Businesses are being advised to not treat the Internet of Things as just hype – rather, it should be considered a key piece of an organisation’s digital transformation journey.
That’s the word according to NETSCOUT, who says the IoT can deliver ‘significant value’ when it comes to competitive advantage.
“The key business value of IoT is the insight and efficiencies that can be gained as a result of the communication between the increasing number of connected devices and other internet-enabled devices and systems,” explains Amit Rao, director – APAC channels, NETSCOUT.
“However, it’s important to remember that not every connected ‘thing’ will add value,” he says.
“This is why many industries have tried to make a distinction between consumer IoT and industrial IoT, which is solely focused on improving operational efficiency and business models,” says Rao.
“Industrial IoT includes things like machine learning and sensors that provide actionable intelligence,” he explains. “Using this intelligence and existing machine-to-machine (M2M) technology, industrial IoT provides business value by increasing data accuracy and consistency.”
According to Rao, industries like manufacturing and infrastructure began this transformation long ago and it is beginning to take hold in other sectors.
“Organisations in these sectors have realised they can save time and money by eliminating inefficiencies in their business models while increasing their visibility into core business functions,” he says.
“With this new intelligence, many organisations can optimise or even fundamentally change their business model to adapt to new opportunities and swings in consumer demand.”
Five ways businesses can take advantage of IoT, according to NETSCOUT:
1. Understand the risks. Increasing IoT technology in the business does not come without risk, says Rao.
“As businesses begin to seek the benefits of IoT, they should expect an increase in IT complexity and security risks as well,” he says.
“This increased risk includes concerns such as operational disruption and a lack of service assurance.