Wearable technology is being
integrated more and more into society. Under Armour’s CEO Kevin Plank, as
reported on in Forbes, is looking to
not only join, but lead the way, in the wearable technology industry. The article
“How Under
Armour's Kevin Plank Is Taking Wearables Back From Silicon Valley," shows Kevin
Plank’s plan of developing wearable technology while also listing the struggles
the company will face before going off into Plank’s early life and transition
into becoming a self-made billionaire.
Under Armour is looking at developing smartphone apps and
installing technology into their products to help people keep track of workouts. As the article mentions, Apple has released their Health app which is automatically installed on all iPhones, keeps
track of similar information and rivals Under Armour’s Record app. Still, Under Armour has 62 million people logging into
their apps monthly and is predicting to see a rise in profits equal to $120
Million dollars by the year 2020 thanks to these apps. The cost of becoming the
world’s largest digital health platform was equal to 3 years’ salary, but Plank
is still supporting the move from just cloths into developing more wearable technology.
Similar companies, like Nokia and Nike, which both started as clothing lines,
failed to get into the technology market which ended up setting back the
company as whole. However, as Forbes
reported, “Plank doesn’t care if
his apps make a lot of money. He already has plenty.” Even with lower than
expected selling numbers with the Fitbit wristband and Apple Watch, Plank is
confident this development will help sell more shirts; which, in the end, is
the goal. Plank has since brought in the CEO of MapMyFittness, who developed
Apple’s Health app, to help develop the software needed.
Although
the article covers everything from Plank’s early life all the way through the
history of Under Armour, it does overlook a few major factor that could play in
Under Armour’s favor. Currently, in order to use fitness apps, one must go out
and buy a wristband and wear it while working out. If Under Armour succeeds in
building in the same technology into their clothes, it would be much more convenient,
and possibly cheaper, for people to use by automatically transferring data over
to their phones. Also, Plank’s network of athletes can help him set up
contracts with professional sport teams who want to track player workouts as
well as provide him with a popular figure who can help market the product. The
biggest factor, however, is that the fact that Plank has used the competition’s
technology, which gives him an advantage. Plank noticed how the data in rival
apps was there, but not connected and did not mean much to users. By creating a connection between this data collected and helping to explain
to users would make him the innovative leader in this field plus being on the cutting-edge,
which, when paired with the best athletic clothes, is a win-win.
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