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Internet of Things and New Product Development process : a study on the impact on success factors

Mahmud, Max (2018) Internet of Things and New Product Development process : a study on the impact on success factors.

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Abstract:An increasing number of everyday products, appliances and physical gadgets are being embedded with sensors, actuators and connectivity mechanisms, connecting them to the internet and networks, thus forming the basis of the Internet of Things (IoT) anatomy. These “smart connected products” generate and exchange unprecedented levels of data which can be utilized as a part of discovering diversified insights from the products’ environment and use context, making it a huge source of competitive advantage for businesses dealing with the crucial task of developing new products. However, the majority of the businesses are quite reluctant towards implementing IoT as a product development tool since they are unaware of the impacts of IoT on the success factors of the New Product Development (NPD) process. This research investigates how the data generated from the IoT impacts and influences the three key success factors, i.e. augmenting the products’ fit with customer needs, reducing development cycle-time and lowering development costs, of the NPD process. With the help of a literature review and expert interviews, this research identifies the various determinants which can influence the success factors both positively and negatively. With regards to augmenting the products’ fit with customer needs, the research presented strong evidences which reinforces that IoT can indeed augment the product’s fit with customer requirement in the NPD process. Pertaining to the reduction of development cycle-time and costs, both experts and literature indicated that the data generated from the IoT could play a facilitative role in restraining the development time and costs. Although uncertainties concerning huge initial investments, modification of entire business processes, talent scouting, and lethargic development of inter-industry data collaboration platforms coupled with EU’s new data protection regulation might impair the speediness of the development cycle-time and escalate development costs. The study also presented and discussed plausible recommendations in great detail which could help companies to deal with some of these issues.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:International Business Administration BSc (50952)
Link to this item:http://purl.utwente.nl/essays/75320
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