Smart products leverage an intelligent combination of mechanical, electronics, and software to deliver capabilities that simply weren’t achievable before. Today’s products are more responsive, adaptable, interconnected, and portable than ever. Technology
has become so essential, customers expect it. Consequently, the number of smart products will continue to grow. Even 25% of companies that have not already made their products smarter, plan to add software and electronics over the next five years. In
fact, 52% of companies developing smart products fear losing market share unless they continually make products smarter. On top of that, 47% worry about reduced revenue.
However, while smart products create opportunity, they also introduce more complexity and with that, new challenges. To overcome these challenges, how can companies mature their processes for developing smart products?