New Product Development – A Transformational Perspective with Internet of Things
Samir Yerpude1, Tarun Kumar Singhal2
1Samir Yerpude, Department of Management, Symbiosis International Deemed University, Symbiosis Center of Research and Innovation, Pune (Maharashtra), India.
2Tarun Kumar Singhal, Professor, Department of IT Management, Symbiosis International Deemed University, Symbiosis Centre for Management Studies, Noida (U.P), India.
Manuscript received on 25 March 2019 | Revised Manuscript received on 06 April 2019 | Manuscript Published on 11 April 2019 | PP: 78-85 | Volume-8 Issue-4C, April 2019 | Retrieval Number: D24250484C19/19©BEIESP
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Abstract: There is a fierce competition prevailing in the market due to different aspects that influenced such as globalization. Customers are exposed to the variety of goods encapsulated with complete information. Organizations are constantly on the lookout for means for survival. New product development is one such area where the organizations are concentrating rigorously. New product development is amongst the eight constructs of supply chain and a very important one as the future of the organization depends on the new product launched by the organizations. For a successful product launch, it is vital to be proactive in capturing the customer requirements. Researchers vide this study and in consultation with industry experts in supply chain and Information-technology area recommend the implementation of Internet of Things in this domain. The primary considerations are due to the speed of the Internet and the ubiquitous presence of Internet and Internet of Things. The business value derived with this implementation is discussed along with the recommended architecture for the application.
Keywords: Business Value Realization; EDSOA; Internet of Things; IoT Architecture; New Product Development.
Scope of the Article: Internet of Things