IoT Day 2019: What does IoT mean for businesses?

IoT Day 2019: What does IoT mean for businesses?

The Internet of Things (IoT) is quickly becoming a mainstay of investment for many organisations, with the technology growing in importance for a multitude of corporate uses.

Now, to mark IoT Day 2019, which took place this week (April 9th), we're examining the current state of IoT development, what it means for businesses and why this technology will be crucial to many organisations in the future.

Cisco vice president Maciej Kranz believes IoT will be a game-changer in terms of its ability to provide real-time, accurate data to enhance customer engagement and to streamline efficiencies within company operations.

He stated: "The Internet of Things certainly will be a big thing – an enormously big thing, actually. But it isn't just the next big thing. IoT is the future – your industry's future, your organisation's future, and probably your personal future."

Mr Kranz argues that far from being a flash in the pan, the focus on IoT to deliver a realistic, in-depth understanding of consumer behaviour will see investment in this area grow exponentially in the years ahead.

Dimitrios Spiliopoulos, IoT business specialist at O2, echoes this view and told IoT Tech News how the massive growth in connected devices, both in the corporate and consumer setting, means the potential for IoT to permeate every aspect of our lives is just now being understood.

Finally, a word of caution must be heard regarding the present state of IoT security for many organisations, and this is the stance of Steve Armstrong, regional director for UK & Ireland at Bitglass.

"Most enterprise users would agree they lack visibility and confidence in their control of IoT devices connected to their network," he noted, adding that many IoT devices are linked directly to "mission-critical systems".

An attack on these systems could therefore prove extremely costly to businesses, both in terms of reputation and finances, so every effort is now being made to reduce vulnerabilities in IoT, and this is where the greatest focus will need to be moving forward to ensure the maximum return from this exciting technology.