Internet of Things: A game-changer for enterprises

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The Internet is evolving to connect people to physical things and also physical things to other physical things … all in real time. It’s becoming the Internet of Things (IoT): billions of interconnected smart devices measuring, moving and acting upon all the bits of data that make up daily life.

Let’s take a look at how the IoT is causing enterprises to change the way they are developing and implementing industry solutions.

The IoT is not coming….it is already here.

The IoT will change business processes, business models and whole industries. Leading-edge companies have begun implementing innovative IoT solutions that are changing the way work gets done and improving the top and bottom lines.

Some facts to consider:

  • Eighty-seven percent of C-suite executives believe the IoT has the potential to deliver long-term job growth, and 57 percent say it will deliver long-term revenue growth. – Economist Intelligence Unit
  • Sixty percent of organizations expect the IoT to transform their business or offer significant new revenue or cost-saving opportunities over the next five years. – Gartner
  • Seventeen percent of software developers said they are already working on applications for IoT-connected devices, while 23 percent said they expect to begin such work in the next six months. – Evans Data Corporation

So the IoT is real. Vendors are building development platforms. Solution ecosystems are forming. Programmers are creating new industry-specific applications. Industry leaders are already implementing IoT strategies. Don’t get left behind.

Big data and analytics will enhance the value of the IoT.

The amount of data that will be generated by all the “things” will be mind-boggling.

Some facts to consider:

  • By 2018, 40 percent of IoT-created data will be stored, processed, analyzed and acted upon close to, or at the edge of, the network. – IDC
  • Just 30 percent of respondents say their companies are very or extremely effective at identifying critical data and analyzing it to make decisions. – InformationWeek
  • As much as 90 percent of all data generated by devices such as smartphones, tablets, connected vehicles and appliances is never analyzed or acted on. – IBM

Advanced analytics, dashboards and other decision-making tools will be needed to deliver real-time insights from the data that “things” generate. To return the maximum value from investments in the IoT, you will need a solid approach and strategy for collecting, storing, managing and analyzing all the data that will be streaming in from the Internet of Things. If you don’t already have a big data and analytics strategy in place that will support the IoT, now is the time to do that.

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Securing the IoT is a challenge.

Faster adoption of the IoT is currently being held back by security issues. Trust, authentication and standardization across all elements of the IoT will be essential to its evolution and widespread adoption. It is imperative that enterprises take the time to understand the security threats at all data flow and control transition points within an IoT system.

Some facts to consider:

  • Malicious actors intent on taking control of data, identities and passwords will exploit Internet-connected devices that are not securely developed, making them easier targets than traditional PCs, laptops or tablets. – IBM XForce Threat Intelligence
  • The requirements for securing the IoT will be complex, forcing CISOs to use a blend of approaches from mobile and cloud architectures, combined with industrial control, automation and physical security. – Gartner
  • Within two years, 90 percent of all IT networks will have an IoT-based security breach, although many will be considered “inconveniences.” CISOs will be forced to adopt new IoT policies. – IDC

A security strategy should therefore be at the very foundation for every IoT system. Truth is, the responsibility for securing the Internet of Things for the enterprise will fall on Chief Information Security Officers (CISOs), who will be challenged to find new solutions to new problems. Vendors in the IoT ecosystems can make the job of the CISO easier by accelerating standardization across industry-wide IoT devices, platforms and services.

So what does all this mean? The IoT will be a game-changer for enterprises. Those that do embrace the IoT early on will lead their industries into a new era of productivity. They can realize concrete business benefits including increased operating efficiencies, improved customer experience and accelerated innovation. Yes, there are challenges ahead, but the payoff can be substantial.

Additional readings

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