Not too long ago, bulky desktops were the only devices capable of connecting to the internet. Now, everything from refrigerators to rifle scopes are WiFi compatible. Even in its infancy, the Internet of Things (IoT) is revolutionizing the way we live our lives. By the same token, it’s changing the way businesses are run. Therefore, it’s important for modern businesses of all kinds to explore what the IoT is and what it may mean for their businesses in the coming years.
What is the Internet of Things?
The IoT is defined as the embedding of internet connected devices within everyday objects that allow those objects to send and receive data. Examples of IoT devices include smart light switches that can be controlled via an app on your phone, refrigerators that will automatically reorder certain food items when you run out, and many, many more examples that already exist.
As technological advances have allowed internet connected devices to be made smaller and smaller while at the same time more functional, the possibilities for IoT devices have grown exponentially. In fact, most experts predict that what we’re seeing now with “smart devices” brought about by IoT is just the tip of the iceberg when compared to what the future holds in store.
What does the Internet of Things Mean for Businesses?
For companies that are producing and selling IoT devices, the IoT means nothing but a world of potential. But what about companies that are not in this market? It turns out that IoT is still set to impact companies across the board in plenty of significant ways – some good, some not so good. Outlined below are some of the things that business owners will need to look out for in the years to come:
More Advertising Opportunities
When the internet first became mainstream, the number of new advertising options businesses had available to them skyrocketed. When smartphones became mainstream, mobile advertising became a highly lucrative new opportunity. Now that we’re putting a screen and internet connectivity in most every device we own, the advertising options that will exist are without limit.
Smart business owners, though, will be careful about throwing up ads on everything that has a screen. We already live in a world where people have a screen in front of them at most all times, so there’s really no shortage of opportunities to connect with customers as it is. What the IoT provides is a wider range of opportunities, allowing businesses to customize which devices their ads appear on to maximize results. It’s this aspect of the IoT that provides the most potential to businesses in the future.
Greater Security Risks
The more devices a business connects to the internet, the more potential gateways they are creating for hackers to gain access to their data. While a standard security camera or a standard television can’t be hacked, one that is connected to the internet certainly can be. The question then becomes how much damage a hacker could do if they gained access to the device in question.
If it’s more damage than your business can afford to risk, you will want to pay careful attention to cybersecurity when utilizing connected devices in your business. The message that computers and smartphones need to be kept secure is one that we as a society have done a pretty good job of hammering home. IoT devices, though, represent uncharted waters, and there’s bound to be a painful learning curve for some businesses as they realize the hard way just how important it is to keep these devices secure.
Opportunities for Secondary Products and Services
Your business doesn’t have to be producing and selling IoT devices in order to make a fortune off of the IoT revolution. To see why, let’s take a look at what happened when smartphones became mainstream. In the blink of an eye, the need for hundreds of secondary products and services popped into existence. Businesses began selling accessories for mobile phones, software developers began creating apps, and B2B companies began offering services designed to help other businesses take advantage of the mobile boom.
Once the IoT becomes truly mainstream, the same thing will happen again. While not every business will be in the position to capitalize on the new markets that the IoT creates, there will be plenty of businesses that are. If you’re a businesses owner, there’s no better time than right now to start looking at your business and brainstorming how you can carve out a slice of the secondary products and services that the IoT will make possible.
The Internet Becomes More Centralized
For devices such as computers and smartphones that have inherent search functions, it’s hard for the internet to be centralized by any one company. After all, users are free to visit any website they choose, using any search engine they choose to get there. To ensure it stays this way, we also have net neutrality laws.
IoT devices, though, that do have a search function built in, are much easier to control, and net neutrality as it exists today may not be enough to keep companies from monopolizing the devices they produce. To make matters more concerning, companies selling IoT devices have a lot to gain by maintaining complete control of the content their devices display and the information that they gather. Experts predict that the biggest value that the IoT will present to businesses selling these devices comes from providing services and obtaining data over a long period of time rather than the sales of the devices themselves.
Whether this is good or bad news depends on whether or not you are the one manufacturing and selling IoT devices. If you’re in the business of capitalizing on other businesses’ devices, though, it may be an uphill battle; the IoT could very easily end up being more of a monopoly than it is a wide-open market.
Increased Convenience
By and large, the IoT is driven by consumer demand for more convenience. As the technology develops, though, the IoT will quickly begin to offer more convenience for businesses as well. The potential ways in which smart devices can streamline and simplify the day-to-day operations of businesses are limitless.
Going back to our point about greater security risks, though, it’s important for businesses to realize the decreased security that these conveniences come with. However, so long as businesses are careful to completely secure the IoT devices they make use of, this risk can largely be negated.
Preparing for the IoT Revolution
With the widespread adaptation of IoT technologies already on the horizon, the time to start preparing for the ways in which the IoT will impact your business is now. If your business is already employing IoT devices or plans to in the near future, it’s crucial to start adjusting your security protocols around these devices before threats start popping up. If you would like our assistance in helping you secure these devices or any other aspect of your business’s cybersecurity, we invite you to contact us today.