Just Add Cloud: From IoT to IoT as a Service
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The Internet of Things is a technology with great potential and capabilities that helps handle everything from daily walks to the future. Meanwhile, several significant risks, such as project failure or high data protection requirements, make businesses slow down regarding its implementation. This way, they can't save a competitive edge and move forward backed up by a scalable ecosystem.
This scenario would be really sad. But fortunately, vendors are used to turning every meaningful technology into a cloud-based, managed solution. It happened with IoT as well, so now there's no room for fear since IoT as a Service (IoTaaS) has come to the rescue.
This article aims to show IoTaaS and how you can get the most out of it as a user and supplier. Moreover, we found a suitable solution for you to create your IoTaaS times faster. Looks curious? Scroll down to explore the details.
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Why IoTaaS is a solution to your fears
So, IoT as a Service. Imagine that the Internet of Things and cloud computing had a baby - it would be IoTaaS. This solution is the way to make IoT an affordable and safe way to succeed. And here is why.
Companies have concerns regarding IoT implementation from scratch. Don't forget that we're talking about a vast ecosystem requiring seamless integration between all its components otherwise no real-time data transmission, no accurate predictive analytics, and no immediate response to challenges. Of course, it will be a costly and time-consuming process to develop it step-by-step. Moreover, since only 31% of all software development projects are completed successfully, add the risk of failure to this collection, and you'll see the face of the worst nightmare of a business leader.
On the other hand, IoTaaS was created to solve all the above issues and help each company to experience this approach without a significant investment of time, effort, and money. It has all features that are natural for any cloud computing model, such as a subscription basis, managed service, no need to care about development & maintenance, and no need to build integration points. Working with IoTaaS is not about the refusal of legacy systems business usually uses. It's about composing new and old-school approaches to achieve strategic goals.
What's the difference between IoT and IoT as a Service?
The core distinction between IoT and IoTaaS is that the last one is more convenient and specific. It's designed by a vendor for a particular industry, such as real estate or construction, and can cover all linear needs companies usually have in this niche. In comparison, IoT is about the technology as a whole, where solutions might be 100% custom and, as mentioned, created for a defined audience.
Business benefits from IoTaaS implementation
Cut in operating costs
Optimization of workload and processes inside the IT department
Ability to focus on other important projects
A simple way to change a provider
The absence of a time-consuming development process
Access to managed hosting, technical support, and regular maintenance
What is IoT as a Service as a Business Model?
You might say IoT as a Service is not flexible enough since companies will always face a vendor lock-in. Well, yes. Meanwhile, this is a perfect solution for small and mid-sized companies that find it too expensive to build the IoT ecosystem from scratch and manage it.
The question is how this approach might engage enterprises. They can get everything needed to create their own IoT ecosystem from scratch and get the most out of it. But the sky's the limit. Everyone wants to get a pleasant ROI.
So, IoT as a Service was started from the desire to monetize Internet of Things capabilities. I admit that the first vendor that did it bet the right way. It's reasonable to invest in IoT ecosystem development to sell it as a service to other businesses or individuals.
Let's consider B2C-oriented IoTaaS. Recently, I found a curious app on my iPhone - Home. It helps run smart devices from different vendors and turn them into one well-designed system that works like a Swiss clock. I decided to explore more and discovered that most construction companies are striving to surf up and catch an IoT trend this way as well. They invest in creating a robust IoT ecosystem, build smart facilities and offer residentials to buy a subscription plan to manage their homes, offices, whatever from any point on the map.
Here we can see what it gives to construction businesses and might bring to any other companies in reverse.
Reasonable investment with high ROI
Increase in value for the end user
Expanded audience
Supercharged customer experience
Development of reputable and trusty brand
Significant uplift in revenue
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The main challenge for all businesses striving to create IoTaaS is understanding where to start. Companies want to speed up Time-to-Market and optimize the development process to deliver relevant solutions timely and satisfy customer demand. Well, development from scratch is not precisely about speed since your team should work on every detail to roll out quality and robust products.
But no worries, you still have a chance to cope with this not-easy task faster. It's enough to opt for the right low-code platform. In other words, you can use best practices and modify them to create a custom product that is capable of satisfying your and your customers' needs.
But there are a few points you should be careful with. First of all, check the availability of an open-source feature since it's crucial to own and run your product the way you want, whether you have an active subscription or not. The second one is the platform's ability to integrate your connected devices and turn them into a single unit. Not always a regular low-code platform can cope with this task. So, it would help if you ensured that the chosen product is flexible enough to deliver the expected results.
So how do you like the business idea and its implementation? I bet that you're googling on top low-code solutions for IoTaaS development. But what's the reason to look for something else when the right product is at hand?
With the XME.fast code platform, you can design custom and well-integrated IoTaaS that will suit your requirements. This solution was born to let you marry different connected devices from various suppliers and drive your product as you wish without looking back on vendor lock-in. Using configurable, proven templates will allow your company to deliver the product at least two times faster and build reliable connections between ecosystem components at a fraction of the cost.
How does it sound?
Contact our sales team if you're ready to move from idea to action and turn a promising Internet of Things technology into a new revenue stream. Explore how the XME.fast code platform can help speed up your journey.