There’s been a gold rush happening in technology these last few years, focused on the Internet of Things, or IoT. It’s even frequently been referred to as “the next Industrial Revolution.” The stampede to connect anything and everything in the home to a mobile app – a stampede that I’d argue has been driven by grossly inflated numbers and speculation – has the potential to lure companies into unfamiliar territory, with no guarantee of a safe or profitable return. I know because I’ve been there.
Do Your Customers Actually Want a “Smart” Version of Your Product?
There’s been a gold rush happening in technology these last few years, focused on the Internet of Things. The stampede to connect anything and everything in the home to a mobile app has the potential to lure companies into unfamiliar territory, with no guarantee of a safe or profitable return. Big Ass Solutions, which manufactures and sells fans, lights, and controls for commercial and residential use has products that work with apps or without apps. And while they’ve found customers for IoT connectivity, the number of customers who value the new technology has been much lower than industry projections led them to believe. Companies considering developing connected products should ask themselves a series of questions before investing in these new technologies. Does this connected feature or product solve a real problem? Do our customers genuinely want this? Have we fully weighed the economics involved? Can I do the work in house? And, can we provide good customer service?