Facilitating decision making through IoT and Big Data in product development

When it comes to product development, a new wave has set forth that targets the very specific needs of a very specific customer base, which in turn leads to the development of hyper-specialized products. Hyper-specialization, when coined simply, is the breaking down of a larger process into smaller pieces [1]. This involves complexities and criticality as it caters to the intricate details of regular life. What happens when we objectify this term and give it a 3D reality? The evolution of the Internet of things has made it possible for the devices embedded in everyday objects, to send and receive data themselves. However, with the current trend of the personalization of the market, where companies target niche industries, the products need to cater to the very specific needs of a very specific customer. As the market has shifted more to the process of individualization of customers, this research paper aims to shed some light on the usage of the Internet of Things and Data Analytics to build a design model for such products. The idea is to mix the technologies of the Internet of Things and data analytics with product management while studying the market for its recent trends and developments. Since this technological bend focuses more on value creation and building new insights into the usage pattern, this concept is more focused on shifting from an asset-centric transactional model to a relationship-oriented service model.