Evan Vitale Consulting: How Will the Internet of Things Affect Your Business?

Friday, November 21, 2014

How Will the Internet of Things Affect Your Business? – Forbes

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The Internet of Things, or IoT, is a mysterious and frequently used buzz phrase in online business today. For some, it suggests an impending Internet takeover that will eventually penetrate every area of our lives. Others say the Internet of Things is already upon us.

Depending on how tech-savvy your company is, you may already have an Internet-of-Things mentality — complete with biometric entry and capacious data centers. On the other hand, you might still be storing data in spreadsheets and wondering when it will finally be time to oust Windows XP.

Whether you’re aware of it or not, the Internet of Things is upon us and your organization’s ability to capitalize on it may well determine how effectively you can reach the next generation of consumers.

What the Internet of Things means for your business

The ostensible vagueness of the phrase “Internet of Things” can be confusing for the average business owner. What “things” are included? How will it affect my business?

You aren’t alone in asking these questions. Practically speaking, the IoT trend means you’ll be likely to have to do the following for your business:

Develop a cloud plan. The other buzz term of 2014 has been “cloud” technology, and it fits right in with IoT. When you accept that worldwide integration is the future of business, you can begin to prepare for it. Chief among your concerns in this area is how your company will satisfy the demands of employees, clients, and consumers who expect total visibility and connectivity. Proper preparation for the IoT shift will include your company sitting down and discussing a cloud-based business plan.

Replace old technology. While you might prefer the machinery, equipment, and technology you’ve used for the past decade, you’re going to need a good spring cleaning eventually. When the IoT wave kicks into high gear, companies that lack the technology to take advantage of a total Internet takeover will be left in the dust. When you replace existing technology, make sure the new gear can be fully integrated with all other components of your business.

Increase capacity management. According to Raritan, a leader in data center infrastructure management, when the IoT transformation is complete, “data centers will be faced with an overwhelming amount of data that will need to be synthesized, analyzed, and stored.” To prepare for this in advance, data center operators should attempt to determine existing levels of remaining network capacity and how to use that space better.

Become network ubiquitous. Everything that plugs into an electrical outlet should be designed to connect to the Internet. That includes phones, printers, manufacturing machinery, security systems, and more. Any time you encounter new technology that includes network connectivity features, go for it. You won’t regret it in the future.

Tackle security issues. Experts say network security will become one of the most important aspects of business in the future, which makes sense because security is kind of the flip side of total connectivity. Investing in high-quality data security solutions that are scalable and robust will help your business.

Invest in education. This is a two-step process. First, your company will need to spend time educating existing employees on the IoT shift and how it will affect their individual roles in the firm. Second, your recruitment and hiring process needs to be altered to locate talent that has a firm sense of new technology and where things are going.

Market your progressiveness. The next generation of consumers has been entirely raised on the Internet. This means they will appreciate and understand the IoT such as design and social media. Once your company has reached a point where it can realistically say it’s a full participant in this change, don’t be afraid to tout it. It’s an instant source of credibility and authority.

Are you ready?

Is your business fully prepared to participate in the Internet of Things? Focus on these implementation tips and you will be well on your way to long-term success.

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