Need to Integrate IoT Sensors in Company-Manufactured Vehicles

Need to Integrate IoT Sensors in Company-Manufactured Vehicles

To: The Executive Management Board

FWe’llCC: Chief Technology Officer

Subject: Need to Integrate IoT Sensors in Company-Manufactured Vehicles

Greetings

In the recent past, we’ve been exploring the integration of Internet of Things (IoT) capabilities into our company’s trucks and cars. After carefully considering the various options available to the company, investing in IoT technology that will accord our vehicles sophisticated sensors and computers to enable data sharing over the Internet will be the most feasible option. This recommendation is based on the positive results of the real, win, worth it (RWW) model that shows if the company takes the approach above, it will increase its competitiveness and revenue stream. Firstly, the product is feasible as consumer needs in the automobile industry continue to shift; there is proof that many customers would buy a company’s automobile over the current partially self-reliant models. The IoT sensors market will generate up to $500 billion by 2025, proving that there is a market for the recommended product (MBA 580 Chief Technology Officer (CTO) Brief, n.d.).

Secondly, the product already exists as companies such as BMW and Toyota have launched cars with smart capabilities, such as detecting accident scenes and self-parking. The final product will satisfy the targeted market as they will enjoy self-reliant cars that can start using apps, detect when there is a need for maintenance, and even communicate with other customers.

Lastly, the company’s IoT sensor model that will be integrated into vehicles will create a competitive edge over other firms. Currently, no company has designed a sensor company to prevent the breakdown of a car and warn users of the same. Competitors, such as BMW and Apple, will possibly respond by designing and manufacturing fully autonomous vehicles, a production capacity that is yet to be achieved by the organization (Krasniqi & Hajrizi, 2016). However, the proposed product adopts a less risky incremental innovation strategy, thereby increasing the company’s strategic sense. As the company’s vision and market leader, integrating the sensors in vehicles manufactured by it will help it achieve its objective in a shorter period than anticipated. We anticipate that the management will support the project, given the benefits explained in the memcompany. Thank you for your time and consideration.

Regards,

(Your name)

Assistant Technology Officer.

References

Krasniqi, X., & Hajrizi, E. (2016). Use of IoT technology to drive the automotive industry from connected to fully autonomous vehicles. IFAC-PapersOnLine, 49(29), 269-274. https://doi.org/10.1016/j.ifacol.2016.11.078

MBA 580 Chief Technology Officer (CTO) Brief. (n.d.).

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Overview
You work as a middle manager for one of the top U.S. producers of luxury and mass-market automobiles and trucks. The chief technology officer (CTO) of the company from the course scenario has been researching new technology developments that the company could integrate into its vehicles to enhance their usefulness and access to sensor data. Such data is acquired by the many digital sensors that have been integrated into vehicle subsystems over the past 20–30 years. The technology trend of particular interest to the CTO is the Internet of Things (IoT), the interconnection of embedded devices such as sensors and computers over the Internet to share data. For automobiles, the trend points to creating connected cars.

Need to Integrate IoT Sensors in Company-Manufactured Vehicles

Prompt
Senior management has decided to explore IoT for the company’s trucks and cars. Your task is to create an internal memo explaining that the company should integrate IoT into its product line using the RWW (real, win, worth it) screening tool from the Module One resources and the information from the CTO Brief, Comparative Growth Data, Comparative Operating Statistics, and Comparative Product Plans documents. Consider the following:

Discuss the feasibility of the product line (refer to RWW screening tool question number one: Is it real?).
Is there a need or desire for the product?
Is the size of the potential market adequate?
Can the product actually be made?
Will the final product satisfy the market?
Discuss the ability of the company to win market share (refer to RWW screening tool question number two: Can we win?).
Will your company’s products have a competitive advantage?
How will your competitors respond?
Can your company understand the market properly?
Discuss the potential benefits to the company of producing this product (refer to RWW screening tool question number three: Is it worth doing?).
Will the product be profitable at an acceptable risk?
Does launching the product make strategic sense?
Does the product fit your company’s overall growth strategy?
Will your company’s senior management support this project?
Based on the answers to the questions above, explain the reasons why IoT and connected cars are strategically important to the company.
Consider the evolving customer needs and desires; how would they impact the company’s product plan?
What do you think competitors will do (if anything) in response to changes in your company’s development plan?
Do you think that accelerating the development of connected cars will help grow the company?
Guidelines for Submission
This memo should be a Word document of 1–2 pages in length using double spacing, 12-point Times New Roman font, and one-inch margins. Any references should be cited in APA format. Consult the Shapiro Library APA Style Guide for more information on citations.