IoT data is an intangible asset required for the creation of new products and critical to customer loyalty.
When it comes to implementing IoT, many enterprises explore the “buy vs. build” debate. Without careful analysis, it may seem that building in-house is more affordable, but according to the analysts at MachNation, using an IoT application enablement platform (AEP) is 40 percent less expensive than building and maintaining an in-house solution. Some organizations may prefer an in-house development team to build and maintain a custom IoT platform, but there are a number of factors to consider:
There are a number of opportunities to monetize IoT data through cost savings or revenue generation. Enterprises have already found success with the following industrial IoT (IIoT) and smart environment projects: