IoT solutions group CEO Steve Brumer joined Fabio Rosa for the first in a series of executive briefings with TagoIO and IoT go to market plan strategy firm, BH IoT Group. This session focused on tips for choosing an IoT platform as you look to bring your IoT products/services to market. Steve and Fabio, along with their respective teams, have been working together for years to help other IoT professionals monetize and commercialize their businesses.
3 Step IOT Strategy for Selecting an IoT Platform
First, you need to know yourself and your company. Try to understand what you are competent at, what kind of team you have, and what extension of your company will be working in the IoT platform.
Next, narrow down what it is that you want to do. It’s more than just connecting a device and bringing it to your business. You may want to reduce cost, improve quality, or improve customer experience.
Finally, we can talk about the technology we recommend for you to select.
What Problem can an IoT Platform Solve for IoT Devices?
The biggest problem is often not about how you’re going to connect the IoT devices, but rather how you’re going to bring value to the company. For example, if your main goal is to improve user experience, you’ll have a different strategy than someone whose main goal is cost-reduction. Understanding the overall goal of the digital transformation strategy is the key to seeing successful ROI.
Costs of an IoT Solutions Platform
Many people wonder whether it’s better to build an IoT platform, buy one, or rent one. There are several components to a digital transformation strategy including which IoT devices will be connected and which IoT cloud platform will be used. Once we know that, we can then ask how much they want to invest in the beginning and how much can they pay for the long term. Many companies prefer to have a little bit of an investment without a high recurring cost because there is uncertainty over how the business is going to grow. It’s also important to consider not just the upfront cost of purchasing the devices, but also the monthly fee to maintain and support them.
Trials & Proofs of Concept
For a business that is just starting out with their IoT go to market plan, it can be a great benefit to sign up with a free platform and connect a few devices. This allows you to run tests and learn more before contacting a platform provider for a full demo and audit. These evaluations will help you feel more comfortable and confident that you know the key criteria to make a decision about which IoT solutions group platform to use.
The Biggest Challenge
A major concern is the uncertainty of the future. Many people don’t know if they want to own an IoT platform long term or if they can rely on it at the beginning. Being comfortable with the choice will come over time. By starting small and running tests, you can learn and then expand. Starting small also helps you estimate costs and how they’ll change as you add more devices.
Stay Tuned for More on IoT Solutions
There’s more to learn by watching the full video, above.
The next executive briefing is March 23rd at 1pm ET with Jack Stuart of Tektelic. Their topic will be “Cold Chain Management”.
For more information about our IoT consulting services, IoT go to market plan strategy, please contact BH IoT Group today.