Companies who adopt an IoT strategy are seeing some unexpected benefits.
A recent study found 27% of executives who are planning to adopt the Internet of Things expect an improvement in customer experience. Meanwhile, 39% of those who already have an IoT strategy in place have shown a large improvement in customer experience.
Customer experience isn’t the only IoT benefit that companies are underestimating. While only 36% expected a large IT security increase, 48% of companies utilizing IoT have seen improved security. Profitability has exceeded expectations too, as only 16% plan to see a profitability increase and 32% have seen IoT deliver one.
While unexpected benefits are a great thing that is the only aspect of your IoT strategy you want to be a surprise. Everything else should be carefully planned from the beginning to make sure your company is using the Internet of Things to its full potential and giving your organization the best opportunity to realize these benefits.
As you plan your company’s use of IoT, here are 4 IoT strategy essentials to consider:
Rethink IoT Security
While organizations are seeing improved IT security after adding IoT, its use does still add additional security concerns. In fact, 93% of executives expect IoT security breaches to occur in the future.
With your IoT strategy leveraging thousands of devices, these individual elements will be the biggest security risk. While data security is important, the most important consideration for your IoT strategy is endpoint security of all the various connected devices you are utilizing. Since this is a counterintuitive way of thinking for most IT security experts, working with IT professionals with specific experience in IoT security will greatly improve your strategy.
Once your IoT security strategy is in place, make sure it is tested independently to identify any potential weak points that could be exploited.
Gather Industry Insights
By 2020, it is estimated there will be 30 billion IoT devices active. That represents a massive amount of potential data and uses for IoT. How can you decide what your company’s IoT strategy should focus on?
Some of the main ways businesses are adopting IoT include:
- Product and Service Quality Improvement
- Workplace Productivity Improvement
- Operations Reliability Increase
- Asset Productivity Increase
- Cost of Materials Reduction
However, the best usages for your industry may be different. Gathering industry insights can help you learn the opportunities and strengths your industry and business have in the IoT space and help navigate any threats that may arise.
Share Your Vision
Seeing the goals of your IoT strategy come to fruition could be a long road for your company that requires upfront investment and buy-in from many different departments and leaders.
This will be the biggest challenge you face. A recent survey found that in addition to security (32%), the greatest challenges to an IoT strategy are presenting a compelling return on investment (32%) and cross-department cooperation (31%).
If you are the one leading your IoT strategy, you need to have a clear vision and benefits that can be shared with executives to keep your project moving forward. The same survey shows that of the companies whose IoT initiatives are meeting or exceeding expectations, 53% are championed by the CIO.
Find The Right Partners
Looking back through your IoT strategy, one of the biggest takeaways should be that none of this planning can happen in a vacuum. Leveraging industry insights and IoT experts is critical to putting together an IoT strategy with the best chance of success. That is why working with a business partner is so beneficial.
Forbes Insights found that of companies finding success with IoT initiatives, 66% included external vendors on their IoT planning team. It is important to view a managed service provider as a resource as early as possible in your IoT strategy to get the most benefit from their experience, industry knowledge and support services.
At NWN we work as a business partner to help our clients with the planning, implementation and security of their IoT plan. While most IT executives don’t look for IT services until they are ready for implementation or have specific vendor solutions in mind, we find it is best to be involved as early as possible in the planning process. This allows your IoT planning team to leverage our expertise to come up with the best vision for your IoT strategy, make sure you have a partner to help keep your project on track and have IT security experts making sure your strategy keeps security in mind from the beginning.
Looking for help putting together your IoT strategy?