Page 29 - MECHNOVIT-XIX-Edition

TECH CHAT WITH INDUSTRY EXPERT

Dr Mithileysh Sathiyanarayanan, Founder & CEO of MIT Square Group,
London. An Indian-born British Scientist shared his views on the challenges
of developing and selling technological products. MIT Square focusses on
green solutions, products and services by adopting sustainable
development goals proposed by the United Nations.

Challenges in Developing Technological Products:

Rapid Technological Advancements: Keeping pace with the rapid
evolution of technology can be challenging. Product development teams
must continuously innovate and adapt to stay competitive.
Complexity of Integration: Technological products often need to integrate
with existing systems and platforms. Ensuring seamless integration while
maintaining compatibility can be complex and time-consuming.
Dr. Mithileysh Sathiyanarayanan
Security and Privacy Concerns: With the increasing threat of cyberattacks Founder & CEO
and data breaches, ensuring the security and privacy of technological
MIT Square, London, UK.
products is paramount. Developers must implement robust security
measures to protect user data.

Scalability and Performance: Building products that can scale to accommodate growing user bases and perform
reliably under heavy loads is a significant challenge. Balancing performance with scalability requires careful
planning and optimization.
Regulatory Compliance: Many technological products are subject to regulatory requirements and standards,
particularly in industries like healthcare, finance, and telecommunications. Navigating regulatory compliance
can be complex and costly.
Educating Customers: Selling technological products often requires educating customers about complex features,
benefits, and value propositions. Communicating technical concepts in a clear and compelling manner can be
challenging.
Overcoming Resistance to Change: Some customers may be resistant to adopting new technologies due to
concerns about disruption, compatibility, or learning curves. Overcoming resistance to change requires effective
communication and demonstration of the product's value.
Competitive Differentiation: In crowded markets, standing out from competitors can be difficult. Developing a
strong value proposition and effectively communicating unique selling points are essential for successful sales.
Long Sales Cycles: Selling technological products, especially enterprise solutions, often involves long and
complex sales cycles. Building relationships, demonstrating ROI, and navigating procurement processes require
patience and persistence.
Post-Sale Support and Maintenance: Providing ongoing support and maintenance for technological products is
crucial for customer satisfaction and retention. Ensuring timely updates, bug fixes, and responsive customer
support can enhance the overall customer experience.
Navigating the challenges and seizing the opportunities in developing and selling technological products
requires a combination of innovation, strategic planning, and customer-centricity. By addressing these
challenges and capitalizing on existing opportunities, companies can drive success and growth in today's
dynamic technology landscape.

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