The Internet of Things is a term that has been around for as long as the internet. Connecting different devices to the internet and creating an intelligent network was proposed as far back as 1991. At this time, however, there wasn’t any technology available to make it feasible.
In 1999, Kevin Ashton co-founded the AutoID Center at MIT focused on implementing RFID in supply chain management. In 2010 he coined the phrase “Internet of Things” to show how automating processes could improve business efficiency. By 2011 large companies such as Cisco had created special divisions based around IoT. But up until now, IoT can be seen mainly from an industrial point of view – monitoring heavy machinery or environmental conditions, etc.
Now, more and more companies such as Apple, Google, and Microsoft are expanding their services to include IoT in ways that both businesses and consumers can use. A report from BI Intelligence predicts that the number of connected devices will rise from 16 billion to 50 billion in 2020. A lot is riding on this technology. It could change the way we do business forever.
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What does this mean for a business?
How can you use your resources to take advantage of IoT? Businesses have been faced with difficult decisions about when to invest in new technologies. There is always a risk involved, but it’s time to consider how best to approach this opportunity with so much at stake.
First of all, investment needs to be made where business value can be expected. This is not to say that IoT projects should only be concentrated in areas where they will immediately positively impact the bottom line, but rather that you need to consider how much your company can afford to take a loss in certain aspects of the business. At the same time, you focus all your resources on implementing and developing an internet-connected product or service.
IoT products must be developed from both technology and business perspectives. The technology must function properly, but it also needs to fit into the other areas of your business. You cannot expect success if there is no available market for what you are selling. Market research before implementation should determine whether there is a demand for products similar to yours and what features would set you apart. You need to invest money into marketing strategies to make customers aware of your product and gain their trust.
Alliances and Partnerships
Alliances can be used as a proven strategy for expanding the customer base for IoT products. Partnerships with companies in different sectors can help you gain an edge over existing products on the market by delivering something unique that people want, even if they didn’t know it was available yet!
As is often the case when new technology is introduced, there may be potential concerns about its safety or security. You do not want consumers to reject your product because they find themselves worried about how safe it is. It’s best to address these issues immediately to gain consumer trust and loyalty.
Product Development and Testing
With the increased number of devices that need to communicate together, security is a major factor. The rapid expansion of IoT has created new safety concerns for consumers due to the risk of hacking into their personal information through these connected products. We can expect even more sophisticated attacks in the future as hackers become more interested in this type of activity due to all the money they stand to make from selling customer data on black markets.
Security and Trust Building measures
When choosing technology for your product, you should consider what measures are available to protect against unauthorized access, both during operation and when your device is idle/not being used, check with RemoteDBA.com.
Many of these devices don’t need ongoing access to the internet, but they function better when connected. If you neglect to consider the risks that come with leaving your products on all the time, unauthorized users could also gain access to them.
Your product needs to be designed specifically for its purpose with security in mind. For example, products used by law enforcement agencies have remote deletion capabilities so that sensitive data can be removed if a device is stolen or taken without consent. Otherwise, this information could prove dangerous in the wrong hands. With the rise of hacking and cyber-crime, customers will always want assurances that their privacy will be respected and protected by companies using IoT technology.
How can businesses ensure that consumers feel confident enough with their devices to use them?
Businesses need to prove that they take security and privacy matters seriously to demonstrate the worth of their products. It is not enough for companies to simply stating to consumers that they are committed to protecting their private data. They should give actual examples of how they have done so in the past. They need to show customers clear evidence that steps are being taken to keep customer information safe through rigorous testing of new technology before it becomes available for widespread use.
What methods can companies use to counter fears associated with IoT?
There needs to be a clear line drawn between company concerns about sensitive information being leaked through hacking and consumer concerns about companies spying on them or selling personal data without consent. Companies have a history of using marketing campaigns to sell products to skeptical consumers. They should implement a marketing plan that distinguishes between cyber-security and privacy and uses the same methods for other campaigns.
There’s no doubt that IoT can bring many benefits to both businesses and individuals, but only if the correct steps are taken from the beginning of development. More companies show interest in using IoT technology. The more likely customers will be interested, too – provided they feel it is safe enough! If companies aren’t proactive about security from the very start, they risk losing customers due to damaged reputations or legal actions in the future. The,
Tips to successfully use IoT in business with the increased number of devices that need to communicate together, security is a major factor. Many of these devices don’t need ongoing access to the internet, but they function better when connected. The rapid expansion of IoT has created new safety concerns for consumers due to the risk of hacking into their personal information through these related products.
We can expect even more sophisticated attacks in the future as hackers become more interested in this type of activity due to all the money they stand to make from selling customer data on black markets. When choosing technology for your product, you should consider what measures are available to protect against unauthorized access, both during operation and when your device is idle/not being used.
Pete Campbell is a social media manager who has worked as a database administrator in the IT industry. His research has helped thousands of users and brands with marketing campaigns too. He loves to travel, write and play baseball.