Technology is changing the way people behave, eat and live. A new industrial revolution is underway with an estimated 15 billion internet devices data. With better accessibility of the Internet, there are new demands which create the possibility to generate new things. The present market is utterly consumer-centric, and today’s consumer is highly dynamic. After every few days, there’s a change in trends making technology supply the newer demands. The Internet of technology is one such fastly growing technology, making tech companies adapt to this fast fashion. Every set of technology requires a specific team leader. For instance, a new york product manager at google may look to bring inclusive changes. In contrast, a PM in an Africa-based office will focus on creating better demand for their IoT products. Let’s now understand the basic meaning of the Internet of things.
What Is The Internet Of Things?
In layman’s terms internet of things means the fusion of existing technologies. And, a layman thinks it is as simple as connecting a toaster and a coffee machine. But, the overall utility of IoT surpasses every definition. The previous argument is based on its functionality in tackling healthcare systems, transportation, food production, etc. It is a way of solving problems with modernized technology. This modern solution can be a smart grid, innovative farm, and anything but much more than just a smart toaster.
Internet of Things is making its footprints in many industries like water, waste management, smart buildings, smart homes, smart cities, the military, etc.
These examples clearly explain IOT’s definition, i.e., the Internet of things is a network of interconnected systems designed to address any specific application. IoT is not new but has provided robust, low-cost tech solutions, which were a dream a few decades ago.
What Is The Hype About The Internet Of Things?
Technology is based on utility; once the older tech product no longer serves the needs of consumers, its replacement process begins giving way to a more sophisticated product.
As far as IoT is concerned, companies need better product leaders who can identify, analyze and predict issues and opportunities. As a product manager, you need to analyze the present technology situation and set realistic goals without losing the scope for lateral thinking. You have to conceptualize and iterate, and your philosophy must be on pragmatism. Following are some general reasons for the widespread popularity of IoT products:
- An exponential increase in computing power along with a cost reduction.
- Decreasing the cost of data storage ability.
- Increased efficiency of network bandwidth
- Increased accuracy of sensors
- New technologies like machine learning, AI, cloud computing are affordable.
What Is It To Be An IOT Product Manager?
Before going further into the role of an IoT product manager, have a basic understanding of IoT products. An IoT product combines hardware and software, estimation of real-world signals, connection to the Internet, transferring data to a localized place, and providing value to a customer. This definition of IoT products highlights the characteristics of an IoT product. A complex description signifies the challenging tasks a PM has to perform. Let’s have a closer look at these functions:
Fusion of hardware and software
A simple reason IoT products are so hard to manage is because of a cyber-physical interface of the systems. Every company specializes in either software or hardware, but current dynamics demand both. The struggle is real, but it is possible to bring a harmonious fusion of the system development with good leadership and skills.
Estimates real-world signals
IoT products have in-built sensors for measuring physical phenomena like sound, light, temperature, etc. this physical data is generated and aggregated with the help of machines. A product manager must have in-depth knowledge of colluding with these trends and teams associated with sensor technology.
Connection with the Internet
The very idea of establishing a connection with the Internet is that IoT products communicate via open and closed networks to send data to a centralized location.
Aggregation of Data
An IoT product’s design is to collect data and save it at a centralized location for further analysis and processing. The data collection can be at any place, such as private and public clouds. However, some industries have to function with utmost secrecy and prefer on-premise solutions for such tasks.
Providing Value to a User
Today’s market solely relies on user experience. To build a reliable and credible brand identity, a company must provide value to its customers. That is, IoT products must solve the problems users need help with. Focusing on user experience is a must principle asked and questioned about even in a simple set of Product manager interview questions. Keeping your focus on solving a customer’s problem and analyzing the feedback will help you stay on the right path. Every product needs a good leader to carry forward the development process. Hence, the product manager’s ability to flexibly mold the goals per user demands will ensure safe growth for the company.
The IoT trend will stay until a new and better trend slips in the market. This trend holds enough potency to solve today’s problems of businesses and people in general. With better affordability and accuracy, IoT products are taking over the sustainable market to help solve more significant issues related to the environment, energy security, waste management, etc. Still, you can have some questions about IoT and the role of a PM in this sector. Worry not and contact us for more insight into a PM’s role in the IoT sector.