The Internet of Things (IoT) is transforming businesses across all industries by connecting physical devices and assets to the internet. This connectivity enables real-time data collection, analysis, and insights that can optimize operations, reduce costs, and uncover new revenue opportunities.
One of the key benefits of implementing an IoT solution is increased speed to market. By leveraging an IoT platform, companies can rapidly develop, deploy, and iterate on connected products and services to outpace the competition.
In this comprehensive guide, we‘ll explore how an IoT platform enables faster time to market and provide expert recommendations on choosing the right platform for your needs in 2024.
How IoT Platforms Enable Faster Deployment
An IoT platform provides a middleware to facilitate and accelerate the development of IoT solutions. Rather than building an IoT infrastructure from scratch, companies can leverage a ready-made platform to quickly connect devices, manage data, develop applications, and analyze insights.
This radically reduces the time and investment required to build, deploy, and manage an IoT system. Companies can focus their resources on creating value-added products and services instead of dealing with IoT infrastructure complexities.
Here are some of the key ways an IoT platform speeds up time to market:
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Rapid application development – IoT platforms provide SDKs, APIs, and development environments to quickly build applications without starting from zero. Companies can develop minimum viable products (MVPs) and iterate rapidly.
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Accelerated device onboarding – It can be time-consuming to connect and manage large fleets of devices. A platform handles this automatically through plug-and-play connectivity, over-the-air (OTA) updates, and remote device management.
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Instant data infrastructure – Rather than building a data pipeline from scratch, companies can rely on the platform‘s scalable cloud storage, processing, and analytics capabilities.
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Marketplace access – Many platforms feature integrated marketplaces to easily discover, procure, and integrate third-party solutions like analytics, dashboards, and machine learning.
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DevOps automation – Leading platforms provide CI/CD pipelines, infrastructure as code, and automation to streamline the build, test, and deployment processes.
By leveraging these accelerated capabilities, companies can launch connected products in weeks rather than months or years. The speed benefits continue post-deployment with faster iterations and new feature development.
Real-World Examples of Faster Launch Times
There are many examples of companies across industries who were able to rapidly launch IoT solutions using a ready-made platform:
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Johnson Controls developed a new smart building solution for monitoring HVAC systems in just 8 weeks using the Microsoft Azure IoT platform.
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Maersk leveraged AT&T‘s IoT platform to quickly develop and deploy a real-time cargo tracking and monitoring solution for its shipping containers.
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Renewable energy company Goldwind teamed up with Huawei to create an intelligent wind farm management system in just 1 month.
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Diebold Nixdorf rapidly launched an IoT retail solution for connected vending machines and kiosks with the AWS IoT platform.
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Accenture and SAP built an asset tracking and preventive maintenance solution for the oil and gas industry in 6 weeks using the SAP Leonardo IoT platform.
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A leading truck manufacturer was able to build a fleet tracking and telematics solution in just 4 weeks with the Sierra Wireless Octave edge-to-cloud solution.
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Utilizing the ThingWorx platform, an industrial manufacturer created a predictive maintenance system for critical equipment in only 9 weeks.
These real-world examples demonstrate the transformative time-to-market benefits of using an enterprise-grade IoT platform. Companies were able to conceive ideas and launch connected products at a fraction of the typical development timeframes.
The Benefits of Using an IoT Platform
Beyond faster time to deployment, implementing an IoT platform provides companies with additional business benefits:
Reduced Costs
Purchasing an off-the-shelf IoT platform significantly reduces upfront investment compared to building custom solutions from scratch. McKinsey estimates 40%+ cost savings versus custom development.
Rapid Scaling
IoT platforms make it easy to add devices, users, locations and applications as your deployments expand. This supports fast business growth.
Focus on Innovation
Rather than allocate resources to back-end infrastructure, companies can focus talent on developing value-added capabilities and services.
Risk Reduction
Mature platforms mitigate many technical complexities that lead to project delays or failures. Gartner states platforms can reduce IoT project failure rates from 70% to 30%.
Built-in Security
Leading platforms provide robust security protections like data encryption, access controls and device authentication out of the box.
Faster Insights
Integrated analytics capabilities provide real-time visibility into device data to identifying actionable insights faster.
Ecosystem Access
Platforms allow you to leverage a partner network for complementary tools – dashboards, ML, blockchain, ERP integrations etc.
By delivering this combination of accelerated timelines and long-term business benefits, an IoT platform becomes a strategic asset for IoT success.
