The Internet of Things (IoT) is experiencing phenomenal growth. According to Theo Priestley, technology strategist, and Forbes contributor, by 2020, there will be 50 billion connected devices, which calculates to a $19 trillion [business] opportunity. With IoT becoming such an industry driver, how do organizations prepare for this technology shift?
The Must Ask IoT Questions
When considering IoT inclusion in your environment, you must consider the following questions.
What ways can you utilize IoT in your organization?
Before deploying IoT technology, it is best to get an idea of how it can influence your business. Look at current IoT trends to see where it might best fit in your organization. Furthermore, a key item to consider is how it can impact employee productivity. Finally, make sure you’re also considering future use potential. This helps ensure that the focus remains on the business aspects of IoT and not just the technological points.
What are the biggest risks associated with your use of IoT?
The use of IoT can create some specific vulnerabilities, most importantly security. It is critical to consider the security impacts of IoT and update your company information security plans to accommodate it.
Can your network handle the additional workload?
This question directly correlates to scale. How many devices are connected to your network now and how many do you foresee being connected in the future? Will you need to upgrade and grow your network to fully support the use of IoT devices and the higher data transmission requirements that that comes with it?
Advice from Industry Experts for Business Leaders
McKinsey & Company, in a series of videos, spoke with industry experts regarding IoT. These experts provided insightful advice for business leaders. For example, Renee DiResta, VP of business development at Haven states “identify your differentiators. What are you doing? What is your plan? How do you plug into the ecosystem? There’s a much higher bar for impressing a customer at this point then there was five years ago.” Additionally, Jon Bruner, editor-at-large of O’Reilly Media states “think very freely. Imagine something, and then find the right people to execute it. It doesn’t take a lot of resources anymore to start dealing with this stuff. It just takes a couple of really smart people.”
Moving Forward
IoT is an exploding area of technology today. Business leaders and industry professionals are just starting to gauge IoT’s impact on business and operations. If an organization is uncertain of its use and implementation of IoT its best to consult a professional solutions expert. Additionally, a proven solutions provider will be able to offer guidance and create a strategy to tackle IoT challenges for both the near term and years ahead.