OEMs can access a treasure trove of data that has potential for innovation. However, quickly transforming an industrial IoT project from a concept to a scalable solution in the market could be challenging for many businesses. The ability to connect devices, systems, and services offers vast opportunities for business model transition and newer revenue streams. However, despite the potential, a striking statistic reveals that only 20% of Original Equipment Manufacturers (OEMs) achieve faster time-to-market and succeed in their industrial IoT projects. This begs the question: what sets these successful OEMs apart?
How OEM’s Time to Market for Smarter Product Lines Soared in Past 4 Years
A recent study by IoT Analytics revealed a concerning trend: OEMs are taking significantly longer to bring their IoT products to market. The average TTM has climbed a staggering 80% in just four years. This sluggishness can be detrimental – competitors can capitalize on the delay, market dynamics can shift, and early-mover advantages are lost. Understanding the reasons behind this slowdown is crucial for navigating the increasingly competitive IoT landscape.
8 Keys Areas to Unlocking Faster Time-to-Market for Industrial IoT Project
Fortunately, some strategies can help OEMs streamline their processes and significantly reduce their TTM in industrial IoT projects. Here are eight key areas to focus on:
1. Innovation and R&D Investment
Staying ahead of the curve needs continued research and development (R&D) investment. This ensures your products utilize the latest technologies and address evolving customer needs.
2. Agile Product Development Processes
Traditional, waterfall-style development methodologies are often too slow for dynamic industrial IoT projects. With their iterative technique and concentration on continuous advancement, Agile methodologies allow for faster product adaptation and quicker response to market demands.
3. Strategic Product Management
Having a clear product roadmap with well-defined goals and milestones is essential. Strategic product management ensures your development efforts are focused on features and functionalities that truly resonate with your target audience.
4. Regulatory and Compliance Efficiency
Meeting stringent regulations associated with data privacy, security, and environmental impact can be time-consuming. However, a deep understanding of these regulations and efficient compliance processes can significantly reduce delays in the completion of industrial IoT projects.
5. Strong Leadership and Decision-Making
Effective leadership is essential in driving industrial IoT projects forward. Leaders who can make quick, well-informed decisions, empower their teams, and navigate challenges effectively will accelerate product rollouts.
6. Customer-Centric Approach
OEMs must follow the customer-centric approach by understanding their customer’s needs and pain points. You can ensure your product resonates in the market by actively involving them in the development process, gathering feedback, and focusing on solutions that address their specific challenges.
7. Technology and Data Utilization
Controlling technical debt and managing unstructured databases are crucial for inventory management in industrial IoT projects. They ensure system reliability, reduce downtime, and improve data accuracy, leading to efficient operations and cost savings. Properly structured data supports accurate inventory tracking and reliable warranty information, enhancing customer satisfaction and regulation compliance.
8. Collaborative Ecosystems
Building strong partnerships with technology providers, software developers, and other industry players can provide access to specialized expertise, accelerate development, and bring together the resources needed for successful product launches.
Flex83 to Build and Own Your IIoT Platform with 10x TTM
While these eight aspects are crucial for industrial IoT projects, there’s an additional game-changer for accelerating TTM while developing smart industrial solutions.
Unlike general-purpose cloud services, the platform comes with pre-built microservices, core SDKs, 40+ modules as functions, AEP APIs and models, UI/UX design libraries and components, and edge agents, all clubbed to provide an infrastructure as code (IaC) to provide you the foundation to build system management, data handling, generic IoT and specialized OEM applications such as APM, ARM, predictive/preventive, and inventory management solutions. This specialization allows for more streamlined and efficient IoT development processes.
Imagine a platform that eliminates the need to build the entire IoT infrastructure from scratch—device connectivity, data management, analytics tools, and security features are all readily available. By leveraging the Flex83 platform and core, OEMs can potentially achieve a 10x faster TTM, allowing them to focus their resources on product innovation and differentiation. It makes a new-age approach for incorporating faster business model transitions, unfolding a wealth of potential benefits for OEMs.
Conclusion
OEMs that can navigate the complexities and optimize their TTM will be the ones who capture market share and achieve long-term success. By focusing on the eight key areas explored in this article and strategically utilizing application enablement platforms, OEMs can transform the full prospect of their industrial IoT projects and become leaders in the age of connected devices.
By leveraging industry-specific services and expertise, Flex83 can help OEMs achieve their business transformation goals, introduce product, customer service, and operational excellence, and gain a competitive edge.
Nishant Puri, Co-Founder & CISO at IoT83
Nishant carries professional expertise in team collaboration and network security solutions. He excels at aligning the needs of key business stakeholders, including Sales, Marketing, and Product Engineering, with pragmatic and efficient approaches that meet both short-term and long-term strategic goals.
Before joining IoT83, Nishant held a leadership position at Cisco America Partners, where he led sales and technology solutions. He was also a frequent speaker for Cisco APO, showcasing his knowledge and experience in the field. Being a Cisco-certified Inter-Networking Expert in Security and Collaboration, Nishant brings a wealth of technical expertise to his role. He is also inclined to identify digital discontinuities and is adept at mapping out effective digital transformations.
