Product Lifecycle Report

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:

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?

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)