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How to Maximize ROI with an Industrial IoT Platform?

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posted Dec 13, 2018 by Lakshmi L Menda

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Building the ROI model
IoT development platforms provide companies capabilities ranging from the design and delivery of connected products, to collecting and analyzing system data once in-market. Throughout these development phases, we can measure the ROI of IoT platforms with a model based on four key benefits:

Reduced time-to-market
Rapid time-to-deployment is a determining factor for maintaining a competitive advantage and controlling costs, making it a key benefit of an IoT development platform.

A strong Industrial IoT platform will reduce project delivery time by 10-20% with some or all of the following tools:

Visual modeling to accelerate the design of the system architecture and use cases
Auto-generated specification documents and simulations to validate the system
Central execution hub for product teams to collaborate and realize the system
IoT marketplace to reduce development time across team members – internal and external

Reduced development costs
Companies that have advanced with industrial IoT initiatives beyond concept definition are faced with challenges of ensuring feasibility, market-fit, and early buy-in. The result is often an investment in resources for prototyping products that are not technically or financially viable, or which lack stakeholder and customer backing for laying the groundwork of a successful launch.

Leading IoT development platforms will therefore provide tools for fool-proofing specifications to detect mistakes made in hardware design, firmware or software logic, system architecture, and data integration.

A strong IoT platform will reduce development costs by %25-%35 with tools like IoT simulation, to virtually prototype the connected system to identify mistakes and stay on budget.

Reduced supplier costs
IoT development requires new skill sets, from data analytics algorithms to cloud development and security. For the majority of companies, sourcing and working with external partners is a time-consuming and expensive process. Teams are also faced with the challenge of vetting providers and weighing the pros and cons of each.

To cut sourcing time and reduce risks involved in working with new suppliers, a valuable IoT platform will have an integrated partner marketplace with pre-screened suppliers. Companies should also be able to compare between vendors and quotes, improving the chances of working with the right supplier according to specific business needs and budget constraints.

Accelerated innovation
As the number of connected machines, production lines, and sites continues to rapidly grow, manufacturers are seeking out innovative solutions to adapt their businesses.

The speed at which companies develop new product concepts, connect existing products, and embrace opportunities afforded by data analytics and connectivity, is becoming increasingly important to their bottom line.

For this reason, a strong industrial IoT development platform must provide manufacturers with an accelerated innovation process to generate more IoT use cases, product concepts, and solutions that deliver tangible business benefits.

answer Dec 14, 2018 by Anusha B