What do we mean by ecosystem? In business, we are talking about all the companies, all the partners, that play a vital role in delivering a meaningful and deployable system or service to a customer. Each one is a link in the value chain. The business ecosystem is the value chain. Let’s look at the IoT ecosystem as an example.
An IoT ecosystem includes hardware providers (sensors and gateways in the field), communication path(s) for data flow, platform(s) for data capture, storage and analysis, business intelligence systems, and a way to convey insights gained from the IoT data. Those are the pieces that make up the IoT solution.
An IoT ecosystem also includes services – sales channels, integration services, deployment and installation, application development, and ongoing maintenance. Very few, if any, companies handle all aspects of complex system delivery to the customer. Instead, most rely on an ecosystem of vetted partners to provide what the end customer needs and values.
To make the most of the complex IoT ecosystem, you need to understand the role of each company, each link, in the IoT value chain. From that strong understanding, you can build the programs and processes for the entire ecosystem to be successful. Contact us to find out how we can help you create a profitable IoT ecosystem.
p.s. Lake Champlain is one of my favorite (non-business) ecosystems.Tags: B2B, business, Internet of Things, IoT, Lake Champlain, sales channels, technology partner