3 must-dos for building a strong IoT strategy

Today, each and every device is directly or indirectly connected to each other. The result - huge volumes of data. Gathering and analyzing useful information out of tons of petabytes of data is like searching for a pin in a haystack. So it has become almost mandatory that companies have a good IoT strategy in place.

It does not matter whether your business deals with cars, motorbikes, electronics, or media; you need to have an IoT strategy that focuses on providing quick and exact solutions to the problems faced by customers. According to a report by ABI Research, IoT revenues are growing by 20% and analytics are growing by 40-50% annually. Therefore, IoT in the near future will help small, medium, and large businesses to make the best decisions, which will help them create and retain more customers.

1.  Creating a strong IoT strategy by adopting cloud services

It’s important to provide nothing but the best possible experience to our customers. For that, real-time visibility and control are mandatory. This is where cloud services come into play as they provide access to your files and documents through various devices across the world, at lightning speeds. Moreover, at times when a system needs to be updated, you can do so from any place without any need for engineers or technicians to be present there physically.

IoT devices gather and share a lot of data. Hence, welding IoT with cloud services just makes a whole lot of sense, as cloud computing will provide IoT a robust platform to gather and analyze huge torrents of data gathered by all the connected devices. So make sure that the adoption of cloud services is on high priority while designing your IoT strategy.

2. Creating a strong IoT strategy by involving all the stakeholders

For building a good IoT strategy, all the stakeholders such as the CIO, CTO, maintenance teams, HR managers, legal representatives, security experts, and designers should be involved. The CIO can be made responsible to control, assign, and coordinate the activities across all departments. HR teams should inform employees about the changes in the working policy and maintain personal records. Legal representatives should find out innovative ways to monetize customer information, to check whether the right information is shared between all the stakeholders, and to verify whether the company reserves the rights to use the software. Lastly, apart from assisting the engineers to build the product, the designers need to ensure that the developed product integrates with all platforms. So there is no way you cannot include the suggestions of the various stakeholders in your company, when you plan to build a strong IoT strategy.

3.  Building a strong IoT strategy by incorporating security

A good IoT strategy must incorporate strong security measures. A breach in data security can cost billions of dollars, making security a highly vulnerable point when formulating your IoT strategy. Latest security technologies and encryption techniques should be used to protect personal and financial data communicated between the IoT devices to keep them safe from hackers.

Before you actually make IoT devices a part of your business solutions, it only makes sense that you first have a strategy in place. Understand what could possibly create challenges for you in your pursuit of tapping into IoT and create an IoT strategy that helps you make the most of your initiative.