Building an IoT solution internally comes with inherent disadvantages. But, according to a Total Economic Impact (TEI) study by Forrester, Sierra Wireless Octave™, the all-in-one edge-to-cloud solution for connecting industrial assets, enables companies to develop and scale their Industrial IoT applications at a fraction of the cost, and accelerate time to market by an average of 9 months.
In its Total Economic Impact (TEI) study, Forrester looks at multiple companies and provides a rigorous cost-benefit analysis of their decision to choose Sierra Wireless Octave over building an Industrial IoT application internally. The analysis, which accounts for 14,000 device connections over a three-year-period, finds that that it is significantly quicker, easier and cheaper to launch an Industrial IoT application using Octave.
↓ 45% in Solution Development Costs
When developed internally, an Industrial IoT application typically costs around $400K-$450K. With Octave, these costs are reduced by 45%.
Certifying and managing devices, along with managing connectivity subscriptions, across different regions and network operators, costs $359,653. Octave reduces these costs by 30%.
Evolving an Industrial IoT application to meet changing use cases and business requirements, along with maintaining it on an ongoing basis, costs $94,500. Octave reduces these costs by 75%.
As an all-in-one edge-to-cloud solution for the Industrial IoT, Octave does away with the blockers and inefficiencies involved in building an Industrial IoT application internally, ultimately reducing the time it takes to launch and delivering faster time to margin by nine months on average.
Through two customer interviews and data aggregation, Forrester concluded that Sierra Wireless Octave has the following three-year financial impact.
Developing an Industrial IoT application internally entails the allocation of significant resources and human capital, and requires knowhow across the domains of Information Technology (IT), Operations Technology (OT) and connectivity. Further, the process of commercializing the application is rife with challenges associated with scaling it from proof of concept to hundreds (or even thousands) of devices.
In contrast, Sierra Wireless Octave, the all-in-one edge-to-cloud solution for connecting industrial assets, dramatically simplifies the process of both developing and commercializing your Industrial IoT application. Join Jan ten Sythoff, senior TEI consultant at Forrester, and Olivier Pauzet, Vice President & General Manager, IoT Solutions at Sierra Wireless, for an exciting discussion on how Octave enables companies to resolve the most common blockers in their digital transformation, reduce costs, and accelerate their Industrial IoT application’s time to market.
It is not necessary to have a lot of resources to make the proof of concept because the integration and the use of the solution [Octave] is quite easy and quite fast.
Project Manager, Industrial monitoring device manufacturer
Octave lets you securely extract, orchestrate, and act on data from your equipment to your cloud
As the all-in-one edge-to-cloud solution for the Industrial IoT, Octave enables industrial companies to extract, orchestrate, and act on meaningful and useful data from their industrial equipment to their cloud infrastructure. In essence, Octave solves both the complexity and the data orchestration challenge, whilst also offering reliable end-to-end security.
To be sure, Octave is able to handle important ramp up.
Project Manager, Industrial Monitoring Device Manufacturer
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