Don’t Underestimate Collaboration to Create IoT Value

Don’t Underestimate Collaboration to Create IoT Value

Getting started with your first Internet of Things  project can be daunting. Yet collaboration and the right tools and technologies can help guide you through your IoT journey and get your first solution up and running in less time.

This is the fifth installment in a series of six posts that focuses on key contributing factors that enable the efficient development of IoT solutions. All of my previous posts highlighted one unique approach and explained the role that each plays in developing an IoT solution as well as efficiency. Here is a review of what I have covered:

  • IoT platforms, which provide the underlying technology for an IoT solution. They are typically equipped with tools to develop IoT solutions and support basic functionalities that are required for any IoT solutions.
  • Ecosystems can provide additional value to any IoT project and allow companies and developers to leverage existing components and best in breed technology.
  • 3rd party integrations and value added services and applications enable companies to adapt their IoT solutions to future requirements while enhancing the usefulness and value of the IoT solution. IoT solutions are typically highly distributed systems with requirements that constantly change. The ecosystem is a powerful resource that can provide many components.
  • Using compatible technology that is tested and certified to work with your IoT solution enables your project to be up and running in less time while making the most of your budget. The integration of 3rd party hardware and software is part of almost any IoT project.

Looking at this list, it is clear that the ecosystem plays a major role in developing IoT solutions. Therefore, your ability to efficiently leverage the value of the IoT ecosystem has a significant impact on how efficiently you can build IoT solutions.

The co-creation of value

As explained in my second installment, the smartphone industry is a great example of how influential the ecosystem can be for a company’s success. The success of Apple and Android is primarily a result of their app stores, for which an entire ecosystem of partners and developers creates new applications and services. This adds additional value to the Apple and Android platforms to an extent that they could never have reached themselves.

Just like in the smartphone industry, the success of the IoT and the value of the individual IoT platform will rely on collaboration. Online exchanges such as Apple’s App Store or Google Play foster this kind of collaboration, enabling the co-creation of value and exchange between producers and consumers of apps, services and more.

As with any two-sided business in which consumers are the bait to get producers on board and vice versa, it is all about bringing both participants together and creating an exchange that is equally beneficial to both of them.

So how can consumers, as well as producers, benefit from an online marketplace for the IoT?

  • Consumers: A marketplace for IoT apps, services and technologies gives consumers access to additional resources for their IoT solution all in one place. Not only does this simplify the search for compatible components, but it also allows consumers to develop new and enhanced existing IoT solutions from pre-built components.
  • Producers: For producers, a marketplace becomes a key channel for gaining exposure and marketing applications and extensions to create additional revenue. The immediate benefit of offering apps or other services in a marketplace lies in the ability to market to an audience that is highly qualified and already in the midst of developing IoT solutions.

An online marketplace for IoT components allows consumers and producers to collaborate more closely and enables both parties to deliver early and quick wins. And the idea of co-creating value and sharing pre-built components accelerates IoT adoption, which in turn makes developing IoT solutions less time consuming and a lot easier.

Now that I have shared key considerations for more efficient approaches to IoT solution development, in my next and final post I will provide some tips that will help you quickly add value to your organization.

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Image by Jamie McCraffrey on Flickr (CC BY 2.0)

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