More often than not, the budget and cost of ownership with a build-versus-buy aspect has been a key consideration in the decision-making process. Once after that, one goes out to seek the flexibility of the platform, vendor lock-ins, and scalability, which are definitely equally important, if not more.
The field, Internet of Things IoT, is one such domain which is driven by volume, velocity and variety. This makes you picky about the choices you make. Technologies continue to emerge and enable a myriad of IoT use cases.
If you are thinking about selecting a platform partner for your IoT based project, there are a few criteria you need to consider before solid decision-making.
Regulation of IoT devices
Today, in the present time, there are more devices connected to the internet than humans. This clearly shows the upward trend. Data says that, more than 75 billion internet based devices will be connected by the end of 2025. IoT has been adopted within multiple applications and is being used across industries or IIoT, enterprises--smart cities and waste management, healthcare, etc.
The overall adoption of IoT is providing companies the much-required agility, efficiency, and scalability. All combined together are providing a competitive advantage to businesses. Things are going North for IoT and vendors who provide a versatile IoT platform to help these companies get on the IoT bandwagon.
Taking the build vs buy decision
There are chances that things might get a little overwhelming if you fail to define your expected outcomes before choosing the right platform partner. Some of the pointers you should jot down are: What kind of data are you processing, which systems need to be integrated, and what kind of insights do you wish to generate?
Asking the right questions can help you arrive at the right place, which is: whether to build or to buy? Think on critically evaluating various components separately, including device type, communication, cloud services, applications, and cross-layer security.
There can be some components which you may have to build from scratch and for others, it can be managed with the IoT solutions provider company. It depends entirely on the cost of ownership. Cost of ownership is the upfront fee to procure the platform, service fee, customization charges, and the cost of upgrades to adapt to dynamic business ecosystem.
Is the platform scalable enough
The IoT vendor that you choose should be flexible when it comes to aligning its technologies with your legacy architecture. Make sure there are no limitations and that their technology should be easier to deploy without causing any delays.
Many vendors will speak about flexibility but not all of them are equipped enough to offer it. The number of devices is increasing, due to that, you will definitely require a lot of customization and personalization.
The vendor that you choose should be transparent about how extensible the platform is and whether there is adequate scope to add new features without hampering the existing system.
Is the platform capable enough to handle huge queries?
There is no doubt that the number of connected devices continues to grow, and will keep on going. This will pose the need for scalability more than ever. In fact, this might even become a prinary concern for most enterprises..
This will also mean that the costs that come associated with data management and hardware, will continue to rise with every added device. You need to keep the amount of scalability clear with the vendor. Ask them what is the highest they can offer.
Are they competent enough to handle complexities which more number of devices bring along. The agility and ability of the vendor are of critical importance.
Do they offer real-time monitoring and data analytics
The ecosystem of data analytics is heavily crowded, and the right vendor at the right time can be all you need to break from the pack. There are four main things when it comes to IoT: things, data, people, and processes.
With the help of networked connections, vendors are able to understand their relationships better and present insights that can take businesses to the next level. With real-time data and actionable insights, vendors can alert you about the issues that were not even there on your radar and help make more informed, intelligent decisions.
The entire arena of IoT is thriving, and is soon going to become the Internet of Everything. Working seamlessly with these connected smart devices can accelerate the businesses effectively. There are always pointers and directions one can follow, the final decision rests in your hand.