Whether your Internet of Things or M2M project succeeds is no game of chance. With a structured approach, a state gate process and an experienced partner at your side your IoT project becomes a complete success.
Ready for the market with the state gate model
Based on a state gate process, known from innovation and product development, you can reach the market maturity in 3 steps. The “gates” represent milestones. As soon as the previously defined results are achieved, a gate can be passed. With the new findings, it may not be useful to move to the next phase anymore. For example, weaknesses in the process may have been detected in the course of the proof of concept or the product as for instance the current value is not relevant enough for your target group. Instead take one step back or discontinue the project completely. This clear structure ensures a minimization of the costs, the risk and the spent amount of time.
Three steps to your market-ready IoT project
In the conception the idea is divided into its parts. Who are the customers? What is the customer benefit? Which revenue streams are generated? What are the processes behind? According to the motto “Technology follows Business Model” the economic aspects are the key focus of in this phase. The business model is precisely defined. Afterwards the technical concept will be created. However only if you really know what you need, the appropriate technology can be determined. It is like in the construction of a building. It is important to have a plan before you start to build the house. The technical meaningfulness is questioned and the architecture is planned. This detailed concept is the milestone of the first phase.
The proof of concept is the implementation of a first prototype. For this purpose the MVP (Minimum Viable Product) has already been defined in the conception. This is exactly what is implemented now. The MVP contains only the core functionalities of your product – as much as necessary, as little as possible. With the proof of concept weaknesses in the concept are mercilessly and swiftly revealed. If the challenges are already revealed here, you will save time and money during the rest of your project. After all, everyone has already had the experience that the theory is the one side, but in practice always unforeseen events occur. Before you reach the gate to the pilot you may need several passes of the proof of concept phase. Work on acquired insights until your IoT project is finally ready for the next step.
In the pilot phase your IoT project will be integrated into the existing business processes. While it was important in the proof of concept to realize fast results, the preparation for a large rollout is taking place at this stage. The electronics and the housing are adapted in order to pass the required standard test. The usability of the app as well as the entire handling of the IoT process are optimized. Finally test routines are defined and tests are carried out.
Now you are ready for the market and you have reached the goal of your IoT or M2M project. The production and the launch of your product can start now.
With this approach you not only minimize the risk, but also ensure that the success of your IoT project is not a gamble. Even if the Austrian lotteries are experts when it comes to game of chance, they have nevertheless ensured the success of the project “LED Display” with this process. PAYCUA (urban parking), the iMow from Viking, the visual monitoring camera D-Eye and the Wicell for temperature monitoring for transport are other examples that have already been successfully realized by using this approach.
Would you like to ensure the success of your IoT and M2M project? Then take the first step in the right direction and visit Microtronics for a free IoT Coffee. In this first non-committal one-to-two-hour meeting you will be able to discover without risk the potential that a structured, fast approach from the idea to the market maturity provides for you.
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