Accuracy matters: overcoming challenges in IoT New Product Development through a Data-Value Chain lens
Elisabeth Häusler, Wolfgang Kremser, Franz Huber (2023): Accuracy matters: overcoming challenges in IoT New Product Development through a Data-Value Chain lens In: ISPIM Connects Salzburg 2023
Driven by the Internet of Things (IoT), digital-physical product development has gained importance in new product development (NPD). Especially for smart products such as wearables, innovation managers need to ensure that the product’s rigor corresponds with the company’s strategy. A key challenge is therefore to ensure appropriate validity and relevance of the collected sensor data in line with the intended use case and the value derived from this data. To address this issue, this paper explores IoT NPD through five case studies from the sports, fitness and health sectors, each at different stages of sensor technology and product maturity. The analysis reveals three challenges in terms of a nuanced understanding of the measurement accuracy of data, information and the value proposition itself. The study concludes with suggestions for potential strategies to mitigate the risks associated with these challenges, which in turn reduces the time and cost of IoT NPD.
