IoT product design: POC vs. Prototype vs. MVP

Fiot / Product/Service  / IoT product design: POC vs. Prototype vs. MVP

IoT product design: POC vs. Prototype vs. MVP

Enterprises have to decide whether they should develop a minimum viable product, a proof-of-concept or a prototype. It might be one of the hardest parts of product development. Understanding and executing these three fundamental strategies will generally improve the opportunities to win investor and get more potential users. Besides, it will help you reduce the project cost and enhance the product’s lifetime in the market. Today, we will introduce the detailed view of IoT product design: POC vs. Prototype vs. MVP, so you can make the right business choices.

What is POC

When it comes to POC, it defines an implementation to demonstrate the feasibility of ideas or theories. POC may also refer to a small internal project, that establishes a system satisfies specific requirements. It will take less time and cost for feature validation compared to the comprehensive project.

POC is usually not displayed publicly or to the customer. In other words, the primary purpose of POC is to find solutions for technical problems or verify the feasibility of the fundamental idea in the initial periods. There will be a conclusive “yes” or “no” answer. If not, it might be altered or restarted.

POC will be more critical if the product is the first launching in the market or different from other competitors. If the POC is successful, the project will move ahead. In various cases, it will increase the opportunity to get further financial from stakeholders or investors to help build prototypes.

Key features of POC

  • Demonstrate feasibility and verify ideas
  • Open a realistic execution of a small internal part of the project
  • Save cost and time than a comprehensive project
  • Support for innovation in the early period
  • Uncover errors, bugs, and risks at the initial period
  • A conclusive “yes” or “no” answer.

iot-product-design-3

What is Prototype

If the objective of POC is confirmation, the purpose of a prototype is that how it will design. As you get a POC, you can continue to implement the prototype progress. In addition, it is an interactive method to help users visualize the final product. Then, you will get early feedback on the product. It means that you will understand a product’s design and navigation flow to optimize the efficiency of development.

Once you complete a Prototype, you can introduce your ideas in front of end-users and business users. By doing so, they will more easily accept your product because of the visual effect. Typically, there will be bugs in a prototype. Detecting these failures in the early stages of a project will help you save money, more profitable and even faster. It is easier to understand all the complex ideas in a general format. Moreover, you can consistently create some motions of the features so that your users can test the main workflow.

Key features of Prototype

  • Get the previous feedback for the official product
  • Understand and recognize failures in the design and development stage
  • Help users visualize and accept
  • Save time and money
  • Make complex ideas into a simple format to understand
  • Test application/system flow validation

iot-product-design-4

What is MVP

MVP stands for Minimum Viable Product. In the development of the product, MVP is commonly a minimized version of the product. It is released before the official launching. In other words, MVP needs to have enough functionality to meet the customer’s requirements. Because it impacts their purchasing decision their purchasing decisions.

MVP will help your team to evaluate the user’s experience and respond to the product’s business objective. By using the insightful experience and learning from real users, you can adjust your time, resources, and budget. Furthermore, this is an iterative process to identify the behavioral needs of your audience.
As hinted in the example in this picture, MVP is not relevant to a part of creation. It means that MVP is a product with essential functions within a fundamental design.

Key features of MVP

  • Enhance the readiness of the product
  • Bestow the right functionality to meet user’s requirement
  • Receive feedback constantly to improve
  • A minimized version of your comprehensive product
  • Always catch the insights to keep customers in mind
  • Increase the high retention with low cost
  • Stop wasting time, resources and efforts

iot-product-design-2

POC vs. Prototype vs. MVP

iot-product-design-1

The following table summarizes what difference between MVP vs. POC vs. Prototype

IoT product design POC Prototype MVP
Purpose Discover new requirements and market opportunities. Show the product internally to stakeholders, investors and potential users. Optimize price, material, design, quality, quantity.
Feedback on Product concept and idea Comprehensive look and feel Convenience, functionality, and profitableness
Results Not for sale Expand further investment Sell to early users

 

Fiot Co., Ltd. – IoT & Embedded Systems Solutions
www.fiot.vn
info@fiot.vn or hello@fiot.vn
✽(+84) 287 300 0973