Example: The Covisint auto industry exchange will strip 10% out of the cost of a car.
B2B exchanges operated by industry consortia, such as Covisint, which trades supplies for car makers.
David Miller, chief security officer at Covisint (a subsidiary of Compuware), is a perfect example.
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This gibes with what Joel Kremke, senior vice president of Covisint, told me over lunch the other day.
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And so, Covisint is back to where it began the auto industry.
The next frontier for Covisint is providing identity management for connected vehicles.
Fast-forward to today, and Covisint finds itself in an enviable position.
Covisint started out as an online auction site for auto components, but evolved toward a far more useful business model: providing motorists with secure access to the internet through their car.
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Covisint has developed technology that not only creates a secure identity for your car (enabling all kinds of online transactions), but just as important wipes that memory clean when you sell the car later.
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But Covisint was beset by problems from the get-go not the least of which was the failure of big car companies to agree on anything and when the dot-com bubble burst, the exchange almost went belly-up.
Though no longer the auction site its founders originally envisioned, Covisint still exists today because its basic technology foundation federated identity management, which enables users from different organizations to log in once and access secure data in hundreds of locations remains relevant.
Instead, the company is making a number of moves to boost shareholder value, among other things declaring an annual dividend of 50 cents a share, and opting to spin off its stake in its Covisint unit to holders following a pending IPO of that business.
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