Both customers and their suppliers are under constant pressure to increase efficiency, reduce costs, and stay one step ahead of the competition.
Technology has become a focal point for these improvements and the use of custom IoT solutions and Industry 4.0 applications, which can deliver the real-time insights and optimisations that businesses increasingly need, is a high-growth area for the industrial secondary market.
Business that traditionally delivered hardware, machinery, or which got involved in the early days of IoT are now offering real-time monitoring solutions to customers. The revenue that this supplies them with is welcomed, of course, however they face a growing challenge with the rapid advancement of predictive analytics, AI and wider Industry 4.0 technologies. Lots of the software products that they supply are now needing further development if they are to stay relevant and useful, which puts many suppliers at a crossroads.
To develop your software to include Industry 4.0 features, or not.
The options that software suppliers face mean do they:
- Invest in their own development and services teams, as well as their long-term future, into building their own platform, software, and end-to-end solution delivery model
- Partner with an established IoT and Industry 4.0 software provider, leveraging their technology to focus on creating, tailoring, and delivering syndicated applications
The reality of in-house software development is that it can quickly become a money pit (and one that many can't even countenance to begin with) that takes a business' focus away from their core product offering and dilutes what it is that makes them effective. What's more, the choice to invest is a long-term, strategic decisions, rather than simple one that removes current limitations - the pace of change is only going to pick-up.
To develop effective Industry 4.0-ready software and applications, it is necessary to invest in infrastructure, hire skilled professionals, and regularly update the software to keep up with the ever-evolving technological landscape. Additionally, unforeseen bugs and errors can bring about costly delays and project setbacks; plus the end product may not always meet the expectations or needs of the business.
This makes the world of syndicated IoT solutions a game-changer for industrial suppliers of all shapes and sizes, as it opens up the ability for anyone to offer future-proofed, custom IoT solutions and Industry 4.0 applications, and remove the long-term software development much like has been the case in other areas of the business (think CRM, marketing automation and finance SaaS products that are in common use).
Understanding Syndicated Software Solutions
Syndicated solutions are software products developed with expert providers using their technology and IoT platform, which are designed to meet the needs of businesses within a specific industry and that can be wholly tailored to very specific criteria (if they're any good, that is!)
These solutions reduce, and in many cases eliminate, the need for in-house software development. They come equipped with a suite of features designed to enhance business operations, from data analysis to automation, real-time monitoring, and Industry 4.0 capabilities.
Benefits of syndicated software solutions:
- Cost-effective: Implementing a syndicated software solution eliminates the need for a costly in-house software development team. No need to worry about hiring, training, or retaining high-skilled software developers. Instead, you pay a subscription fee for a solution that is constantly updated and improved by a dedicated team of experts.
- Saves time: In-house software development is time-consuming, often taking months or even years to develop a fully functional solution. Syndicated software is available off-the-shelf and can be quickly customised to fit your business' and your customers' needs, saving valuable time.
- Reliability: Syndicated software providers are experts in their field. They understand the demands and challenges of the industry and develop their solutions accordingly. Their software undergoes rigorous testing and comes with dedicated support to ensure reliable performance.
- Scalability: As your business grows, so too does your software need to. Syndicated solutions are built to scale and adapt with your business, removing the need for frequent costly upgrades or complete software overhauls.
- Added skills: You can lean on syndicated solution providers for much more than development support. From selling, through the optimisations; they'll be able to offer expertise and remove many of the hurdles and barriers to entry that exist for many businesses.
Expert Support - the Icing on the cake.
One of the significant advantages of syndicated software solutions is the expert support that comes with it. Companies no longer need to invest in in-house support teams to manage, troubleshoot, and upgrade the software. Instead, the software provider handles all of these aspects.
Moreover, the provider ensures that the software is always up-to-date with the latest technological advancements and security standards. This support and guidance help businesses smoothly transition into Industry 4.0, adopting new digital practices without any major hurdles.
Embracing the future with syndicated solutions.
The rise of Industry 4.0 has seen an increased need for software solutions that deliver data, connectivity, and automation. However, for many businesses, developing these solutions in-house can be a costly and time-consuming venture.
Instead, syndicated software solutions present a cost-effective and efficient way to harness the power of software, reduce development and support costs, and more importantly, free up valuable resources to focus on core business operations. By adopting syndicated solutions, businesses can embrace the future of industry with reduced costs and increased confidence.
If you're an existing industrial suppliers who feels like they would like to offer their customers the help and support they're going to need in the future, and want support becoming and end-to-end IoT and Industry 4.0 solution provider (which doesn't mean throwing out their own software entirely and starting again!): there's free help and advice available.
Speak to us today to have a no obligation discussion about your needs.