Finding the right balance

Applying a bimodal approach to connected product development

The definition of “product” is rapidly changing – and revolutionising the way people think about product development. Over the next three years, 90% of consumer product companies expect to see revenue from intelligent services.

The rise in connected products and their services means products are moving away from having a single, transactional sales event with one-time customer interaction; they now offer rich customer experiences with ongoing customer relationships.

Creating new connected products combines the necessities of developing traditional physical products – such as supply chain lead time, regulatory requirements, and manufacturing capital investments – with the complexity of operating digital ecosystems such as enterprise transformation, cybersecurity, and customer data management.