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Prompt: Share your recommendations for how the company should pursue the IoT tec

by | Jan 13, 2022 | Business | 0 comments

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Prompt: Share your recommendations for how the company should pursue the IoT technology to remain competitive: either by discontinuous or incremental innovation. To make your recommendation, you will need to identify how the evolving IoT (sensor) technology fits into the company’s products and services and determine potential risks and benefits. You will also need to look at your competitors to see what they are doing. Finally, you need to analyze the company’s capability (resources) for pursuing the innovation. Use the information and data from the CTO Brief, Comparative Growth Data, Comparative Operating Statistics, and Comparative Product Plans to complete this milestone.
1. Explain potential risks and benefits for options A and B.
o Overview (1 paragraph) : Present the business problem and options A and B.
o Option A (1-2 paragraph) : Explain at least two potential risks and benefits for option A.
o Option B (1–2 paragraph): Explain at least two potential risks and benefits for option B.
2. Compare your competition’s products and services.
o Competitors (3–4 paragraph): Evaluate the competitors’ current products and services.
• What are your competitors’ current products and services?
• Are your competitors expanding in the current market? Explain how this impacts their market strength.
3. Analyze your company’s capability to pursue the innovation.
o Complete a partial gap analysis (1-2 paragraph):
o Does your company own the technology, or does it need to be purchased?
o How is the technology currently being used in today’s products and services?
o What type of technology is available to purchase?
4. Recommend the innovation approach your company should pursue.
o Innovation approach (1-2 paragraph): Explain which innovation approach you are recommending and why.
o Consider the different stakeholders—research and development (R&D), marketing, finance—when communicating your recommendations.
1. Include a description of the incremental or discontinuous product that you are recommending for R&D.
2. Include the sales forecasts for marketing.
3. Include a financial snapshot for finance.

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