Deciding to make versus buy a product or service for your company is never easy. Building gives you ultimate customizability – but at what cost? Buying offers simplicity and support – but will you compromise on the feature set? Our guide aims to support you in making this crucial decision.

7 Factors to Consider

1. Time to market: This refers to the period from the conception of a new project until the product or service is released. Time to market is a critical KPI in product development and serves as a competitive edge.
2. Total cost of ownership: A positive return on investment (ROI) is the main driver behind a “make or buy” decision. Accurately estimating costs is crucial for making informed choices.
3. Customization: Numerous bespoke requirements might motivate companies to build their own platform. While building your own IoT platform offers customization benefits at the project’s inception, it can lead to issues in the long run.
4. Learning curve: Launching an IoT solution is complex, and many promising ideas end up in the IoT project graveyard due to a mismatch between customer expectations and technological complexity.
5. Scalability: Scaling IoT applications is challenging due to numerous hidden complexities that must be addressed along the way.
6. Security & compliance: Security is one of the toughest challenges in the IoT. Most users of IoT solutions are unaware of how their data is processed and protected.
7. Focus: Successful companies share the ability to focus on generating business value without expending excessive resources.

At the end of the white paper, we’ve included a handy tool to help you evaluate whether to make or buy in the big picture. Let this guide assist you in making the best decision for your company’s needs.