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Chartered Accountant | Project Control | Financial Planning & Analysis

New case study Case study #11 The rise of Smart Home Appliances and integration with IoT ecosystems. Challenge: Consumer demand for smart home devices and appliances that integrate seamlessly with each other and IoT ecosystems like Amazon Alexa or Google Home increases. Solution: - Research the growth projections for the smart home device market and identify specific appliance categories with the highest potential. - Based on surveys and market research forecast demand for smart home devices and customer's willingness to pay a premium. - Analyze competitors offerings in smart appliances and their integration with popular IoT ecosystems. Adjust the pricing. - Estimate R&D costs for developing smart features, integrating with IoT ecosystems, and potential hardware upgrades. - Assess the additional costs associated with producing smart appliances, including new components, sensors, and potential production line adjustments. - Evaluate if additional personnel are needed for R&D, software development, or collaboration with IoT platform providers - Conduct scenario planning to assess the financial impact under different market conditions, like high or low consumer adoption of smart appliances. - Evaluate potential risks associated with developing smart appliances, such as lagging consumer adoption, security vulnerabilities, or delays in technological advancements. - Define strategies to manage potential risks, like building in strong security features, staying agile with technology changes, and developing strong marketing campaigns to educate consumers. - Explore partnerships with established IoT platform providers or technology companies to share development costs and leverage existing infrastructure. Please share your thoughts! #business #finance #businessstrategy #strategy #finance #businessplanning #financialplanningandanalysis #innovation #linkedin #smarthome #smartkitchen #futureofliving #IoT #technology

Riddhi Bagri

Student at Dwarkadas J. Sanghvi College of Engineering

5mo

Great insights on IoT and smart automation

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