PLM 4.0 – recalibrating product development and management for the era of internet of everything (IoE)

Abstract

A rising complexity of products, the ongoing digitization and an accelerated shift of market demands lead to a rapidly rising number of uncertainties in business and technology environments. The Internet of Everything (IoE) offers many potential opportunities and benefits to both service providers and customers. This paper aims to integrate knowledge from diverse fields into a comprehensive, practical approach for development and implementation of products and services using IoE technologies. The research focused especially on the needs and challenges of innovation and product managers who have to find ways to cope with rising uncertainties and the problem of increasingly complex business environments and digitalization. Therefore, this paper presents first learnings that guides practitioners through implementation of industrial IoE and its impact on new product development and management. It gives them guidance on how the companies’ IoE projects could be linked with its new product development initiatives.