What is IoT & Why do I need to know?
The Internet of Things, or IoT, typically refers to devices that communicate with each other and perform tasks autonomously. The IoT has become a way for companies to provide tremendous value to their customers. With applications ranging from smart cities, industrial factories, utilities, and smart homes, there are opportunities to equip your company with a competitive edge across various verticals.
Open vs. Closed Standards
It’s a topic that’s been debated since the inception of the IoT. As time goes on, the answer points more and more towards open ecosystems. Open systems simply provide more value to the end-user. Product managers and developers sometimes revert to closed ecosystems when they think it will provide additional security, guarantee interoperability between their products, or force consumers to purchase more of their own products to get the most value out of the products they’ve already purchased. Consumers demand choice and the industry is realizing that private ecosystems are no longer a viable solution. In today’s landscape, an overwhelming majority of IoT players use open and standardized networking protocols so consumers aren’t locked in.
Key benefits of an open standard include:
- Get to market quicker
- Well-established supply chain and resource providers
- Access to a large pool of interoperable devices
- No need to waste time and resources creating your own protocol
- Stable and tested technology
- Development, maintenance, and promotion of the standard by a Standards Development Organization (SDO).