IoT Device Monetization with Low code Platform
Device Monetization With A Fast Code Platform
Do you remember what the devices were like 10 years ago?
They performed a limited number of functions, were updated manually, and were isolated from each other. The IoT era revolutionized this area. Now companies can control their hardware remotely, create complicated equipment ecosystems, receive valuable data, and do other previously unimaginable things.
Agree, it is a sin not to use such opportunities. So, we bet you have an idea of how to monetize your devices' services. It's time to consider how you can transform it into an efficient result 57% faster.
How Can You Benefit From A Device Management in 2021
Where do innovations begin, if not with the question: "Why?" The benefits of monetizing devices seem obvious:
Introduction of new business models and development of new revenue streams.
XME.digital specialists recently worked with a major software vendor serving more than 1 million smart houses worldwide. The client wanted to monetize its firmware service. Together we have managed not only to develop a new source of profit but also to create a business model where firmware is the object of purchase (from the main supplier) and sale (from user to user).
“It is arduous to find a ready-made product that allows a customer to act as a manufacturer and a service provider simultaneously”, - says Victor Kmita, CEO at XME.digital. - “The fast code platform has become a suitable base for such one-stop solution creation. We were able to build unique processes, launch a robust firmware service in half the time, leave the customer satisfied and continue our fruitful cooperation. I suppose it's a success.”
The centralized remote control.
Imagine you have launched devices for currency checking. If a client has an issue with the produced device, you need to take care of the on-site setup. It means additional staff work, travel expenses, etc. Some sort of cloud digital product, like the AWS IoT platform can help you to configure, update and repair hardware remotely. As a result, the client gets a flawless experience and confidence in the performance of its device. In turn, you reduce costs for maintenance and receive a wide satisfied audience. Everyone is happy.
Efficient data processing.
IoT device management platform capable of providing accurate reporting data on product usage in real-time. Analyzing them, you can shadow client behavior and identify any system errors at an early stage for their rapid elimination.
For this purpose, the equipment manufacturer Flowserve began using the ThingWorx IoT platform by PTC. It needed to constantly monitor the pumps which failure leads to entire system downtime. The company had to provide a prompt response to any such issue due to potential losses of its clients.
According to Aric Zurek, VP at Flowserve,
if this issue is not resolved within half an hour, the downtime will cost the customer $ 1.6 mln. If it is not resolved in 45 minutes to an hour, the impact could have been $ 16 mln or more.
How To Design an IoT platform With XME: Guideline
“XME.platform greatly simplifies device monetization process.
The team can use a ready-made technical base and templates, which remain to be changed following specific requirements. Accordingly, a customer can get a full-fledged complex prototype and test the idea validity in a short term. The fast code platform it's not only about ease of development but also about ease of maintenance. We can update the product in a matter of hours and provide accurate statistics of its work at the client's request.”
Lidiia Kozina, Business Analyst at XME.digital
Think about what a typical development cycle consists of.
The idea - requirements formation - architecture building - evaluation - budgeting - IoT platform development - its testing - deployment.
Everyone lived happily ever after, right?
Well, not so fast. Since device monetization is not the easiest thing to do, you will have to work hard. Challenges are encountered at almost every stage. But anyway, you can simplify it using the fast code platform. Let's skip all preparation procedures and consider how the development stage would look like in this case.
Template configuration. The first good news: you shouldn't worry about the development from scratch. We took care of the technical component so you can use the experience of other companies. You have unlimited right to transform the built-in set of templates, applying a popular tech stack. As seen, you will receive custom, open-source results using the low code platform work principle.
Building integrations and services. The power of IoT device management platform at integration points. It is crucial to ensure seamless interaction of the new system and existing components. Moreover, a robust product always integrates easily with third parties if the business requires it. For example, to create a firmware service, we built integration points with SAP, PFM (Product File Management), Git/Gerrit, CIM, and IDM providers.
MVP creation. Due to the prototype, the business can test its hypothesis for compliance with market conditions. The sooner it happens, the less risk that the investment will not pay off. The fast code platform allows you to create full-fledged MVPs in 2-4 weeks, depending on the development complexity. So, you can check the idea's validity almost from the beginning.
MVP testing. It's time to make sure your hypothesis works. Get ready for constructive criticism from users. The more recommendations you get here, the better product you will launch.
Prototype improvement. One of the most enjoyable benefits of using XME. fast code platform is a flexible prototype. After MVP testing, you don't need to create a product from scratch to make the system perfect. It is enough to configure the initial result. This approach reduces the time-to-market period and minimizes costs.
Following forecasts, the global IoT market will grow from $916.9 bn in 2020 up to $1994.3 bn in 2029. The rapid growth in the IoT popularity will lead to the fact that the device monetization will become commonplace. But whether it will be as effective as it is now remains to be seen. So you should hurry.
Do not be afraid of the monetizing devices process. Due to the XME.fast code platform, you can cope with it in 7+ months, depending on product complexity. It is half faster and more profitable than developing from scratch.
So, are you ready to be one step closer to your ultimate digital transformation goal?