Smart products not only provide novel functionalities, but also may establish new business models, markets, or distribution channels, strengthen relationships with consumers, and/or add smart remote services. While many technical obstacles of such products have already been overcome, the broad market dissemination of smart products still poses some vital managerial challenges for decision makers. In this paper, we outline the technical potential and future trends of smart consumer products, discuss economic challenges in four scopes, namely, preference-based new product development, market analysis, supply chain design, and industry development, and, in particular, we highlight research perspectives for management science in this promising field.
Part 4: Advanced Manufacturing and Management AspectsInternational audienceThe internet of things (IoT) paves the way for a new generation of consumer products that collect and exchange data, constituting a new data source for enterprise information systems (EIS). These IoT-ready products use built-in sensors and wireless communication technologies to capture and share data about product usage and the environment in which the products are used. The dissemination of the internet into the physical world of everyday products thus establishes new opportunities to apply methods well-established in web analytics to IoT-products, allowing enterprises to tap into a new and rich source of consumer data. In this paper we examine technical challenges of enabling everyday products to generate consumer data for EIS and discuss the application of web analytics methods to IoT-ready consumer products
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