Software and Tools
Article | September 23, 2022
If you’re struggling with creating a value proposition in volatile markets, you’re not alone. According to Neil Patel, 40% of marketers struggle to acquire leads by traditional marketing methods. As competition grows in each industry, even fairly monopolistic markets like tech are seeing rising competition in all areas.
To combat market uncertainty, as well as stand out amongst your competitors, you need a market strategy that not only offers a direction but actively targets your goals. A market strategy is your go-to plan when things get rough and it is a map for when the waters are calm. Moreover, marketers with a documented strategy are 313% more likely to report success.
We’re sure you already have a market strategy that is just right for you. But have you considered if it can be refined further? Thanks to emerging technologies like IoT, we now have access to the most mundane customer decisions that are taken on a day-to-day basis. This data is your ticket to a better market strategy without having to spend a bomb.
This is how you can refine your market strategy with the help of IoT.
Data-driven Decisions
The Internet of Things has offered us insurmountable amounts of consumer data. A caffeine brand can now access information such as what time consumers have coffee, whether it is at home or office, what flavors they prefer, how much they’re willing to spend on coffee, and what other alternatives they consume. This kind of data, collected on an IoT device such as a coffee machine, is instrumental in making marketing decisions. If you know that your consumer prefers to have coffee at work in peace rather than in a rush at home, you can target offices in the area with your product rather than targeting individual consumers.
IoT offers you the right information to make the right decisions. But you can also leverage this data to drive your market strategy. In the above example, the marketing team can account for campaigns geared towards workplaces based on the available data in the budget. Data-driven strategies prove to be more effective than otherwise, and as marketers, you must absolutely leverage any IoT data that may be relevant.
Respect your Customers
While IoT offers marketers a truly astounding amount of data, not all users are aware of what data is being tracked. This raises concerns for privacy and security among the users. Even though most of the users waive their rights to withhold the information when signing into an app or wearables software, they are not always comfortable sharing certain data.
As marketers, it is important to keep your practices ethical and legal. Using consumer data may be completely legal, but it is best not to offend your customers by overt use of data that they aren’t comfortable sharing. Make sure that the usage of data in marketing campaigns and strategy is limited to what data has been consciously shared by your consumers. This will bolster your goodwill, as well as make your customers trust your brand.
Offer Valuable Solutions
With the advent of Big Data and AI technologies, the internet of things is turning over a new leaf. As there is a vast amount of data that can be processed fast with AI, marketers can now target individuals rather than households or groups. With precise data available over consumer decisions and actions, it is possible to know if there are any unlikely customers that you have been ignoring so far.
IoT allows you to not only target these customers but also solve their problems. If we continue the caffeine example, the connected coffee machine can tell you when the coffee is about to be over, this can send you reminders to buy coffee, or in case of further automation, place an order on Amazon on your behalf. These solutions can be now hyper-personalized to suit individual needs through IoT.
IoT Based Campaigns
Your market strategy will have to account for campaigns throughout the year, but if you’ve noticed closely, the only marketing campaigns that gain significant traction are the ones that have a ‘wow factor’. A lot of marketers mistake the wow factor to be a subjective preference that customers have but it couldn’t be further from the truth. The wow factor is simply the effect produced when a business goes above and beyond to meet customer needs. IoT offers us the resources required to manufacture the wow factor in every single campaign.
A great example of this phenomenon is beacon marketing. Beacon marketing is considerably new in the marketing industry and uses Bluetooth technology to transmit information to nearby mobile devices. It is heavily used in retail across the globe and giants like Target and Walmart are already using the technology to market its services. Walmart places beacons in its lights across its stores and sends offers to its customers based on their location. It not only personalizes the shopping experience, but also saves a large amount of electricity bill for its stores.
Target Existing Customers
Many times, in a bid to appease new customers, marketers often forget about their existing customers. Your existing customers already know you, have tried your product or service, and are clearly interested in the product. A good product or service is often enough to keep the customers returning, but with the current levels of competition, customers often find themselves wondering if they should try new things. As a marketer, all you need to do is deter your existing customers from straying. You can do this by either providing an unparalleled service, which is quite unlikely in today’s market, or you give them a reason to stay.
Thankfully, targeting existing customers is much easier than targeting new ones. You already have their data over their preferences and habits. If you know that a certain firm updates their applications every second quarter, you can send them offers just before the second quarter starts and remain fresh in their memories when they decide to make the decision.
Allergy medication Zyrtec leveraged IoT when targeting their existing customers with a voice-enable application. Its users could just ask the application about the daily allergens and pollutants in their area so they could prepare ahead. The app offered a powerful solution to its users while making great use of its brand image and retaining almost all of their existing customers.
Leverage New Technologies
We have already discussed several complementary technologies to IoT that can help you make the most out of your market strategy. AI and Big Data are some of the strongest allies for IoT that can help change the norms across industries. But even limited technologies like voice-enabled applications, QR scanners, beacons and so can open up a lot of opportunities for marketers.
Consider adopting some of these technologies such as geofencing which are inexpensive and effective at the same time. Burger King is a great example of using geofencing for marketing. Geofencing is a technology wherein you can transmit messages or information to mobile devices within a certain area. Burger King set up their geofences across all McDonalds in the UK and as soon as anyone entered within a 500 m radius of a McDonald’s outlet, they received Burger King coupons and directions to the nearest store.
Case Studies
There are a lot of examples of IoT being used to enhance strategies or campaigns. Some of these examples are given below.
