IoT enables vendors to create an entirely new line of “smart” solutions for its existing and new markets. While the decision to go “smart” is straightforward, the decision of how to go “smart” is less obvious. Vendors are faced with a “build, buy, partner” decision – build it themselves, buy and integrate technology, or partner with another organization and go to market together.
This article discusses some of the key management considerations involved in making a decision.
One common monetization approach for today’s IoT solutions is the subscription model. While it provides an attractive recurring revenue stream, subscription models require major investments in resources, time, capital and management commitment.
In this blog, we’ll highlight six key strategic and critical considerations managers must address when planning and building IoT subscription models. These considerations will determine whether the IoT subscription service is successful or not.