The 3 Things You Should Understand about the Cost of IoT
by Exosite, on October 31, 2017
Bringing a product into the digital age requires a willingness to disrupt outdated business models, and budgeting for an IoT-enabled product implementation is likely to introduce some unforeseen considerations. Remember, when it comes to investing in IoT hardware, software, and human resources, what you pay for is what you get.
Hardware
Smart sensors, connected gateways, and other cloud-connection electronics are crucial building blocks in any IoT solution and will account for a large portion of the operating cost. It’s important to invest in the right hardware and ensure it’s reliable and efficient. Be sure to also consider the feasibility of hardware costs as your project scales.
Software
Manufacturers investing in IoT infrastructure often find themselves becoming a software company for the first time. Whether you intend to build your own software in house or work with an IoT platform provider, your budget should include room for new ventures such as software hosting, app development, and ongoing support.
Humans
With all the talk these days of intelligent machines, it’s important to remember that talented people remain an irreplaceable commodity in any successful IoT endeavor. Skilled developers, engineers, and IT personnel with real experience in cloud technology may come with a high asking price, but the right human resources can make or break your IoT project.
A failed IoT project can flush months of development and resources down the drain, so make sure to also look out for the 6 early symptoms your IoT initiative will fail.
To ensure you’re ready to launch a successful connected product, read our full IoT readiness guide or connect with us to learn which step is next in your IoT journey.