To start with you need to identify the set of physical assets that needs to be monitored. For example, for an elevator manufacturing company an elevator is an asset, which contains various sub-assets like doors, input control buttons (open, close, call, alarm, etc.), elevator telephone, etc. Similarly, for a connected car manufacturer, the car is an asset that contains various sub-assets like engine, brakes, tires, etc. and for any manufacturing plant, machinery equipment, conveyor systems, etc. are examples of assets that needs to be monitored. An asset contains a set of metadata, for example, a car engine can have a manufacturer’s name, capacity, year of manufacturing, etc. Asset management is perceived through asset metadata and its dependencies with other assets. Manufacturers typically have a software platform or an application to manage the lifecycle of its assets. While moving towards implementing IoT, the existing asset management design or application may not be sufficient or good enough for building next generation connected solution. Right from requirements, design to simulation, creating connected products and its lifecycle management, will require a completely new approach and a set of next generation software products to realize a connected solution. We envision a set of new emerging software products to tackle requirements for designing connected solution. For instance, understanding a dependency between a car engine, engine oil, led indicators and brakes through the system’s metadata and making use of analytics platform to perform analysis on the actual sensor data in a connected car solution, could help derive correlations easily and suggest measures to tackle failure condition. The design of connected products is a separate topic in itself and outside the scope of this article.