Key Capabilities to Evaluate in an IoT Platform
With the right IoT platform, companies can maximize development velocity, iterations, and innovation. But not all platforms are created equal. Here are the key capabilities to evaluate when selecting an IoT platform for faster time to market:
Accelerated app development
- Support for popular programming languages and frameworks
- Drag-and-drop app builders
- Code templates and reuse
- Tools for quickly creating digital twins
- API support for microservices architecture
DevOps enablement
- Native CI/CD integration
- Infrastructure-as-code
- GIT integration
- Automated testing
- Release automation
Agile device management
- Plug-and-play onboarding
- Bulk registration and tagging
- Over-the-air (OTA) updates
- Remote config and control
- Monitoring and diagnostics
Flexible data management
- Time-series data ingestion
- Edge and cloud analytics
- Customizable data flows
- Machine learning integration
- Data visualization
Third-party integration
- Open architecture and APIs
- Pre-built connectors and plugins
- Vibrant partner marketplace
- Access to complementary capabilities
Reliability and security
- Enterprise-grade availability
- Distributed architecture without single point of failure
- Defense against cyber threats
- Access controls and permissions
- Regulatory compliance certifications
By carefully evaluating platforms against these criteria, you can identify the right provider to accelerate your IoT initiatives while avoiding vendor lock-in.
Leading Enterprise IoT Platforms for 2024
The IoT platform market has matured significantly over the past decade. While early proprietary offerings were common, most leading platforms today are cloud-based with open architecture to prevent lock-in.
Here is an overview of the top enterprise IoT platforms to consider for enabling faster speed to market in 2024:
Microsoft Azure IoT Hub
- Fully-managed cloud service built for massive scale
- Bi-directional communication with billions of devices
- First-class integration across other Azure services
AWS IoT Core
- Securely connect devices to cloud and other devices
- Scalable message brokering via MQTT, WebSockets
- Integrates seamlessly with other AWS services
Google Cloud IoT Core
- Managed service to connect global dispersed devices
- Real-time telemetry ingestion and analytics
- Integrated with Google‘s AI and ML services
IBM Watson IoT Platform
- Unified dashboard to manage all devices and data
- Advanced risk and anomaly detection capabilities
- Seamless integration with IBM‘s analytics offerings
Salesforce IoT Cloud
- Connected product platform woven into Salesforce
- Pre-built APIs, security, and app dev features
- Leverage broader Salesforce ecosystem
PTC ThingWorx
- Combines IoT platform with augmented reality
- Tailored solutions for smart manufacturing
- Unites connected products with servitization
Siemens MindSphere
- Open cloud platform tailored for industry
- Advanced analytics for industrial machinery
- Domain expertise in manufacturing and automation
This is just a sample of the mature enterprise IoT platforms available. Thoroughly evaluate your requirements against vendor offerings to make the optimal platform choice.
How to Make the Right IoT Platform Decision
With an abundance of options, how do you go about selecting the best IoT platform for your needs? Follow these steps for making an informed platform decision:
Define your IoT strategy
- Outline business objectives, use cases, timelines
- Pinpoint metrics for defining IoT success
Map out your architecture
- Diagram end-to-end system encompassing devices, connectivity, data flow, analytics, integrations
Assess technical requirements
- Specify must-have capabilities based on architecture
- Connectivity protocols, data ingestion, analytics, security standards etc.
Shortlist leading platforms
- Identify vendors meeting technical requirements
- Request demos and pricing
Rank as per business criteria
- Consider total cost of ownership, scalability needs, vendor experience in your industry
Validate with prototypes
- Develop mini prototypes on trial accounts to test ease of use for real-world scenarios
This structured process helps you objectively evaluate myriad platform options against your specific business and technical requirements. Work closely with vendors during assessments and remain wary of potential lock-in.
Key Recommendations for Speeding Up IoT Success
As you embark on leveraging an IoT platform to accelerate time to market, keep these expert recommendations in mind:
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Start with a pilot project – Prove out platform capabilities and benefits through a well-defined pilot scope before enterprise-wide adoption.
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Focus on user experience – Complement your connected products with easy-to-use mobile or web apps to drive engagement.
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Own your data – Ensure complete data ownership and avoid getting locked into proprietary platforms.
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Automate testing – Harness test automation to rapidly validate new releases and catch bugs early.
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Architect for scale – Design with enterprise-wide scaling in mind right from the outset.
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Re-evaluate periodically – Review your platform choice periodically as new vendor offerings keep emerging.
Conclusion
The speed at which you can conceive ideas and bring connected products to market ultimately determines your competitiveness in the IoT age. By implementing the right IoT platform, companies can build at startup velocity to leapfrog rivals.
While the platform capabilities covered in this guide will get you on the right track, a comprehensive technology strategy is vital to IoT success. Engage an experienced IoT partner to help navigate planning, platform selection, solution building, and ongoing innovation throughout your IoT journey.
The future will belong to companies who harness IoT‘s potential not only for incremental gains, but also to entirely transform their business models, offerings, and customer experiences. The time for action is now.