The Internet of Things (IoT) has transformed product innovation across nearly every sector of the economy. Connected cars, smart home devices and connected industrial equipment are among the more than 30 billion devices expected by the year 2025, rapidly outpacing non-IoT devices such as cell phones, laptops, and computers .
Manufacturers must be aware that current IoT trends will continue and adapt quickly to market opportunities; this is a make-or-break moment. However, many companies still suffer from a lack of alignment, visibility and transparency that impairs the innovation process. This can lead to significant business consequences, such as longer time to market, increased cost, higher risk, and lower team morale.
While software development plays an important role in realizing IoT product opportunities, the physical product also requires its own innovation timeline and process . Many companies try to address this divide by implementing a one- size-fits-all methodology, such as Agile or top-down project management methodologies including Six Sigma and Waterfall. But in practice , multiple methodologies are required and must be used in combination to remove friction and conflicts.
A “one size fits all” approach can not solve the unique challenge s involved with developing IoT and connected products . Manufacturing smart products requires far more coordination across functions and disciplines than traditional manufacturing. What's needed is a bridge between the business management and product management processes on the one hand and the physical and software realization processes on the other.
In order to remain competitive, today's smart product developers must master the cross-functional realization process by fundamentally coordinating all major functions of the organization.
Is your organization aligned? An organization that unites its innovation data has characteristics like this:
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