Become a Software Company With IoT Remote Monitoring

CAGR stands for “compound annual growth rate.” It’s a measure of average revenue growth across a particular industry or sector. A “good” CAGR might be somewhere around 10%. 

IoT remote patient monitoring’s CAGR over the next decade is estimated to be higher than 18%. 

…Which is still less than IoT remote fleet monitoring’s 20.9%. 

 Why? The answer is data. 

In an article for Forbes, Douglas Laney, an Innovation Fellow at West Monroe, makes the value of data abundantly clear: “Recently, with their businesses stricken by the Covid-19 pandemic, both United Airlines and American Airlines have secured multi-billion dollar loans by collateralizing their MileagePlus and AAdvantage customer loyalty programs, respectively.”

But probably don’t wait until a global catastrophe to take advantage of your data. Device manufacturers that invest in their own IoT remote monitoring solutions and are in control of the data they produce are more successful (and have higher valuations) than their competitors.

“As the saying goes: You can’t manage what you don’t measure. Accordingly, you can’t monetize what you don’t manage.”

– Douglas Laney

In fact, device manufacturers that do these things become something else entirely — software companies. 

First things first, though, to have data to leverage, you have to get it.  

What is IoT remote monitoring?

Everything from your thermostat to a geo-sensor can be a connected device. Each one of those is part of the globe-spanning Internet of Things that, along with AI, is shaping up to become one of the most transformative technologies of this decade. 

IoT remote monitoring is a cost-effective approach that utilizes these devices’ connectivity to the Internet for real-time data collection from their remote locations (e.g., a doctor’s office, a moving car, or a user’s wrist). 

Effectively monitoring and managing these IoT systems can be incredibly difficult, even when your system is relatively straightforward. Most IoT initiatives actually fail. 

That’s why even device manufacturers who understand the value of IoT and wisely seek out technology partners with the relevant expertise can fall into the common trap of, well, giving their own IP away. 

No-code, no ownership

In their webinar, “No Code, Low Code, and Custom Code,” Duane Mancini, CEO of Project Medtech, and Shawnnah Monterrey, CEO of Beanstock Ventures, discussed when device manufacturers should choose which solution for building their IoT system. 

Monterrey said, in part, “If you look at no-code, you can think of it as ‘no ownership.'” She recommends using no-code platforms to build simple, low-risk products and using custom code when you want “very high IP.” She believes this leads to higher valuations. 

Mancini agreed, adding, “There’s a classic clip that goes around about Elon Musk from Tesla. The whole idea was if you look at Tesla as an electric car company, that’s short-sighted of you. If you look at them as a data play, that’s a long-term vision of the investment you would be making.”

Unfortunately, using custom code is usually the most time-consuming and expensive option. And because sophisticated IoT solutions are very technically complex, few companies have all of the in-house experts they need to succeed on their own.

Pro-code, pro ownership

Onymos Features-as-a-Service for IoT was architected with our customers’ ownership in mind. It’s built on a foundation of edge computing and serverless principles that ensures they’re in total control of their data. Not only can Onymos not access it, we never even see it.

But we go even further by licensing our actual source code for maximum trust and customization. It’s the opposite of vendor lock-in and the ultimate “high IP” IoT platform for building a remote monitoring system. Plus, because our software components are pre-built, it’s designed to address the typical downsides of a pro-code, or “custom code,” approach (speed and cost).

Whether your company is just getting started building systems for collecting data or exploring new, alternative monitoring solutions, get in touch with our experts to find out how we can help.