The Biggest Reason Why Embedded/Hardware Product OEMs Fail to Generate Attractive Valuations
Gone are those days when products worked in silos. We are in the middle of Industry 4.0, which is all about connected devices that communicate with each other and allow seamless data exchange between them. This digital transformation is also bringing a change in the embedded OEM market. Companies are now building smart, data-driven products that focus more on experiences and outcomes than functionality. According to research, the embedded system market is expected to reach $116.2 billion by 2025. There has been a steady rise in demand due to various factors such as demand for advanced driver-assistance systems (ADAS) in hybrid vehicles, wearable devices, and the need for new components such as advanced medical equipment. In fact, digital transformation could become the key differentiator and generate alternate revenue for enterprises. However, all of this will not generate an attractive valuation if Product OEMs fail to do the one critical thing – product documentation. Why is Product Documentation Critical? Traditionally, product documentation was always given the least priority in enterprises. They always depended on the experienced employees to pass on the knowledge verbally to the new ones. However, the gap between the baby boomers and millennials is increasing. It’s hard for enterprises to find the right replacement for the employees who are on the verge of retirement. By the time the role is filled, the older employee would have retired. So, there’s no documented process that could guide the new employees. There’s a disconnect between what the new employee learns and implements. This disconnect could lead to various challenges: All these issues also make it challenging for the enterprise to implement product updates and adapt to the dynamic changes in the market. What Should Enterprises Do? Given the importance of documentation, enterprises need to prioritize it and make it a part of their development process. It will help the existing and new teams to avoid any hiccups during digital transformation or future updates. Typically, the product documentation goes through a set workflow of requirement analysis, planning, designing, and maintenance. How Intellore Can Help with Product Documentation? Intellore has a team of embedded product experts with rich domain expertise across various industries such as automation, transportation, etc. We have end-to-end experience in embedded product development, which includes concept development, requirements, design, development, verification, etc. Hence, we understand the significance of product documentation really well. We follow a three-step approach to product documentation: Does this sound interesting? For more information, contact us.