The challenge we face today is that the Internet of Things (IoT) platform market is still in its early stages, with over 150 options available. For technology leaders, this year's top priority might be selecting and building the most suitable IoT platform. However, the sheer number of choices and conflicting opinions can make this task overwhelming.
McKinsey’s Eric Lamarre and Brett May highlighted in a recent article that the IoT platform landscape is complex and evolving. Unlike traditional technology platforms, IoT platforms must integrate with a wide range of devices, sensors, and applications. This complexity requires a more strategic approach to ensure scalability, flexibility, and long-term viability.
One key recommendation from Lamarre and May is to think holistically about the entire technology ecosystem, rather than focusing solely on individual applications. They also advise using off-the-shelf or alternative technologies for non-critical components, allowing teams to focus on what truly matters for their business.
It’s important to recognize that IoT implementation varies significantly across industries. For example, a sports apparel company may use sensors during production, while an insurance firm might rely on telematics in vehicles. Despite these differences, there are common foundational elements that can guide the development of a successful IoT platform.
First, consider building a hybrid application environment. This involves combining pre-built, native apps with custom-developed solutions. Many platforms come with useful built-in tools—like weather or stock apps—but custom applications are often necessary to address unique business needs. It’s crucial that the development environment supports portability, so applications can be easily moved between platforms if needed.
Second, focus on data processing and management capabilities. Data is the lifeblood of any IoT system, and the platform must be able to handle high volumes of real-time data from multiple sources efficiently.
Third, pay attention to cloud infrastructure ownership. Using major vendors like Amazon or Microsoft means adopting their ecosystems. Companies should ensure that their chosen platform aligns with their broader cloud strategy, regardless of the vendor’s size.
Fourth, prioritize data security and privacy. With data potentially being generated and stored globally, it’s essential to understand where and how information is processed and protected.
Finally, consider edge computing and local processing. In some cases, sending large amounts of data to the cloud can be costly and slow. Edge processing allows for faster decision-making by analyzing data closer to its source, reducing latency and communication overhead.
By addressing these five key areas, organizations can build a more robust, scalable, and secure IoT platform tailored to their specific needs.
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