The “High-IP” IoT Remote Monitoring Solution

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%. 

 And it’s all because of data. Lots and lots of 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

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

What is IoT remote monitoring?

Connected devices include everything from your energy-efficient thermostat to a wide range of geo-sensors to machinery on “smart” production lines. 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 utilizes a device’s connectivity to collect and analyze data in real-time from remote locations (e.g., a doctor’s office, a moving car, or a user’s wrist). 

This data can help organizations make more informed decisions about their own processes, reduce maintenance costs, or even kick-start new projects.

The case studies

Organizations in any vertical can leverage an IoT remote monitoring solution.

• Anna Farberov, GM at PepsiCo Labs, says their mission is to “Discover cutting-edge solutions… and then test those solutions in real-world environments.” If they’re successful, they scale them globally. One successful solution for industrial manufacturing is the “machine health” pioneer Augury’s predictive maintenance systems. Farberov told the Wall Street Journal that Frito-Lay plants using Augury’s systems add about 4,000 hours of manufacturing capacity annually.

• Tech company Dryad’s IoT solution is “predictive” in a different way — it identifies dangerous “smolders” that can become forest fires. Carsten Brinkschulte, CEO of Dryad, explains, “…you’ve got what’s called a smoldering phase, where slowly and surely a fire will develop but it can take one hour or two hours before you have an open flame.” So far, Dryad’s wildfire sensors have been deployed across North America, Europe, and Asia.

• Onymos partnered with Vapotherm to help them upgrade their already revolutionary respiratory support device into a real-time data and patient monitoring solution. Joe Army, President and CEO of Vapotherm, calls their digital platform a crucial part of their mission to “…begin learning how to treat complex lung disease patients in the home.“

Monitoring and managing these IoT devices 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 own data-driven 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” (intellectual property). “High IP,” she says, naturally 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 ensure 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 and cost-effective alternative monitoring solutions, get in touch with our experts to find out how we can help you build your IoT system.