What is Internet of Things (IoT)?
Connected devices, also referred to as the Internet of Things, is the ability of one device to “talk” to another device without needing human interaction. Using a combination of sensors and connectivity technology such as Bluetooth, WiFi, cellular networks and others, information regarding people and processes is shared and updated.
Combined with other capabilities such as data storage, analytics, visualisation tools and security, connected devices are impacting the way all industries, governments and consumers interact with the physical world.
Benefits of IoT
Chances are you use connected devices every day and may not even be conscious that it is an IoT device. For those that have grown up in the digital world, connectivity and the benefits it provides are often expected in our day to day activities. But as business usage of connected devices expands, organisations are seeing increased benefits including:
- Automated and efficient processes
- Access to live, updated data
- Better utilisation of human resources and increased productivity
- Enhanced asset utilisation
- Cost savings
- Innovation – new products and services
How Protiviti is helping clients with IoT
Protiviti is helping organisations take advantage of IoT capabilities to generate new business opportunities.
We can help you...
- Identify use cases and processes right for IoT capabilities
- Develop proof of concept to illustrate value of new use cases
- Implement IoT and develop custom cloud based solutions that integrate with IoT devices
- Assess and ensure the security of your existing IoT devices, applications and architecture
- Develop an IoT asset lifecycle management programme including standard development, device testing, asset management, monitoring, device management and resiliency planning
- Develop an IoT device risk and control management programme
- Leverage IoT data through data analytics to improve efficiency, create additional revenue opportunities, and generate savings
Examples of IoT
Devices such as smartphones, tablets and computers are obvious examples of IoT devices. And there are many more examples in the consumer world such as wearable fitness tracking devices, autonomous vehicles and smart cars that provide smart breaking.
But IoT is prevalent in business and in every industry. Here are a few examples:
Financial Service organisations
are using IoT data to track customer usage of ATMs and how they use debit and credit cards. Insurance organisations use connected devices to gather real time information on driving habits and activity.
are using IoT to connect doctors and nurses to real time patient information improving the quality of care and patient safety.
Logistics and Transportation
organisations use IoT to track assets as they move goods and supplies across the country, allowing them to better understand the performance of their fleet and schedule needed maintenance.
Energy and Utility
companies are receiving feeds of data regarding heating, cooling and electricity usage without ever physically reading a meter allowing them to identify and anticipate increased power needs and drive operational efficiency.
Real Estate and building management
firms are installing IoT lighting IoT devices to save energy and money and elevator control sensors to track and identify inspection and maintenance notifications.
All types of business companies are installing smart TVs and smart cameras that connect personnel in their global organisations to networks, intranets and data.
are leveraging IoT to identify users who are in their stores that are logged into the corporate website and serve up coupons to drive additional sales, identify when shelves are low on inventory and need to be restocked, drone deliveries, and the ability to scan a UPC code and pay for your purchases directly via a smartphone.
Challenges in implementing IoT
The IoT provides organisations exciting opportunities to innovate and gain competitive advantage and efficiencies. As organisations pursue digital transformation and implement IoT devices, risk management should be top of mind – but is often overlooked or not considered. We are seeing a significant increase in organisations, who:
- do not have an inventory of current assets being utilised in their organisation with IoT capabilities;
- do not have the capability to identify potential threats or monitor suspicious traffic on these devices;
- do not have a plan, nor the skills and ability to update IoT devices if a security vulnerability is identified;
- do not have controls in place to manage security and risks that IoT introduces to an organisation; and
- do not have a technology or business resiliency plan.
- integrate IoT with other technologies to take advantage of other capabilities including blockchain, artificial intelligences, machine learning, robotic process automation, cloud and enterprise data analytics.