Avoid paying too much

It is easy to dream of large and complex systems that have all kinds of functions and of course just run perfectly from the start. However, it rarely goes that way, and building the Rolls Royce or the rocket ship right from the start is certainly not something we advocate.
Read more about how you can save on unnecessary expenses here.

We have previously given 4 tips on digitalization in the industry. One of the tips was to start smart but small. It is often seen that companies go all-in from the beginning when starting their digitalization projects. This can be very expensive and there is no reason for it, especially not if it is the first project. Therefore, we focus on how you can start your Industry 4.0 project without spending a fortune. Iterator IT's COO, Nikolaj Gustafsson, explains how you can start your Industry 4.0 without breaking the bank.

Minimum viable product (MVP)

We are not advocates of building a space rocket from scratch. Once you know what product you want to end up with, it should be stripped down to the bare essentials. What is the minimum the product needs to do to be a success for you? It is rare that you need all the features from the start.

Once you have your minimum viable product, it should be sent out and tested by real people. That way, you can pressure-test the idea and see if it has any merit. When you test your product, you also quickly find out what you and your consumers need, and you have not spent hundreds of thousands of dollars going in the wrong direction.

To start, you should therefore build a product that can do what you expect from it at a minimum, and it should be built on a stable foundation that works every time. For example, you can use standard components such as Microsoft Azure.

How far along are you in the process?

If you need to start building your project from scratch, you may need to consider whether you need to develop custom hardware or whether standard hardware will work just as well. Here you should consider how many units you want to have made. If you need 20,000, it makes more sense to get your hardware customized. If you are more in doubt, we suggest starting with standard hardware. When you have tested your solution and the business plan (use case) has been proven, you can customize your hardware for the final product.

The budget

When you budget for the project, it is important to consider the cost of each unit and how many units you expect to sell. In addition, you should also remember to think ahead, for example, you should consider what it will cost to operate the project in the future.

Find a Development Partner with Experience

Therefore, our deepest recommendation is that you work with a development company that has experience building IoT solutions. Whether it is Iterator IT or another company, it is entirely up to you, as long as they have the experience. It is important that you work with someone who can see further ahead, so the project is built on a foundation that can be scaled according to your future needs.