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It is true that many, but not all, of these functions can be added to standard SNMP managers, but implementing telemetry monitoring in a basic SNMP manager usually involves a substantial amount of custom software module development. Even when pre-built software modules are available, they usually require custom tweaking to perform exactly as you want them to.
The need for extensive customization eliminates the advantage of using a simple open standard, and it is difficult to justify significant development costs after purchasing an already expensive SNMP manager. Why take the time, trouble, and expense to recreate capabilities that are already present in a high-quality, SNMP-capable network alarm management system?
And in fact, it is much easier to adapt a traditional telemetry master to process SNMP traps than to adapt an SNMP manager to perform telemetry functions. There is no question that SNMP is right for many applications, and it is clear that SNMP will be increasingly used in the future.
SNMP can be an effective tool, but it's only one item in your telemetry monitoring toolkit, and it can be used more effectively when it is part of a total alarm management solution.