5 Critical Success Factors – IoT Platform Adoption
Created on July 26, 2016
As we work with many enterprise customers, it’s becoming clear that there is significant confusion when it comes to selecting IoT platforms and vendors. The confusion exists because there are so many of them but, more importantly, the industry is still nascent and evolving. Although there are companies with vision that have already engaged in IoT technology, there are many more eager to get started on this transformational journey.
We believe that Strategy, not just Technology, ultimately drives the digital transformation and delivers value. We would like to share some thoughts in regards to the Strategy of IoT platform adoption in terms of the criteria that would help platform companies stand out and be recognized from the customer’s perspective. Whether we are talking to customers about Smart Enterprise, Smart Factory, Smart Home, Smart Grid, Smart City, or Smart Energy related initiatives, they couldn’t agree more with the platform & capability confusion that prevails in the marketplace today. Yet, this confusion creates opportunities for a few companies to emerge as market leaders. In order for that to happen, companies must first address the five critical success factors listed below, standardize their product offering, and then make it a seamless experience for customers.
Below are the five critical success factors for an IoT platform where success is measured in terms of customer adoption. We refer to these factors as C-Tips (easy to remember since it rhymes with Q-Tips). If a company excludes any one of these five factors, they may miss out on both growth and market leadership opportunities.
- C for Core Capabilities
- What are the core capabilities that a platform is offering today?
- How do they plan on scaling and evolving them into the future?
- Does the company see where the industry is headed?
- How does the platform help the customer take advantage of industry trends?
- T for Team
- What is the management team’s vision?
- Funding & investors opportunities for the company
- Traction in the marketplace
- The size of the operational team backing up the value proposition and providing customer care
- I for Interoperability
- This is very important for any IoT platform to succeed in the marketplace. Customers aren’t expecting a platform to do everything but it certainly needs to work with other elements
- Elements that not only exist in their current landscape but also the new ones that will be coming on board
- (Cloud, on-premise, hybrid etc) where customers don’t need enormous budgets to spend on data integration/cleansing/migration type projects
- P for Partner Ecosystem
- This is vital for the adoption of an IoT platform. Customers are looking for an IoT platform vendor who has relationships with an ecosystem of hardware partners, software partners, services partners and network partners ideally with a global presence
- A smaller IoT platform company with a strong partner ecosystem has a higher chance of winning the customer vs. a big company with a weak partner system
- S for Security
- The most important of the five success factors!! You miss this one and you miss out on everything. Customers are hesitant to adopt any IoT platform without device governance and security. This is true because their infrastructure team now has to deal with thousands of devices in the field that are vulnerable and act as a potential gateway for hackers to attack their network. IoT security is extremely important for the adoption of an IoT platform
netObjex is the industry’s most comprehensive Commercial IoT Platform helping organizations transform into netObjex Intelligent Connected Enterprises (NICE). Starting with setting up of the devices to delivering dynamic value for the customer, netObjex works closely with C-Level executives in various industries including Retail, CPG, Manufacturing, and Healthcare. netObjex serves as a Digital Transformation partner powered by IoT. For all inquiries about netObjex, feel free to email: Inquiries@netObjex.com