The Ten Build-Buy Factors for IoT Platforms ebook shares ten things companies should consider when deciding whether to build or buy the infrastructure required to support their Internet of Things (IoT) initiatives. The research shares practical experiences from several manufacturers ranging in size and IoT maturity. The eBook reports the complexities and lessons learned from their real experience supporting IoT and IIoT initiatives.
Please enjoy the summary below.
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IoT Competence Transforming Competitive Landscape
The Internet of Things (IoT) is poised to disrupt the industrial status quo. We’re at an early inflection point with IoT similar to when businesses began adopting the web. At that time, people knew they needed to “get on the Internet” but weren’t exactly sure why or how it would impact their business. But they knew times were changing, and they did.
The competitive landscape was rewritten, innovative new businesses like Amazon loomed large, and traditional companies had to adapt or die. Welcome back to turbulent times.
IoT is coming into reach for more companies due to cheap sensors, embedded computers, wireless networks, and cloud server farms. Manufacturers are starting to see their competitors adopt IoT strategies and recognize the disruption could result in traditional industries polarizing into winners and losers. On the other hand, companies that master IoT have the opportunity to expand into new business arenas, much as Amazon started selling books with the intent of transforming the way consumers buy a wide variety of items.
Don’t Go it Alone!
Few companies, if any, should develop IoT infrastructure on their own. The transition to an IoT-enabled business is a valuable, but challenging journey. It’s important to recognize that it’s a business transformation and partner with the right advisors and technology providers. Most companies’ IoT initiatives will demand a wider selection of more advanced IT skills than they can afford. Even those with advanced skills will likely benefit by focusing internal efforts on use cases and changing relationship with customers and focus on core competencies and the big picture.
Finding a partner that can provide scalable, full-featured IoT infrastructure allows companies to focus their IoT investments. They should look for a partner that’s looking further into the future than they can afford to and working with other companies to learn. The partner should also have specialists in each of the critical IT disciplines. Finally, recognize that this will be a dynamic journey with starts, stops, and surprises. They should also look for assurances that the partner will be able to keep up and continue to invest in the future as the industry matures.