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When organizations work through the development of an IoT product, it's important to externally confirm its value during each stage of the process.
Organizations can follow the design-sell-build methodology to ensure their IoT business plan doesn't fall flat.
This method means that the organization confirms they designed their product right by going through a formal sales process before building and selling the product in order to circumvent the waste of resources. When an IoT development team discusses their IoT business plan, they can easily idealize the product. Confirm the product's value externally with potential customers after designing it but before building it. The IoT industry is still emerging; therefore, it is vital to confirm product ideas will actually create ROI at every step of the development process.
No matter how exact an IoT business plan is, all IoT products will change throughout the development process. It is more than likely that they will not just change a little bit because, right now, both sellers and buyers don't know what to realistically expect from IoT technology. The language around IoT is also still developing, which means that not everyone's interpretation of terms will match what they discussed initially and what was coded. The development team must check the business plan and product requirements at each stage, including concept, ideation, proof of concept, prototype and minimally viable product.
The buy-sell-build methodology is an iterative process. Especially with IoT, it's important to go to potential customers and partners to get feedback early and often. The ICIP Strategy & Digital Transformation course demonstrates how this feedback should be solicited and incorporated before moving onto the next development milestone in every IoT business plan.
The ICIP IoT training program aims to help professionals solve the most pressing challenge of IoT: creating a positive ROI and profitable business. Learn more about the ICIP IoT training program.