For manufacturers, the Internet of Things (IoT) appears as a shiny new opportunity, full of promise and possibilities. For others, the IoT seems more like a dangerous sinkhole – a vast, untested realm waiting to suck up precious investments.
In truth, both beliefs can be true. That's because manufacturers today face two seemingly conflicting priorities when contemplating the IoT:
- Keeping costs low and retaining margins
- Adding IoT connectivity and new functionality to products, when doing this will certainly mean additional costs
It's important to remember that the benefits of the IoT will take time to make up for the investments made, even if manufacturers take the best-practice approach of aiming for a minimally viable product (MVP) at the outset.