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IoT Plattform: Make vs. Buy

Are you also having trouble implementing a successful Internet of Things strategy? Are you also looking for a common thread within the numerous technology offers and the discussion about Make or Buy IoT? Then you are not alone!

Almost 90 percent of companies are currently working specifically with the Internet of Things - some a little more advanced, some still at the very beginning. For all companies, with only a few exceptions, the path to a viable IoT platform or a viable IoT business model can be long and rocky. The question of the right entry strategy is particularly important.

Should companies first focus on digitizing existing solutions and processes and looking at IoT from an operations and margins perspective? Or can they even revolutionize the core business, including customer contact, with the help of IoT platforms and generate digital income in the short term? These questions go hand in hand with numerous others. In particular, the question of make or buy for the IoT strategy, architecture platform and the operating concept is hotly debated in the companies.

We want to show below that there are clear indicators for a direction. As is so often the case, however, the truth lies somewhere in the middle. Find out what role IoT is playing in companies now and in the future. Which areas of application, technologies and strategies do they pursue in order to achieve their personal goals? What does it take to change from a non-differentiator to a differentiator when it comes to IoT and who are the thought leaders in the market today?

IoT for everyone - The Internet of Things fascinates the German corporate landscape. A good 70 percent of the companies have already had experience to varying degrees with IoT platforms and solutions. With the broad interest and willingness to innovate, the companies are proving that almost every product and every process can be digitized.

Lean.IQ supports you in defining a sustainable strategy and developing your idea into a marketable application. The following points play an important role in our project work:

  • From PoC to product - IoT is discussed in companies because they can often address a very specific need for improvement. The companies initially start with existing processes and products in order to operate real IoT business models in the long term.

  • Optimization vs. disruption – A good two-thirds of companies start with the IoT by optimizing their own process and value chain. Many close from the familiar environment into “uncharted digital territory”. The more differentiated and customer-oriented the IoT business model becomes, the more complex and individual the IoT platforms have to be developed.

  • Buy & Create IoT – The make-or-buy question depends heavily on the IoT strategy. The more the products and platforms are positioned on the market as a sales and success factor for the company, the sooner the company has to provide its own services in terms of technology and business case. On the basis of specified standards and technologies, the decision-makers want to give the IoT platforms an individual touch - "Buy & Create IoT" is the motto of the future.

  • Innovation must be financed - Over 60 percent of the budget for IoT projects does not come directly from IT. This means that IoT is also an interdisciplinary project in monetary terms - and that's a good thing! All departments buy-in the IoTMarathon to be successful in everything from technology to revenue factor.

  • With the co-innovation partner to success - strategy and technology consultants as well as trained service providers are the trusted advisors and partners of success. Especially when building the platform and the business model, you need a 360-degree view that can combine experience and individual advice.

And that being mentioned: Let our team of expert be your guide and ensure you can meet your digitization goals. Together with our partner Exosite we have been helping companies get their project up and running with a connected solution for over 10 year. Prior to starting will outline the best level of support and onboard your team, help to find the right hardware for connectivity and sensors, ensure data is flowing, and get your ExoSense instance set up while training you on the functionality. 3 months of the ExoSense application is included.

To put all aspects into perspective, lets look at a particular use case and the take-aways from the opportunities to implmenting an IoT platform. In our case study we outline, how IoT has the ability to change and improve customer service performance for a machinery OEM.

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