IPOs of IoT companies like GoPro, along with Google’s investment in driverless cars and $3.2 billion dollar acquisition of Nest’s smart thermostat system, prove the IoT phenomenon is real.
However, as the volume of new IoT devices increases, product launch failure rates have scaled way past 50 percent, according to Gartner. This puts hundreds of billions of dollars at risk for electronics manufacturers. With such a high product design failure rate, IoT companies must now ponder these questions:
- How can we manage our design processes or products better?
- Can we monetize aspects of the Internet of Things?
- Where can we use the Internet of Things to embed technologies for remote operation and management of our assets?
- How can we extend our existing products with the Internet of Things?
- What product design and supply chain management tools will best help us succeed?
Join Arena Solutions on Wednesday, August 23 at 11 am PST for the IndustryWeek-hosted webinar, Global IoT Product Design. Kathy Davies, lecturer at Stanford University and managing director of Stanford Life Design Lab, and Heatherly Bucher, product marketing manager at Arena Solutions, will discuss their experiences with product teams and design efforts in the context of the connected IoT world.
- Exploring the challenges of interacting with multidisciplinary teams and stakeholders with fast-paced, dispersed supply chains.
- Considering how to speed up the learning cycle to ramp team and processes quickly.
- Learning how to capture design intent in product definition so all teams can execute effectively.
- Investigating the importance of capturing the voice of the customer (VOC) when designing products.
As stated before, for IoT product companies — both consumer and industry focused —failure rates are high for both native IoT products and retro-fitted IoT products. Companies must navigate lack of standards, nascent infrastructure, new market challenges, and uncertainty of customer needs.
How can you increase your team’s chances of product success?
The only way to manage the IoT product lifecycle – from regulatory compliance, to global monitoring, quality assurance, risk management and part nonconformance – is through a product development platform that brings all of these moving parts together into a single view. When quality, design control processes, and risk management are embedded as an integral part of the day-to-day product design and development cycle, OEMs can dramatically reduce supply chain oversights, employee missteps and product design errors.
A product development platform that embeds QMS, supply chain collaboration and ALM into a core product lifecycle management (PLM) solution empowers an IoT OEM’s plan with the flexibility to be agile, make changes quickly and implement based on supply chain issues, tech advances, competition and consumer demand. By minimizing costly product errors and shipping delays — especially for a sector with frequently changing parts — Arena’s PLM solution helps IoT companies get to market first, stake out a larger market share and maximize profit margins.
That’s why 250 innovative IoT companies (Roost, Pebble, GoPro) rely on Arena to unlock their imagination, speed innovation, and tame even the most unconventional design ideas into the IoT’s next big thing.