What key strategic questions should a company consider when developing a new IoT product?

These are just questions relating to developing the business plan or how best to integrate IoT into the development.

Link to the original interview: What questions should a company answer if contemplating internally developing a new IoT product? - YouTube

What industry are they targeting? How much cost sensitivity is in that industry? Where is their customer base? (Because there’ll be supply chain implications there for delivering the product)

Then from those basic questions, we could go down a level and then start to talk about the complexity of their product. How much is software versus hardware? That may add to a provider and their technical expertise. If there is a high degree of software that’s at the very bleeding edge of technology, we need to find somebody who’s got that capability versus someone who might be just a great manufacturer of hardware and can do simple testing only.

Part of my approach is always ask way more questions at the front end because if I don’t understand what they’re trying to accomplish as a business, I can’t provide any guidance because I’d be operating in a vacuum. And that’s why articulating this is a little bit more difficult because it’s not a prescribed formula.