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.
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.
Designing market leading devices is about creating a complete digital ecosystem around the product.
This includes expertise in: