The internet of things (IoT) has been one of the most significant changes to the landscape of business — but it wasn’t always about industry-related issues. The first connected device (that we know of) was simply a solution for a thirsty college student: in the early 1980s, a Coke machine at Carnegie Mellon was updated by students there in an effort to make their soda excursions more efficient. Rather than making the long walk from their lab to the machine, only to find it was empty or the sodas were warm, the students created a system that monitored the stock. They could simply connect to the ARPANET from their computer, check whether any cold bottles of Coke were available and only make the trip if they were guaranteed such a reward.
Necessity really is the mother of all invention.
Since that first fateful soda machine, the internet of things has grown at a remarkable rate as small, internet-connected devices became both affordable and ubiquitous. From transportation companies managing fleets of connected vehicles to retailers providing rich in-store digital experiences and manufacturers improving quality with AI-enabled sensors, IoT is transforming every industry — and businesses large and small. In an economy built on data, it’s only natural that these massive changes will continue; one study estimates that we’ll have over 30 billion connected IoT devices by 2025, compared to just 13 billion today. Is your business ready for that growth?
There are incredible benefits and opportunities that come with this progress — but there is also serious risk. The fact remains: IoT devices are connected not only to the internet but also to our business networks. As the world of IoT continues to expand, it’s essential that we as business leaders are prepared to face the challenges that come with it. So how exactly do we take full advantage of all the benefits IoT has to offer while protecting ourselves from the dangers?
We start by following three essential steps: evaluate opportunities, embrace change and maximize your network security.
1. Evaluate IoT opportunities.
Take time to study the technology that’s already available and see where your business could benefit. Of course, “IoT” references a broad set of technologies and use cases across industries. However, there are a few useful distinctions for any company seeking to adopt IoT. For instance, are you using IoT to improve your data — tracking inventory, monitoring customer activity, analyzing energy efficiency and the like? Connected tools can monitor all of these things and more. Or, are you utilizing IoT to offer new solutions to your customers? Many companies now offer subscription- or use-based models for IoT devices, rather than just one-off products. This can help augment existing solutions or fill in data gaps for customers. Studying the many ways businesses use IoT today can help you understand where your company can grow.
2. Embrace change.
It’s absolutely essential to adjust your mindset and embrace IoT, even if the change can at first seem overwhelming or frustrating. There are many, many ways IoT will continue to expand to benefit your business — and the companies that get on board sooner will have a significant advantage over those companies that hold off. One way to foster this change in your organization is to create a work environment that celebrates innovation. Your team will see opportunities where you will not. Each employee has their own curiosity and creativity, and if you create a culture where their ideas are valued, you will soon reap the real business benefits of ground-up innovation. Don’t hold your team back because change is uncomfortable.
3. Maximize your network security.
Of course, you have to keep your business safe while embracing change — and nothing spoils innovation like a cyberattack. While IoT can have powerful business benefits, it can likewise be powerfully destructive if you don’t take security into consideration. More connection points to your network, via IoT, means more opportunities for hackers — and as we see time and time again, connecting important systems to the internet can have incredibly disastrous consequences.
Whether it’s a hacker attempting to poison an entire town through the water system, or ransomware that shuts down a supply chain of gasoline, it’s clear that attacks on internet-connected devices have serious consequences. The risk is just as real for your company. For every “thing” you have connected to your private network, do you have a clear system of secure access set up? Are you using strong passwords? Are certificate checks coded into activities like firmware updates? Are you actively monitoring every device? Each of these steps is essential if you want to reap the full benefits of IoT without succumbing to the dangers that come with such a growing network of tools.
As the world relies more and more on the internet of things to fully function, businesses will be expected to do the same — or risk falling behind on both innovation and security. But if we can embrace the change and prepare thoroughly for the challenges, our companies will not just be stronger for it; they’ll be leading the charge in a safer and more connected world.
https://www.forbes.com/sites/forbestechcouncil/2021/08/06/increase-revenue-and-decrease-risk-three-ways-companies-can-maximize-their-iot-investments/?sh=5a80ad6167dc
