WSIs’ IoT Business Architect, Tobias Söderlund shares some insights on avoiding mistakes in IoT concept development.
It’s time to define your IoT offering or product, you have done your homework, listened to your customers, tested the business model and the value proposition seems to hold. You start writing that requirement specification and accompanying design documents. The first version is released and short after you released, “if we only had done that…”.
What went wrong?
One reason on why you may have ended up in this situation could be that you were to narrow in the concept development phase, the important step before going into the details. In this phase, almost no ideas should be considered too wide. By allowing a large scope, low hanging fruit can be identified and potentially give a big impact on your business. Areas often overlooked can be:
- Customer meta-data. For example: Today you don’t have a direct relationship with your customers, you want to, but the timing is not right.
- Data to support R&D activities.
- Production quality parameters.
- Future business models or strategical pivots.
If you are lucky, these “extra features” could be an over-the-air update, but in certain situations it can be difficult and especially if it involves hardware changes or new processes for field and installation personnel.
Of course, this doesn’t mean that the solution should contain all these features developed in the concept development phase. But when defining your Minimal Viable Product, maybe your first commercial release, you at least have done conscious decisions and minimized the risk of ending up wrong.