With our IoT partnerships, discover a whole new world of opportunities. We show companies how to prosper in the networked world of the Internet of Things through innovative technological integrations and cooperative projects.
We are witnessing the biggest technological revolution which is set to change our world. From a coffee maker to driving a car, from a small smartphone to bigger systems working at our office, everything is laced with state-of-the-art technology called the Internet of Things which is bound to become the necessity of our lives.
Internet of Things
It’s definite that the Internet of things is the future and most of the development in the times to come is dependent on it. Whether it’s your medical equipment your car or even your house, everything now has technology that makes it run seamlessly.
Here the role of IoT solution provider comes into the picture. We are at the nascent stage of IoT and here the role of the IoT solution provider becomes daunting because of the variegated demands from the client end. As we proceed in this technological intervention, the client’s demand also changes every day which makes the role of IoT solution provider challenging and dynamic.
This partnership of the IoT solution provider and the client becomes important as it helps the vendor to accelerate the process of development and at the same time, it also helps them cut down the capability gap and feature gap.
Types of IoT Partnerships
- OEM (Original Equipment Manufacturer) Partnership – The solution created by the developer will be embedded by the client on some or all of its solutions. This embedded product development solution is further sold by the client to others.
- Technology partnership – Under this partnership, the technology developed by the company is checked if it is working well with the complementary solutions existing in the market. The vendor partners with the complementary solution provider to check the computability of the technology developed by them.
- Channel partnership – The IoT solution provider wishes to sell its solution to the end-user via a number of resellers and partners and thus enters the channel partnership.
- Co-marketing partnership – This partnership usually happens when the solution provider finds out that the end-user is using its technology and a complete solution together. Thus, the two come together and partner together to market their solution thus, enhancing the value proposition for the buyer. In certain cases, the two solutions would require technology integration while in others it may not.
Partnering together requires coverage of some other factors like:
- Geographic coverage
- Technology/solution/intellectual property covered
- Market and industry verticals affected
- Roles and responsibilities of both partners
- Resource requirement
- Term of partnership
Now that we know what are the different types of partnership, the next and the most important thing that you should consider is to find out what are key factors that you should take into consideration while partnering:
1. Value Proposition
A strong partnership is based on the mutual benefit of both partners, once you have decided on the fact you will be entering a partnership, don’t forget to check the value proposition that the other party is offering.
2. Define and prioritize specific partnership outcomes
The sole objective of the partnership is to understand and comprehend what will be the outcome of the partnership. Both, the technology solution provider and the client should work on the outcomes and deliverables which they are expecting out of the partnership.
3. Be ready for change
It is a well-known fact that partnerships and IOT are bound to change with the changing market scenario, some technologies will continue to grow while others may cease and thus it becomes very important that while establishing a partnership you are sure of the changes that are bound to come and prepare your contract and deliverables accordingly.
