There’s no question that Americans have become increasingly attached to their smartphones to complete daily tasks. The innovation of having a handheld device connected to the internet has had an dramatic effect on our everyday lifestyle, but some are wondering if that’s really the limit on the potential of online connectivity. In recent years, companies have sought to expand the reach of the internet beyond phones, tablets and computers. Dubbed the “Internet of Things,” this phenomenon is set to change the information technology industry once again, and this time the results truly will be everywhere. By leveraging Web Analytics, your company will be able to best take advantage of this rising tide as you develop new products and services for the Internet of Things.
The Internet of Things has already collected a few successes in its beginning. If you’ve bought a new vehicle in the past 5 years, you probably noticed the gleaming smart console installed in the front of the car. Those who own the Fitbit have seen the value of a small electronic device able to communicate your physical activity with corresponding apps on your primary devices. And if you’re obsessed with gadgets, you may want to own a Smart Umbrella, which provides you the handy service of messaging your phone if you’ve forgot the umbrella while it’s raining. The Internet of Things isn’t all fancy gimmicks, however, as there is also some serious money on the table: the McKinsey Global Institute estimates the industry value of connecting the world’s devices together online at $11 trillion by 2025, equating 50% of the U.S. economic output in one year (Source: Global News).
Given the huge financial opportunity, it’s no wonder why companies have been clamoring for the Internet of Things to take off. However, there are some serious obstacles in front of the developing industry before it can match its advertised potential. Perhaps the most glaring issue is data protection. Security experts note that the devices meant to connect via the internet to your phone and laptop won’t have the same anti-virus and hacking prevention capabilities, and the operating system for these devices won’t be standardized—can you say that your future Smart Umbrella will have the same processing capability as your iPhone? As a result, a talented hacker could bypass the security measures on your primary devices through these connected peripherals. How companies respond to the overall security risks will play a large part in the potential success or failure of the Internet of Things.
If and when the Internet of Things does reach the tipping point where it becomes a financial boon, you will want to make sure your company is positioned correctly. The best way to do so is by using web analytics. Analytics firms are partnering with product companies to provide data on when and how the latter’s products are being bought and used by customers. By collecting this data, the partner company can then best direct its efforts into either modifying current products or developing new ones to match the behavior. By following this path, Analytics will continue to grow into a influential force as the overall Internet of Things develops.
The Internet of Things provides a gigantic financial upside in the next ten years, with a corresponding risk of potential disaster if customers’ data is compromised on any level. Who do you trust to guide you during this exciting yet uncertain time? Turn to the experts at Sun Sign Designs, where we have worked to anticipate the changes arriving to the IT field and will help you navigate through them so you can achieve success. Feel free to reach out to us today!