Compliane management for IoT startup companies : A case study at Sony Network Communications
Abstract: Internet of Things (IoT) revolutionise the society of today and tomorrow. IoT redefines technology and innovation, our perception of technology and creates a disruptive market for new products and services. The market of IoT is projected to expand exponentially in coming years, both in terms of a growing customer base and new market actors. However, strict regulations and laws forces new market actors in IoT to develop their management to abiding or comply with regulations and laws, i.e. develop their compliance management. In fast evolving markets as IoT, compliance management is expected to affect the measure of performance for new market actors. Therefore, this thesis address how IoT startups can develop their compliance management practices. To address the purpose of this thesis, a literature review, theoretical framework, interviews and thematic analysis was conducted. The literature review of this thesis identified critical activities at IoT startups for compliance management. The critical activities were business development, product development and customer service. The collection of empirical data through interviews in this thesis addressed how different functions at IoT startups cope with compliance management. The thematic analysis was used to code and cluster the empirical data into overarching themes. The themes addressed how IoT startups could improve their compliance management practices. The identified, underlying mechanisms to improve compliance management practices at IoT startups were improved communication, accountability and risk management. The recommendations from this thesis addressed those underlying mechanisms. The recommendations were: (1) Establish a communication platform, (2) Establish an efficient return process and (3) Risk prioritise compliance standards and activities. Firstly, a communication platform would improve IoT startups’ ability to coordinate and communicate compliance activity information to relevant stakeholders. Secondly, an efficient return process would clarify accountability throughout the value chain, increase customer satisfaction and provide valuable customer insights for product development projects. Thirdly, risk prioritisation of compliance standards and activities would improve resource allocation and reduce costs. The recommendations from this thesis, if implemented, would provide IoT startups with a competitive edge to grow and excel in the market of IoT.
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