Should IOT lead your new product development efforts?
Please come join us for a live online discussion revolving around the impact on product development The Internet of Things has had, will have, and more importantly, should have.
March 22 2023 – Please RSVP Here —
Should IOT lead your new product development efforts? Today we will be discussing, the impact on product development The Internet of Things has had, will have, and more importantly, should have.
So let’s dive in starting with The impact on product development The Internet of Things has had
The question here is Should IOT lead your new product development efforts? And the question is quite silly if we were having a discussion 30 years ago.
In 1990: Considered the first IoT device,John Romkeycreated a toaster that could be turned on and off over the Internet for the October ’89 INTEROP conference. Dan Lynch, President of Interop promised Romkey that, if Romkey was able to “bring up his toaster on the Net,” the appliance would be given star placement in the floor-wide exhibitors at the conference. The toaster was connected to a computer with TCP/IP networking. It then used an information base (SNMP MIB) to turn the power on.
John Romkeyimage <<<<<<<<<Image included
Should IOT lead your new product development efforts in 1990?
Fast forward 30 years, and if IOT is not a part of the product development, then just through the towel now and get it over with.
Your company is about to fail.
And you will fail because one of your competitors let IOT lead new product development efforts.
And here is why -Next up –The impact on product development The Internet of Things will have
Economies are turning more and more digital.
Digital Economies collect real data
Digital Economies use real-time data to improve outcomes
Digital Economies have intelligence about the marketplace that their analog counterparts have not developed and never could
The result is – Globally – Right now – in real-time
Digital Economies are growing analog counterparts are not
The reason behind this is true reporting. Digital Economies run on Truth.
Analog counterparts to Digital Economies depend on self-reported data. The optics are never close and always skewed. Garbage in Garbage out
And none of that even mentions IOT – Yet it could not exist without IOT.
And here is why –
In the same way, to explain how to use a vacuum cleaner you probably would not mention electricity – you would just say turn on the vacuum.
You see Digital Economies run on Real Data – And all that data is collected somehow.
Digital Economies run on Real Data reported accurately 24/7 at near Zero Marginal Coat.
By a network ——
And as our power grids work with electricity and connect billions of destinations
Digital Economies run on Data collected on a network that connects billions of Embedded sensors: Sensors that detect and communicate changes are being embedded, not just in mobile devices, but in an increasing number of places and objects.
And in 30 years this data network, Now called IOT, is so pervasive that most, just accept it, like they do electricity.
Next, we cover The impact on product development The Internet of Things, more importantly, should have.
Recently I went into a Home Depot, with some sort of APP they now have. I was able to type in Duct Tape and the APP gave me the aisle along with directions to the Duct Tape area of the store. This is IoT – and my device was the network device that broadcast my real-time location as I moved around.
I wished I had that App for my Healthcare.
Every time you have a new provider, you have a new building to navigate to, and a new office to wander around the complex to find. And where can I find the doctor’s recommendation again? He said it once, and he said a bunch of other things as well, what were they? Where is that paper I had???????
And I wished I had that App for my Vacation!!!
Pipeline to platform Image <<<<<<<<<Image included
Rental cars are in short supply, events are not organized, and you may need to make multiple reservations, on multiple platforms, and then keep track of which member rewards card this trip is on. For a mother of four, this is comparable to calculating the exact trajectory of a golf ball traveling from here to the moon. And if you need to change things, well that brings the trip pretty much to a halt. And all of that is acceptable. We just smile and pay more than we did, and get less than we did. For the most part, we are all just happy to be out of the house.
Until one company in a niche understands The impact on product development The Internet of Things will have. And then builds an IOT network, that builds value at zero marginal cost.
10 million new autonomous vehicles per year will be entering U.S. highways by 2030. IoT plays a significant role here, tracking in real-time vehicle vitals and sensing position and correcting thousands of times a second.
Today’s sensors are 1 billion times better (1000x lighter, 1000x cheaper, and 1000x the resolution) than only 30 years ago. Where will we be in 10 years from now? By 2030, 100 trillion sensors could be operational worldwide.
What kind of Sensors, probably ones no one has thought of before? For instance, the cost of DNA sequencing dropped precipitously (from $1B to $5K) in only 15 years. By 2024 it could be $0.01. – Think Proof of Identity at near zero marginal cost
In 2000, it took $5,000,000 to launch an Internet startup. Today the cost is less than $5,000.
And all of that, starts, lives, and operates, on an IOT network, that has already become so pervasive, that no one talks about it anymore.
And products, goods, and services, that use electricity are developed with electricity in mind, of course.
And products, goods, services, that use electricity replaced those using Gas Lamps, and Horses, and Steam.
And products, goods, and services, that use data are developed with data in mind, of course.
And products, goods, and services, that use data replaced their analog counterparts, who continue to use self-reported data streams.
And if you want to do that, the first thing you need is an IOT network.
Start there, then develop where the Data Ditates.
IOT starts at the network.
BizBuilder Mike Logo <<<<<<<<<Image included
2 canned questions for the Q&A panel on the 22nd
Q How is THE DATA IOT collects currently Used in Organizations
Inefficiently, mostly due to the segmentation in organizations. Platform organizations tend to include more of the stack in a digital form.
Q Can you tell me what you think is the most interesting use of IOT
A Platform Business or organization and here is why –
The Positive feedback loop
How many Cows are coming through the gate
How many Cows are stampeding
How many Cows are coming through the gate
How many Cows are stampeding
I talk quite a bit about that in my book Tokenomics is not Economics
Link to zip file with all content https://bizbuildermike.com/wp-content/uploads/2023/03/BizBuilderMike-Logo-244×244-1.zip