Smart product development is when technology and ideas come together and create a revolutionary user experience for consumers, and informed decision support for manufacturers. We’ve already covered the convergence of multiple technologies (Part 1) and the business objectives (Part 2) that set the stage for moving up the value chain.
Even the best laid plans can go awry if one isn’t cognizant about all the factors that can affect the success of a smart product development initiative. Many good starts have been squandered when certain aspects aren’t given due consideration. For instance, the business model and technology selection still rank highest amongst the attributes that can define the success for organizations who intend to, or have already started, their connected product journey.
A clear set of objectives is the first, most critical step to take before discussing the means to reach them. Some important questions to consider are:
