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The Emerging IoT will enable Digital Transformation, along with new Risks

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As the IoT transforms the way consumers and businesses interact with their environments, new opportunities come with new concerns and risks.

The Internet of Things (IoT) has been labeled as “the next Industrial Revolution” because of the way it will change the way people live, work, entertain, and travel, as well as how governments and businesses interact with the world. The IoT has many different definitions, but Gartner defines it as a network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment.

As the emerging IoT transforms the way consumers and businesses interact with their environments, there are many new opportunities, yet they also come with new concerns and risks. This means the Software Asset Management (SAM) function and Privacy function within organizations will be forced to rethink their charters. Professionals within the SAM and Privacy functions must start thinking about the IoT, and how they can prepare to manage the asset management challenges it presents, along with its benefits. Three major challenges to face as the IoT starts to become an integral part of so many organizations’ digital transformation plans include security, data privacy, and service sustainability.

I recently presented on this topic at the International IT Asset Managers (IAITAM) Spring conference. If you are interested, you can view the slides from my presentation or read a more in-depth article in the organization’s IT Asset Knowledge (ITAK) publication.

Connected devices in the smart home have become commonplace and autonomous vehicles are no longer relegated to sci-fi. On the industrial IoT side, applications in manufacturing, agriculture, and healthcare create a wealth of new opportunities. However, there are also many questions. These questions emerge around standards, security, access to the code, and management of data. For companies developing or deploying IoT technologies, it will be critical to answer questions around business continuity, uptime, access to the underlying intellectual property, and the proper management of data. As IoT initiatives are rolled out, it is imperative to assess the hardware and software on all connected devices and determine the best way to manage these intellectual capital assets.

How is Iron Mountain involved in the IoT? Iron Mountain’s Intellectual Property Management division can help developers and users of IoT technology mitigate the risks of intellectual property, source code, and algorithms crucial to successfully running IoT projects. We do this by securing access to critical know-how in the event of a failure in the supply chain. Furthermore, we can help you compliantly manage data aggregation and access to data by multiple parties. This is core to our role as a neutral, trusted third-party.

Many organizations are still just dipping their toes in the waters of IoT. However, don’t underestimate the undertaking – it may be wise to take small steps in your IoT deployment. As you proceed with your IoT strategy, make room for collecting security and data information and protecting your intellectual property. And, remember, always stay flexible and adaptable as you embark on your IoT journey.

Learn more:

How the Emerging IoT will Prompt Asset Management Issues

IAITAM Spring ACE 2018 presentation

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