Enhancing New Product Development Effectiveness With Internet of Things Origin Real Time Data

Abstract

The purpose of this article is twofold. First is to ascertain and establish the collaboration required between different stakeholders in the fundamental process of New Product Development (NPD). Augmentation of the process with the IoT origin real time data to enrich the efficacy of the New Product Development process forms the second part of the study. The primary data is collated from over 100 plus professionals while the qualitative data required for the second part is collated with the help of focused group interviews. The Likert scale with five points was deployed to record the opinions. The empirical analysis supports the theory that an effective collaboration is required between the different entities such as Sales, Marketing, R&D and going beyond the organizational boundaries Suppliers & Customers for the new product to be fruitful and successful in the market. The impact of using the IoT origin real time data on the effectiveness of the New Product Development is evaluated. In the current scenario for an organization to lead the market, it is essential that it has a descent product roadmap and an effective NPD. The current study reveals the importance of the NPD and contributes towards making it more effective with the IoT origin real time data.