| | FEBRUARY 20239CIOReviewneeds. Ascertain if the production process will incur additional costs, such as skilled labour or third-party production resources. The installation and integration of commercial IoT solutions are complex, and the cost of commissioning the product is usually not factored into the product design process and is usually pushed to the customer end. For consumer and commercial connected products, timing is everything; a lot of well-conceived, high-quality IoT products failed because they were launched at the wrong time. IoT products take over two years to launch, and consumer expectations and the technology landscape can change dramatically in that period. Therefore, your product design and marketing should withstand market fluctuations. Speed to market plays a significant role in commercialising IoT products, so run your product team as a venture capitalist and run it as a venture with a laser focus on generating revenue quickly. The product-centric mindset needs to evolve if your organisation plans to launch connected products. The services you build on top of your connected products will become a key differentiator and give you a competitive edge. It is hard for a traditional product-centric organisation to transform into a services and solutions organisation, and many organisations avoid that route. This change involves changing the identity from being a product provider to an "experience provider". Services built on the data generated from the product will help your organisation map your journey through the new emerging market along with the traditional product market. When products become ingredients in a connected experience, the service attributes dominate the popularity. A fatal mistake that organisations make in their service architecture is when they build a service on top of low-value data, which makes their service offering even weaker. The revenue models for your connected products will undergo many changes at the beginning, which is quite normal for organisations. We often confuse invention and innovation; innovation is an organisation's ability to successfully commercialise a product or service at a scale that has never been done before. The IoT product failures are largely happening due to an organisation's inability to innovate or commercialise the correct ideas or technology stacks. Sandeep Babbar
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