What Exactly IoT Platforms are & How to select one

What is an IoT platform?

At a high level, an Internet of Things (IoT) platform is basically a multilayer technology that connects your hardware, data networks to other parts of the value chain (which are generally the end-user applications) by using adaptable connectivity options, various security mechanisms and wide data processing power. Rather we can say that these platforms act as a middleman between data accumulated at the edge and mobile application.

An IoT platform generally allows simply provisioning, management and automation of connected devices within the IoT Space. IoT platforms emerged in the form of IoT middleman, which acts as a bridge between the hardware and application layers. Its main tasks involve data accumulation from the devices over various protocols and network topologies, device management and over-the-air firmware updates.

What you should look for while Platform Selection

The IoT(https://www.hiotron.com/) is a complex networking environment and hence, the requirement to automate data tasks at scale has driven a number of IoT platform players into the market.
The kind of platform a company requires depends on various factors. Precise factors have to be made to assure the platform being used is the best for the project.

1. The entire budget, skills and capability of your team

Clearly the available budget is an important aspect here in the decision process as not all industries have enough resources to assess all platforms. In case of such a situation, you should know that going in and then try to manage within the available budget will require the following considerations.

A lot of IoT platforms provide you with initial teaser rates or show the prices initially for their base model but when we go to subscribe it we came to know that it’s ten times as much as for the features that we require.

It is a little bit difficult to be transparent about your budget with your platform provider. With the platform development, the cost of integration, as well as the cost of hiring consultants to onboard within the system all, should be done by yourself otherwise you may suffer from major expenses.

1. The specific requirements must be met with your business model

As the Internet of Things spreads, the involvement of IoT business model innovations also increases. An organization’s business model sets out how it will generate and deliver value. Over the years, such models have improved in experience depending on advances in technology. First, you need to understand where your highest value is and just concentrate on that. Then identify which platforms well fitted into it.

Generally, IoT business models can be divided into two broad concepts; the first relates to delivering incremental improvements to existing products and processes, whereas the second one relates to the provision of new value via the provision of completely new services.

Let’s take an example

If you’re developing an end device and your key value is in selling hardware, then you may require buying an IoT platform with an advanced license fee. That will empower you to enclose that cost into your hardware. On another side, if you have a subscription model with a bottom upfront cost, you may need to enclose the IoT service charge into your customer’s subscription costs. With all this, you should also consider your platform’s business model. In terms of how is your IoT Platform charging you? Is it depend on data usage, nodes, users or something else?

1. Identify either money or your time is more important

The important consideration is whether industries are trying to reserve money or time. It is considered that platforms that are going to save a lot of time are more likely to be expensive in the long run and the platforms that will save huge costs are might be tough to integrate upfront. As per research, the most successful platforms will likely be combined firmly with the distribution of hardware companies that provide a platform on top of the real connectivity hardware.

Types of IoT & M2M Platforms

Application empowerment and development:

This involves platforms that provide templates, modules or widget-based frameworks in order to build actual end-user applications. These platforms can rapidly turn data into either intelligence or action.

Network, data and subscriber management:

In the mobile virtual network operator space and wireless carrier these platforms are attempting to clarify connecting cellular M2M data, so you will not require building much of the data infrastructure behind it.

Device management:

These platforms are more about analyzing, troubleshooting and regulating the provisioning and health of the endpoints. This is more particular of a lot of hardware in the IoT space.

How to select the right IoT platform?

There are many options and vendors available at each layer of the IoT Technology. Just need to do is research to decide the best suitable option. If you are not aware of the IoT space, it’s better to get other perspectives from industry analytics.

When choosing an IoT platform, it is necessary to consider more than just the technical abilities of their solution. As you proceed towards market fit and scale, the concentration should move towards IoT platforms with more scalability, stability and a global footprint

Here are 5 key sections to look for when choosing an IoT platform:

1. Reputable company. Having trust in the core of your product to a not known company might come back. Make sure you assess their stability, financials, track record, etc.

2. Large ecosystem. IoT is so wide concept that there’s no way an isolated company can control it all. You should look for a company with a strong app and the partner ecosystem will be a good investment in expansion. Many of the top IoT platform providers don’t execute hardware themselves, but they have a powerful partner ecosystem to draw from.

3. Open APIs. Extensibility will be a key element and to make sure that to select a platform provider that provides you programmatic access to as much of their functionality as possible.

4. Vertical focus. Positioning with a vendor that easily interprets your industry is always an additional point. Their solution will be outlined to manage your type of data, analytics and even support you to observe with industry regulations.

5. Strong onboarding. Acquiring a new platform is not insignificant. Look for companies that have professional services that can train your team, support you with the architecture and guide you via the proof of concept stage.

Selecting an IoT platform (https://www.hiotron.com/hiotron-iot-platform/) is a difficult task, but taking the time to research and compare various services could be a turning point.