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May 5, 2017
Digital Transformation
Trends

Forrester: The Internet of Things Propels Product Development Into The Digital Era

Forrester: The Internet of Things Propels Product Development Into The Digital Era

Digital is the latest radical shift in the technology world and, apparently, it might be the greatest. Digital technologies are disrupting and changing businesses. Product development is at the forefront of this new technology wave. As digital disruptions reshape the traditional way companies develop their products, organizations must consider implementing sufficient business approaches to keep step with the changes digitalization brings.

In a recent report, Forrester states that traditional product development will fail organizations that strive to optimize customer experiences and product value through software-enabled IoT products. Just as growing customer expectations for consumer and enterprise applications activated fundamental change in software development, the rising importance of software in IoT products implicates sweeping changes for product development lifecycle.

 

 

Forrester claims that as more products become connected, traditional product development will fail because:

  • Current processes can’t deliver dynamic IoT products
  • Rigid product development cycles don’t respond to evolving markets
  • Old processes fail to account for new software risks
  • Traditional product dev prioritizes business requirements over customer`s needs
  • Engineers fulfill requirements instead of co-creating solutions

 

The aim of the report is to help CIOs understand the five initiatives which will lead the shift to digital product development and one of them is to create a partner ecosystem that amplifies product value. As Forrester states, engaging with services partners is a strategy that enables effective partner ecosystems.

Ciklum`s co-operation with Neopenda, a medical wearable startup for newborn healthcare in developing countries, was mentioned in the report as an example of successful engagement with service partners.

We didn’t always have the answers to Ciklum’s questions right away, and if we didn’t, they would work through the dynamics of the issue with us”, Sona Shah, co-founder Neopenda.

 

Ciklum’s R&D Engineering team in Ukraine developed a simple, and low-power wearable device that tracks, and displays 4 vital signs for newborns in distress. The Vital Signs Monitor sends real-time data to the tablet and alarms nurses in case of any changes. This data is stored in cloud and may be used by the doctor in any part of the world to track child’s health.

The results of this project are:

  • In 2016, Neopenda raised $441,150 with the device prototype by Ciklum’s R&D Engineering team.
  • 90% cost-reduction as compared to other analogs on the market.
  • 3 months to move from idea to the functioning device.
  • PCB fully designed and manufactured + software platform for real data visualization.

 

 

Another lever of change for digital product development declared by Forrester is to adapt agile development and planning processes. Also, Forrester claims that it is important to integrate software and hardware development cycles.

“You still have to respect that hardware development will involve some level of waterfall methodology because hardware requirements need more definition up front. However, within development phases you can still work iteratively”, says Erik Ljung, CTO at Ciklum

If you want to understand the five levers of change for digital product development – purchase the report. Do you have IoT or biomedical engineering idea? Contact us today to discuss it with Ciklum’s R&D Engineering experts.