From the course: IoT Foundations: Fundamentals
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IoT value modeling
- [Instructor] Smart products and connected products are predominant in IoT. Unfortunately, these types of products often fail because the incremental value is less than the incremental cost. Value modeling addresses this. It is a three-step process for creating valuable IoT products. Again, let's consider an IoT dryer. Our first step is to define the value proposition. In this case, it's dry clothes as quickly as possible or for as cheaply as possible, while maintaining their integrity. In the next step, we quantify this value proposition. There are two parts. There's ventilation and heat. Both contribute to the evaporation of liquid into gas which is what in effect a dryer does. So in this case time or energy is a function of ventilation, heat, and pricing. To quantify this model, we need to capture certain variables. They could include fan speed, angular velocity of the drum, load weight, heater temperature, drum temperature, and finally electricity pricing. These variables expose…
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