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10 Strategies To Help Businesses Prepare For The Future Of The IoT

The internet of things (IoT) is here and is making strong headway into multiple industries. With more than 75 billion devices expected to be connected via the IoT by 2025, businesses simply can’t ignore the potential of the IoT.

Tapping into the IoT takes some initiative, but getting some expert advice now can help your company be ready to take the next steps with the technology when the time is right. Below, 10 members of Forbes Technology Council share some ways businesses can better prepare themselves for the explosion in the IoT.

1. Get Ready For 5G First

If you want to be prepared for the coming IoT boom, start investing in your 5G and fiber networks immediately. 5G will be the first technology that is not reverse-compatible with old 4G/3G networks, so your existing infrastructure will be essentially useless. - Abhinav Somani, LEVERTON


2. Build A Partner Ecosystem

With the increase in the IoT there is also an increase in niche data aggregators for each segment. Have an architecture that can seamlessly integrate with different data aggregators and insight providers to create your own competitive edge, taking advantage of the growing volume of data collected through devices. - Thiru Sivasubramanian, SE2, LLC

3. Ensure Operational Consistency

With IoT devices, consumers are able to monitor their surroundings and movements in unprecedented ways. However, the Bluetooth and Wi-Fi that connect these devices can sometimes be buggy or confusing. Ensuring a consistent operation is critical to avoid returns or cancellations and to protect personal data. Finally, adding secure, delightful support—if a hurdle is encountered—is of paramount importance. - Anand Janefalkar, UJET

4. Consider Data Storage Needs

In order to prepare your business for the explosion in the IoT, you need to make sure you have enough storage space to store the enormous amount of data that comes with it. Consider investing in your own local data-storage system. Aside from a local data-storage system, you can also consider using cloud storage with fiber-optic internet. - Thomas Griffin, OptinMonster

5. Focus On IoT Security

Don’t forget about the security implications of the IoT. Every connected device can provide convenience and data to both legitimate users and malicious attackers. A good rule of thumb is to only allow trusted devices to connect to sensitive networks. Untrusted devices should not have access to critical assets. Ask the question, “What could a malicious actor do with a compromised IoT device?” - Caroline Wong, Cobalt.io

6. Leverage Your Data

All products produce data. When preparing for the IoT, think about how data may be leveraged. You may ask, “What does that have to do with the price of tea in China?”—a question that economists say is about how things are relevant to one another. The price of tea in China may have everything to do with how many beans are ground to make your coffee in the next cup of your IoT coffee maker. - Alan Price, Vision Critical

7. Outsource Specific Skills

Many companies choose to outsource some or part of their IoT needs to access the necessary talent and deliver efficient results. Some lack the specific experience required for this type of project—expertise related to research and development, engineering talent, user experience and user interface, cloud support, and data security. With outsourcing, businesses can scale quickly and stay ahead of the challenging IoT scenario. - Nacho De Marco, BairesDev

8. Streamline Data Management Across The Enterprise

IoT devices add the most value when the incoming data is received, ingested and acted upon in real (or near-real) time to capitalize on the business opportunity or customer experience or to detect critical alerts. Ergo, organizations need to be prepared with the following aspects of data management for maximum benefits: data ingestion processes, data delivery pipelines, data collection and data analytics. - Manish Mehndiratta, Sage IT, Inc.

9. Learn, Then Implement In A Non-Critical Way

It is critical to utilize a dual approach to cover both IoT theory and practice. Begin by reading everything you can on the topic. Next, find a way to work with the new technology in a non-critical, low-cost way. IoT technology is readily available for basic tasks like controlling electrical outlets or thermostats, where there is high visibility and an easy way to measure cost savings. - Paul Ryznar, OPS Solutions, LLC

10. Enable Employees To Make IoT Data Useful

IoT promises to generate exponentially more quality data. Capturing it is one thing—making it useful is another. One thing you ignore at your peril is implementing an advanced cloud-hosted, workspace-provisioning approach to equip employees with the cutting-edge technologies they need to productively work with the big and diverse data of an IoT world. - J. Tyler Rohrer, Liquidware

Posted: June 12, 2019 10:28 am



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