Over the last couple of decades, the Internet of Things (IoT) has grown rapidly. From security systems that you can control remotely through to wearable devices, IoT has permeated many areas of the business world. As the IoT is driven by the latest crazes, it doesn’t take long for popular devices to be cast to one side. If they’re no longer being used, potential buyers may refrain from purchasing them, just in case, their investment becomes redundant.

Fortunately, Hardware as a Service (HaaS) has a positive role to play in saving the Internet of Things. If you like to add the latest technologies to your business, it’s time for you to find out how you can do so in a cost-effective way.

Understanding Hardware as a Service (HaaS)

If you’ve heard of Software as a Service (SaaS), you may have guessed what HaaS is about. Companies that offer HaaS allow you to subscribe to using the hardware they provide. In many ways, it’s like renting hardware rather than buying it.

The organization you rent your hardware from will continue to update and maintain it. So not only can you add new hardware to your business without a significant upfront cost, but you’re also not responsible for the maintenance. When you no longer need the technology, your subscription will come to an end.

Trying new technologies

The IoT is brimming with new technologies. According to some estimates, the North American IoT market generated $84 billion in revenue during 2018. As an industry that has a lot of potentials, it’s likely that there are more new technologies around the corner.

If you already have IoT devices that you no longer use, you may be tempted to avoid trying new technologies. Investing in them could prove to be a waste of your money. When you know you may need to use that money elsewhere, experimenting with IoT devices feels even more precarious.

With HaaS, you can try new technologies rather than paying the full upfront cost. If they don’t bring any value to your business, you don’t need to keep using them. Or if they do, you can either continue with your subscription or purchase the technology outright.

Keeping up with trends

When you see other businesses thriving after embracing new technologies, you may want to use them yourself. But your ability to do so will depend on your budget. If paying for hardware is likely to harm your cash flow, you may be tempted to hold back. Or, you may find that your cash flow situation forces you to choose between different types of hardware.

If keeping up with trends is important to your business, HaaS will allow you to do so. One example of this is security devices that carry out their own computation. If your business uses a security system, it probably processes many terabytes of data with its central server. As Forbes highlights, “the only data of any importance will be the few megabytes showing suspicious or illegal activity.”

One trend on the horizon that could solve wasted data is self-computing systems. Such systems would only pass useful data onto your server. If you’d like to try such technologies, HaaS would allow you to do so.

The Internet of Things is continuing to thrive. Some of the technologies that emerge could benefit your business. With HaaS, you can experiment with new tech while protecting your cash flow.