What goes into making an Internet of Things (IoT) product? A product development cycle starts with an idea, which, if found to be technically feasible, sees funds raised to start designing the product’s prototype. This prototype is modified till it becomes a market-ready product.
For any new product, there should be a focus on achieving quick time-to-market and small production batch size. Let us take a look at how to go about doing this.
There are a few steps that are helpful to those designing products from scratch. These steps are collectively known as the product design flow. It involves all steps in the design process, from start to finish.
The very first step in the product design flow is to define the specifications of the product. Thus, appearance of the product is finalised, and components are selected. A costing exercise is also included in this step to make sure that the product does not become too expensive. Achieving a balance between features and cost is very important at this stage.
Product costing process is a very important part of the design specification stage. There are some basic rules to be followed for this process. First, a base price is calculated. It is the sum of bill of materials (at minimum order quantity), assembly cost and amortised development cost.