The growth of the Internet of Things (IoT) in the last decade has been unprecedented for both consumers and businesses alike. We have all experienced some degree of digital connectivity through smart home appliances, security devices, wearables, and connected cars. Companies too, from large enterprises to small businesses, embrace this technology, but have been slow in adopting IoT due to the complexity of collaboration required to connect multiple devices and services.
The complexity stems from companies building and developing a multitude of IoT solutions independently of one another that use different frameworks. Some are cloud-based while others are not. It becomes nearly impossible to integrate different devices quickly and efficiently, especially across ecosystems and business segments. In addition, the technical skills required to solve connection challenges are in high demand and come with a premium price.
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These limitations mean businesses are falling short of their true IoT potential. IoT technology is designed to help companies bring their products to new markets at a faster pace, with lower development cost and with transformational effects on customer experience. Currently this is not the case.
Connecting one to one versus one to many
What is needed is a new approach to interconnectivity. Businesses need a solution that synchronizes an organization’s IoT portfolio, understands its data and connects it with other companies, easily and quickly. Such a solution must enable an IoT business to leverage its connected devices and services across ecosystems to extend their market potential.
IoT technology leaders such as my employer, mozaiq, are helping to solve this problem and bring interoperability to IoT products and services. For example, the mozaiq platform as a service (PaaS), connects cloud-based products and services to the mozaiq cloud for easier data translation and transfer. mozaiq offers a virtual marketplace and unique use case designer so businesses can create real-time products that are immediately available for use.
This type of interoperability gives IoT providers the flexibility to collaborate and innovate with multiple partners without the burden of negotiating and managing multiple partner contracts or APIs.
Enhanced collaboration accelerates development and delivery of new use cases, slashing the time and cost previously required to build a new product or update an old one. Above all, businesses are able to increase performance, establish new revenue streams and reach their targets.
Today, consumers increasingly demand a digitally connected lifestyle. To remain competitive and win market share, IoT providers will benefit from an interoperable IoT solution that harnesses the collaborative power of IoT and keeps customers engaged and happy.
Jennifer Canale, Regional Sales Director Northern Europe at mozaiq (opens in new tab)
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