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February 13, 2018

CIO Meeting Recap: Internet of Things (IoT)

02.09.18 CIO RecapWhat is the "Internet of Things" and how does it impact you? The "Internet of Things," otherwise known as IoT, is a topic of conversation that continues to flourish in the corporate world and everyday life. A huge thank you to Mike Larson, SVP & CIO at Universal Hospital Services, for facilitating our CIO meeting last Friday on the topic Internet of Things (IoT).

The group discussed the definition of IoT as a group is connecting any device with an on and off switch to the Internet. It revolves around increased machine-to-machine communication, including cell phones, coffee makers, headphones, wearable devices, and the list goes on and on.

So, why is IoT such a hot topic of discussion right now? It's part of something that's bringing everyone and everything together. Below is the three-pronged convergence of IoT we discussed during our meeting:

  1. Data explosion generated by devices
  2. The “cloud” as a growth engine for business which is available to everyone
  3. New ways to engage the business and its customers through smart phones and social networks, people continue to have real time data in the palm of their hands

So, what's stopping organizations from adopting this idea? Even after organizations buy into IoT adoption, there can still be many barriers for them to overcome. With some of the most common barriers including the following:

  • Data privacy concerns
  • Security concerns
  • High cost of implementation
  • Limited knowledge about available solutions
  • Inadequate infrastructure
  • Lack of standards
  • Interoperability/legacy systems
  • Uncertainty related to achieving the benefits promised
  • Current workflows not well defined
  • Immaturity of the technology

 

One of the biggest barriers mentioned above is security concerns. There are more devices than ever before, which leads to higher risks of being hacked. Along with making sure everything stays up to date, including those lazy consumers where the idea of getting hacked isn’t on their radar. For now, the best protection we have is for consumers to read any agreements they sign upon receiving a device.

As stated in Forbes, the future of IoT is that anything that can be connected, will be connected. It is predicted that by 2020 there will be over 26 billion connected devices, but some think that number is too low. How do we continue to stay on top of it? It’s hard to say. For now. we need to figure out how to organize the vast amounts of data that will continue to be generated before it becomes too much to handle.

What's one piece of advice you have for a business leader interested in IoT? 

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Posted by: Anna Wischmann

Tags:  CIO Group, Meeting Recap, IoT

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