronger compliance practices and enhances trust in data-driven decisions, helping organizations operate with greater confidence in complex and evolving environments. What is the Future Outlook of AI Data Cloud Solutions? AI data cloud solutions are expected to advance toward more autonomous and context-aware data ecosystems, where systems can interpret patterns, prioritize insights and initiate actions with minimal manual direction. Growing integration of machine learning models with dynamic data pipelines is likely to support more proactive decision environments, where insights are not only generated faster but are also aligned more closely with real-time operational needs. This progression is set to refine how organizations anticipate changes, manage complexity and respond to emerging demands across digital environments. Simultaneously, the evolution of decentralized data architectures and edge computing is anticipated to reshape how data is processed and accessed across distributed networks. Greater emphasis on interoperability standards and secure data exchange frameworks will support more seamless collaboration between platforms while maintaining control over sensitive information. These developments are positioning AI data cloud solutions as a core element in building more adaptive, scalable and intelligence-driven digital infrastructures. ...Read more
Enterprise innovation sandboxes often lose their usefulness at the boundary between experimentation and production. A team may prove an idea quickly, then encounter weeks of access requests, security reviews and infrastructure dependencies before the work can enter the enterprise environment. For executives assessing a sandbox, the relevant distinction is whether it merely creates a protected place to experiment or shortens the path from an approved idea to deployable work. Production similarity deserves close scrutiny. A sandbox that operates under different tools or controls can make early development seem faster while delaying integration work. The stronger model reflects the conditions a team will eventually face, including access rules and deployment requirements. Governance then becomes part of development rather than a review layer added later. That matters particularly for AI work, where an experiment can be easy to demonstrate but much harder to sustain once enterprise data and release practices come into play. Self-service creates another procurement problem. Removing every gate may increase speed during experimentation, but it can also leave IT having to rebuild control later. Excessive centralization has the opposite effect, forcing routine provisioning through ticket queues and approval chains. Buyers should assess whether administrators can establish reusable policies and templates while giving teams room to provision approved resources themselves. The practical measure is not unrestricted autonomy. It is how much waiting and repeated setup the environment removes without separating experimentation from enterprise oversight. “The Calibo model works with existing enterprise systems rather than requiring their replacement and connects experimentation to a controlled Path to Production.” Compatibility with the existing technology estate is equally important. Large enterprises rarely have a clean stack that can be replaced around a new sandbox. Multiple clouds may coexist with legacy systems, while development work passes between specialized tools and data platforms. A sandbox that demands wholesale replacement can turn adoption into another modernization program. Buyers need to understand how the environment coordinates work across existing systems and whether generated artifacts remain inspectable and modifiable rather than being locked inside the platform. Data readiness can expose the same weakness. Requiring every possible source to be prepared before experimentation begins creates unnecessary groundwork, yet loosely governed sample data may produce a result that cannot survive production review. A useful sandbox should let teams establish the trusted data required for a defined use case, preserve traceability and expand that foundation as the work progresses. This keeps data preparation proportional to the idea being tested while preserving a credible route beyond the prototype. That balance between usable data and production readiness is built into the Calibo approach. Calibo provides a Business Innovation Sandbox, a governed environment designed to mirror production conditions. It gives teams role-based tools and workflows. IT can predefine approved configurations and access rules through policies and templates, allowing teams to provision what they need without sending every request through a manual approval queue. Its model works with existing enterprise systems rather than requiring their replacement. Calibo’s Path to Production provides a controlled release process for moving validated work into enterprise or Calibo-managed environments while IT retains control over deployment requirements. Calibo also applies Minimum Viable Data to establish the trusted, governed data required for a specific use case instead of preparing every possible source in advance. These mechanics address the central procurement risk of creating a sandbox that accelerates prototypes but leaves production friction untouched. Calibo merits consideration where enterprises need experimentation to remain governed and connected to eventual deployment. ...Read more