Develop a Prototype

A marathon is run one step at a time, and a connected product development is no different. At first, the ideal framework and set of technology selections may not be clear-cut. In these cases, the first step should be to develop a prototype that can be used to frame out the necessary parameters and understand the pinch points of your IoT product deployment. The prototype should be end-to-end and include a thin thread that connects the sensor through the device, network, cloud, end-user interface, and enterprise integration.

In order for an enterprise to deploy a successful IoT strategy, it must create value for customers, distributors, dealers, service personnel, and users. Much of that value depends on the way in which the selected technology framework allows data to be collected, stored, and shared. Below are outlines of five connected IoT deployment patterns that should be considered in order for an enterprise to select a technology framework that best suits the needs of their connected products and delivers high value for all parties involved.

An unrefined IoT business model posses a significant risk to the success of any IoT product deployment. It is important to carefully consider the applicable business models to identify one that best suits the product, organization, and target market. Three business models most common to the IoT space are based on revenue generation, expense reduction, and free services.

Adding IoT to your product roadmap has many benefits, but as with any high-reward opportunity, the risks associated with entering the IoT space can be equally as high. In addition to the IoT challenges you may face when developing an IoT strategy along with tactics on how to address them, we have also identified the following pitfalls enterprises may be susceptible to when seeking to deploy an IoT solution:

Although the potential opportunities that await enterprises willing to make the leap into the IoT market are tangible and rewarding, the road to success is not guaranteed and, unfortunately, an innovative product idea is simply not enough. In order to eliminate the error factor and aid long-term success, it is crucial for enterprises to fully understand the potential challenges of IoT they may face and develop a strategy to address them before embarking on an IoT product deployment.

Industry experts estimate there will be 20+ billion connected products online by 2020, representing an overall IoT market size of $200+ billion. Other studies have predicted much higher growth, suggesting the annual IoT global economic value will exceed the US GDP by 2025. Either way, the number is big and new businesses, business units and products will form and prosper by taking only a fraction of the market share.
However, in order for the IoT industry to live up to the hype, diverse enterprises with complex business models must begin to contribute new, innovative product offerings to the IoT market. Those interested in taking advantage of this face a number of exciting opportunities for growth, differentiation, and discovery that should be identified and fully explored.

Call it what you will - IoE, IoT, or M2M - but it is undeniably here. And, it is suddenly the “thing” on every major corporate executive's mind, as it very well should be. A recent economic survey suggested that 95% of respondents expect their companies to be using IoT within 3 years, and 65% think companies without an IoT strategy will fall behind in the market.

For businesses seeking to enter the Internet of Things (IoT) space, creating an effective and appropriate IoT security strategy is one of the most important steps to complete. As IoT devices become more accessible and share more sensitive information, the need to securely capture, send, and store data will become increasingly important.

As the Internet of Things (IoT) continues to grow and include more mainstream applications, the success of the industry and adoption of connected products will rely heavily on the perceived security of such systems. As Federal Trade Commission (FTC) Chairwoman Edith Ramirez noted in a press release regarding IoT, "The only way for the Internet of Things to reach its full potential for innovation is with the trust of American consumers."

In Internet of Things (IoT) solutions, data is everything. It's the thing we collect, process, and analyze in order to identify and influence users, behaviors, and environments. And, when it comes to security in IoT solutions, data is the thing we seek to protect, not only to ensure privacy and safety, but also to ensure user confidence.

In 2013, the industry began to understand that in order to reach the total addressable market (TAM), vertical-specific industry IoT solutions needed to be developed. One solution that is perhaps one of the best examples of success in the M2M / IoT space is fleet tracking. Fleet tracking is the pattern by which other industries are beginning to package vertical-specific industry solutions (e.g., generator monitoring), while remaining flexible enough to meet the needs of almost any company that manufactures or monitors generators.

In recent years, we've been inundated by media coverage of hacking incidents that are carried out around the globe. On a daily basis, credit card data is stolen, identities are forged, services are overloaded, and private information is leaked. According to a recent report by PricewaterhouseCoopers (PwC) on the global state of information security, the rate of information security incidents has grown 48% in 2014 to 42.8 million, which is the equivalent of 117,339 attacks per day.

As the Internet of Things (IoT) industry began taking shape, organizations realized that there was an opportunity to take a more generalized approach to IoT. Instead of reinventing the wheel each time a protocol, platform, or device needed to be created, products and services were developed that could be leveraged across the entire long tail (see our Five Phases of IoT white paper that explains the long tail) of niche connected products.

Although it has been known under different names over many years, the Internet of Things (IoT) is suddenly the thing. It's possible to connect, manage, and monitor almost anything via the Internet, and this phenomenon is taking place everywhere. From the factory floor to the hospital operating room to our very own living rooms, connected products and gadgets are becoming increasingly pervasive.