Wearables are one of the fastest growing and rapidly changing segments in personal and enterprise technology. What does it take to conceptualize and launch a successful wearable? While the device is very important, it is an equalizer; software is the differentiator but it is data and analytics that provide the true competitive edge.
To create an impact in a crowded market, all these aspects need to come together in perfect harmony. An effective wearable device is a well-balanced combination of user experience, data collection, connectivity and an insights engine. Companies with products/services with expertise and experience in the entire ‘metal-to-cloud’ spectrum have a competitive advantage over others.
More and more products are being launched with newer features and applications; but like any other convergence space, a ‘single source of truth’ is often missing. Firms need to look for partners who understand the complexities and have been part of the evolution. Companies with expertise in the entire metal-to-cloud ecosystem will hold the leading edge.
Back to the beginning
Most wearable devices today are offshoots of traditional products made by companies that have diversified or expanded their navigation, sports apparel or sound product lines. They have demonstrated their prowess in miniaturization (size reduction), connectivity and user friendly designs as a platform for the software to deliver customized results.
Although consumer interest in wearables is strong, business demand for wearables is even greater. According to a recent report, 68% of global technology and business decision makers affirm that wearables are a priority for their firms, with 51% calling it a moderate, high or critical priority. Forward-looking companies in all industries are either using or planning to use wearables to empower their workforce and improve productivity and efficiency.
Creating new business and service models for wearables
Designing market leading devices is about creating a complete digital ecosystem around the product.
This includes expertise in:
- Data and analytics: Data is at the center of this revolution. It unlocks hidden opportunities and insights. Efficient use of information management, business intelligence and analytics solutions can turn data into actionable insights.
- Engineering R&D: To address market needs effectively, Original Equipment Manufacturers (OEMs), Original Design Manufacturers (ODMs) and semiconductor enterprises need to achieve cost effectiveness, faster time-to-market and first-time-right approach for their products.
- Cloud: Adopting Software-as-a-Service (SAAS) solutions enables rapid scaling at a lower cost. A mix of reusable components, frameworks and toolsets can reduce risks inherent in unfamiliar development areas and reduces time-to-market.
- Agile software development: Adopting agile design principles sounds simple but the transition is not easy. It calls for careful choice of platforms, tools and metrics to increase visibility and predictability. Agile delivery ensures high quality apps that meet customer needs.
