In July 2014, a Forbes business article declared: “The Internet of Things (IoT) is changing manufacturing as we know it.” From boosting efficiency, to reducing costs, and gaining a competitive edge, the IoT is widely seen as the future for manufactured products. But it’s an enormous leap for manufacturers to go from making traditional, everyday products to making connected IoT products.
Before deciding if they should tackle building their own IoT platform, manufacturers face additional questions: Do we have a clear understanding of what building an IoT platform entails? Can we build appropriate connectivity, security, responsiveness and reliability into every aspect of IoT operation? Do we have the in-house expertise in all the areas of technology that are involved, including their interactions and handoffs? If not, how much time and cost will it take to gain that expertise? Will we be able to keep pace with the technologies and users’ expectations as they continue to evolve over time?
In the end, does it make more business sense to build or buy an IoT platform?