Over the past three years, the emergence of the Industrial Internet of Things (IIoT) has led to an outpouring of technological cooperation, as more than 350 firms have joined various consortia to hammer out standards around open digital platforms. To achieve the optimal IIoT platform strategy we believe it is fruitful to study the recent history of platforms, which yield these five lessons:
Lesson #1: Outside hires and agile development cycles are required to deliver constant iteration.
Lesson #2: Leveraging B2B relationships are essential for incumbents to gain a fast foothold.
Lesson #3: Niche platforms can differentiate by focusing on critical customer-job-circumstance combinations