The Internet of Things is coming fast (if it hasn’t already) and isn’t waiting for anyone. The challenge is when it will arrive and when should you release your IoT product.
Perfecting Products Faster
Traditional (physical) product design needs considerable cycle time to collect customer feedback, implement changes, and relaunch the product. It requires customer visits, taking time and resources. Then figuring out how to address those needs in your product takes even longer. The turn around time to release a refined manufactured product can take up to a year.
Connected products have radically shorter product development cycles for customer feedback, implementation, and updates. Connected Products provide a 24/7 window into your customers’ business. The information gathered clearly tells you what customers do with your product; how they use your product; and most importantly how they make money with your product.
Launching product updates is also much faster since connected products are updated remotely with over-the-air updates. We estimate remote updates enable you to release new versions of your product seven times faster than traditional companies.
So having a competitor hit the market with an IoT product one year before yours gives that competitor the advantages of a seven-year head start.
Bruce Sinclair author of IoT Inc.
Enterprises that fail to enter their market at the right time with an IoT offering will face strong headwinds, and stragglers will have difficulty to capture mind-share or market share. However, there is more to it than just a speed-to-market race. IoT changes how companies compete and in the process, changes the playing field in ways that are not obvious today. Connected products can change your value proposition and as a result, change the way sales teams, marketing teams and even finance teams think about your product, customers, and resellers.