Updated on April 3, 2015
In the previous post (Staying Ahead of the Competition through Data Engineering) we have briefly bump into an important topic, and that is the Internet of Things (IoT).
To start things off, what is exactly is this IoT?
Put it shortly, IoT is a plethora of objects embedded with software and sensors capable of exchanging data with its manufacturer and other smart devices. The data is sent to a network along with the other information that is being directed by other objects embedded by the same software and sensors. These sensors will allow the object to be observed in real time, providing information on that specific object relevant to whatever data is needed at a certain time.
New level of competition
To say that the impact of IoT in the business industry is huge is an understatement. IoT has opened up a new level of competition among business owners for data is among one of the vital keys they used in order to stay ahead of the race. And IoT provides a massive amount of it.
It’s even been said that the data produce by IoT will make an Exabyte look like a drop in the ocean. Dr. John Barrett compared an Exabyte to a stack of books from Earth to Pluto and back, multiplied eighty times.
Businesses can now monitor the rise and fall of trends in the market, determine which product is gaining popularity, reduce the risk when investing on a certain product – the possibilities are endless, all by taking the data produce by IoT and applying data engineering to them to yield significant information.
Where IoT stand
At the moment, IoT is being used by a lot of companies and organizations. However, most of those that try to integrate this tactic encountered a cul-de-sac. Among the top problems that are inhibiting the development of IoT is security and staffing.
As the data sent by IoT into the network is extremely valuable for those dealing with intangibles (e.g., banking) the threat of hacking increases drastically. Security measures must be looked over twice and twice more. Additionally, IoT is a complicated concept in which employees may have difficulty grasping what it is on the get go.
Solutions that are offered are pretty straightforward. Strengthen the security and educate personnel on all level of the organization about general knowledge regarding the concept. Form a team that will directly spearhead every aspect of IoT and cover every possible facet of it. Assign an individual that will head this team, someone who knows his way around data gathering and function as a focal point of the entire domain. It wouldn’t be simple, yes. It would take months of preparation, planning, looking for ideal candidates who will lead the team. But wouldn’t it be worth it if it means it will propel you ahead of the competition? Only by addressing these issues accordingly, can businesses exploit the advantages offered by IoT.