The dawn of the Internet of Things (IoT) is upon us, and leading the way is not only a matter of technology. Everything from maintaining client connections to gathering data for analytics can affect how you lead in a connected world.
IoT will have one of the most significant impacts on every facet of the modern world. Not only will it facilitate new business models, but it can also help transform brands big and small into digital businesses. However, leading in the IoT Era requires several commitments and innovations for your business.
Defining The Internet of Things
The simple definition of the Internet of Things or IoT relates to a network of dedicated physical objects with embedded technology designed to communicate and exchange data. This connection of physical assets leads to several technologies that have been impossible before.
When combined with sensors, technology that you use for daily living can be leveraged to capture data and learn behaviors on a larger scale. Every hardware, software, and personnel can be used for a large-scale paradigm shift that can help change how you do business.
These technologies can influence how we make decisions, primarily if they are powered by artificial intelligence. Everything from your leave management software to your toaster can help optimize business processes. To lead into the IoT era, you need to know how to make the best out of the technology.
Generating Business Value From IoT
One of the challenges for businesses looking into the future is how to create a path that generates IoT business value. Most companies are only beginning to discover the power of IoT, its broad forms of delivery, and numerous services on the backend.
It’s vital to understand what kind of commitments you can make with this technology and how you can capture the most business value from it. The answer lies in the conversations that you build with this technology.
Move away from the general conversations that surround IoT, as those serve no value to you as a business. Instead, talk about the specifics – what it can do, what it can accomplish, and what kind of future lies ahead for those who harness its capabilities.
Including net-zero in your company’s commitments also opens conversations for eco-friendly IoT technologies and business opportunities. IoT can offer digital business transformations, improvements in business operations, and even specialized service models.
Building Benefits Frameworks For IoT Technology
To lead into the IoT era, you need to help businesses understand the benefits of IoT. Even the most essential benefits framework on IoT can entice businesses to adopt the technology and scale as needed.
IoT technologies can have benefits focused internally on an organization. For example, you can help improve employee safety, see hitches within your production line, or find areas that you can optimize within your business.
In the same vein, IoT can also focus on outward benefits like improving lifetime customer value or adding more positive outcomes in acute healthcare settings.
Apply an industry-wide lens to IoT technology to identify verticals that can create bespoke use cases for each organization. Look at IoT and utilize it in conjunction with other types of technology. Use it either as complimentary tech or as the primary sensing capabilities for different devices.
What happens when you combine IoT with machine learning, natural language processing, artificial intelligence, augmented reality, or all of the above? Innovation comes not from relying on singular technology to lead but from using many different types.
Securing IoT, Its Risks, and Its Challenges
Apart from utilizing IoT, leading into the era means understanding the security risks associated with the technology. The IoT opens whole new threats and challenges in cybersecurity and to the devices themselves. Moreover, with the amount of data involved with IoT, exploitation will surely be a priority for those looking to gain easy profit.
Security technologies need to step up to protect IoT devices and platforms. Devising ways to secure IoT devices from informational attacks and ransomware is only the first step. You’d also want to protect it from physical tampering, which can alter its capabilities and unravel private data.
Communications encryption can be vital to protecting the flow of data across devices. It can deter data spoofing and even address challenges like denial-of-sleep (DoSL) attacks that can drain device batteries and reduce operational efficiency.
Security managers need to understand crucial differentiators that will drive change and new strategies in IoT security. These will help your business adapt to the ever-changing landscape of technology and evolve as tech improves.
Leading With the Internet of Things
As IoT becomes a more viable technology for the general public, the tech division of your business becomes more valuable than ever. The Chief Technology Officer (CTO) and the Chief Information Officer (CIO) will lead the charge towards inward and outward improvements to the business.
The CIO will be leading technological activities within the business and improving a company’s internal growth. This can lead towards more rapid expansion within the company. In addition, they will become valuable leaders who can change their vision and decision-making capabilities as the world of IoT expands even further.
The CTO, on the other hand, can lead towards creating products and services that take advantage of IoT for customers and other organizations. They will be the ones who will take advantage of novel opportunities for the business while protecting it against unforeseen threats and circumstances.
Even small businesses can approach IoT at different angles through the cloud. They can take advantage of public cloud data lakes and implement active IoT ecosystems to optimize their business operations. What’s essential is acting with speed, imagination, and confidence towards utilizing IoT for your use.
The Internet of Things is one of the most powerful emerging technologies, and it will become the engine of the future. However, most enterprises don’t know what to do with it or what opportunities they can have.
Many are hesitant of IoT’s capabilities and who will lead their organizations through the IoT era. Ushering in the IoT era means knowing what commitments are expected from you and what use cases can maximize the technology’s potential.
If your organization can solve the current challenges that others face with IoT, it should equip you with the capabilities you need to help you lead through the IoT era.
This article was written by Regi Publico Blogging on behalf of Agronomix Software. Regi is a full-time writer from Manilla, Philippines. She is as passionate about writing as she is about reading her huge collection of books.