A review in the International Journal of Product Development has considered the various factors leading to success in the design and production of Internet of Things (IoT) or “smart” devices.
Product development is a dynamic realm in which the integration of data science into the creation of new products, especially those linked through the Internet of Things (IoT), represents a multifaceted challenge. While data-driven product development seeks to harness the potential of sensor data to generate value, the intricacies and complexities of this endeavour can lead to uncertainties in the world of innovation where developers reach dead-ends and U-turns are not uncommon.
Elisabeth Häusler, Wolfgang Kremser, and Veronika Hornung-Prähauser of the Salzburg Research Forschungsgesellschaft in Salzburg, and Franz Huber of Seeburg Castle University in Seekirchen am Wallersee, Austria, have undertaken a review of the literature in this area into to piece together the apparently fragmented research landscape. Apparent from this review is that there is an obvious gap in the literature: a lack of a standardized framework to guide managers through the intricate process of developing data-intensive IoT products.
The researchers have categorized existing knowledge into three main areas: the geographical distribution of literature, the nature of contributions made, and the organization of literature based on a data value chain approach. The value chain outlines the sequential stages involved in creating data-intensive IoT products, taking into account aspects such as design, product development, and innovation. The review thus highlights diverse contributions, models, frameworks, and taxonomies, each offering unique perspectives on IoT product development.
There is enormous research interest in IoT product development, but as the review shows, there is no cohesive process model. The team suggests that there is an urgent need for a structured approach that could weave data analytics into the development process seamlessly reconciling the technical intricacies and the social dynamics. The review also highlights the significance of data accuracy and the broader data quality factors that lead to value for the businesses involved.
Häusler, E., Kremser, W., Hornung-Prähauser, V. and Huber, F. (2023) ‘Data-intensive IoT new product development: a review and future directions’, Int. J. Product Development, Vol. 27, No. 3, pp.265–292.