Diageo, a whisky brand in Brazil innovatively used IoT to run a father’s day campaign. They encouraged men to buy whisky for their fathers and placed a QR code on their bottles. Once the bottle was received, the fathers could scan the code which would play a personalized father’s day message by their sons. This concept was so loved by people in Brazil that Diageo saw a 72% sales uplift in the two weeks leading up to Father’s Day.
South East Water, CRM leveraged IoT by building an end-to-end IoT ecosystem powered by IBM’s Maximo. This helped them roll out an app that offered near real-time insights into customer requirements for over 80 engineering teams. This alone helped them ensure higher customer satisfaction and accelerated access to critical reports by 99 percent!
Uber and Spotify rolled out an IoT campaign together wherein you could access your Spotify playlists through the Uber app and once you were in an Uber, you could play whatever you liked through the app and it would play on the car’s speakers. This increased customer satisfaction for both Uber and Spotify users.
There are several examples of using IoT in marketing campaigns, and there is never a dearth of ideas. However, in order to appeal to your unique customer base, you need to innovate your product with IoT.
Frequently Asked Questions
What is the IoT strategy?
IoT Strategy refers to an organization’s strategy to inculcate IoT in their business, whether as a marketing tool or as an integral part of the process.
How does IoT affect the marketing industry?
IoT offers a lot of insights and resources to marketers which helps them target their customers better and optimizes any marketing efforts, thereby effectively obliterating traditional marketing practices.
What is the best internet of things marketing strategy?
There is no one IoT marketing strategy that fits all businesses. Each business needs to identify its customer requirements and strategize accordingly.
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Enterprise Iot, Software and Tools, Platforms
Article | May 18, 2023
Explore the emerging complexities of IoT data governance with 7 key challenges to tackle. Address data privacy, security, and ethical concerns, empowering your business for success in 2023 and beyond.
Contents
1 The Case for Maintaining IoT Data Governance
2 Challenges of IoT Data Governance
2.1 Lack of Organizational Commitment
2.2 Data Privacy Concerns
2.3 Lack of Endpoint Security for IoT Devices
2.4 Issues with IoT Device Authentication
2.5 Increasing Volume of Unstructured Data
2.6 Unethical Use of IoT Data
2.7 Inadequate Data Governance Protocols
3 Addressing IoT Data Governance Challenges
3.1 Security by Design
3.2 Awareness Initiatives
3.3 Standardized Data Governance Policies
4 Conclusion
1 The Case for Maintaining IoT Data Governance
The growing use of IoT devices across various industries has caused a surge in data volume. Most of these devices store sensitive company data, which plays a crucial role in business operations but can have dire consequences if it falls into the wrong hands. Thus, companies need to understand what is IoT governance and its implementation to safeguard sensitive data from unauthorized access and malicious exploitation.
2 Top Challenges in IoT Data Governance for Businesses
2.1 Lack of Organizational Commitment
Organizational commitment is essential for effective IoT data governance. There needs to be a clear purpose and goals regarding data governance that are communicated to all stakeholders. Not focusing on organizational commitment can result in a lack of alignment between the organization's goals and the IoT data governance strategy, as well as uncertainty about ownership and accountability for data governance across the organization.
2.2 Data Privacy Concerns
Ensuring data privacy is a significant concern when implementing IoT data management to maintain IoT data governance security. With the vast amount of data generated by IoT devices, there is an increased risk of personal and sensitive data being compromised. Therefore, it is crucial to identify potential vulnerabilities, mitigate the risk of data privacy breaches in IoT environments, and anonymize user data for consumer devices.
2.3 Lack of Endpoint Security for IoT Devices
IoT devices are often designed with limited processing power and memory, and as such, many connected devices do not have built-in security features. This makes them attractive targets for hackers seeking to access confidential data or disrupt operations. Without proper endpoint security measures, IoT devices can be compromised, leading to data breaches, network downtime, and other security incidents that can compromise the entire system's integrity.
2.4 Issues with IoT Device Authentication
When IoT devices are designed without proper authentication mechanisms, it can be challenging to verify their identities. This results in possible unauthorized access, data breaches, and other security incidents. To supplement IoT data management practices, companies must implement secure authentication protocols specifically designed for IoT environments, such as device certificates, digital signatures, and multi-factor authentication, to maintain IoT data governance.
2.5 Increasing Volume of Unstructured Data
IoT devices generate vast amounts of data in various formats and structures, including text, images, audio, and video, which can be difficult to process, manage, and analyze. This data is often stored in different locations and formats, making it challenging to ensure quality and consistency. Moreover, this flood of unstructured data can contain sensitive information that must be protected to comply with regulations and standards. For effective IoT data governance, it is necessary to implement data classification, metadata management, and data quality management to make sense of unstructured data.
2.6 Unethical Use of IoT Data
IoT devices collect data that can be sensitive and personal, and misuse can lead to various negative consequences. Data from IoT devices can be used to develop insights, but it must be handled carefully to avoid privacy violations, discrimination, or other negative consequences. Ensuring data ethics requires organizations to consider the potential impacts of their data collection and use practices on various stakeholders. This involves addressing issues such as data privacy, data ownership, transparency, and bias in IoT data analytics.
2.7 Inadequate Data Governance Protocols
Without proper data governance protocols, IoT data may be inaccurate, incomplete, or difficult to access or analyze, reducing the effectiveness of IoT systems and limiting the potential benefits they can provide. Additionally, inadequate data governance protocols can lead to security and privacy vulnerabilities, potentially exposing sensitive data to unauthorized access or theft. This can result in legal and regulatory penalties, reputational damage, and a loss of customer trust.
3 Addressing IoT Data Governance Challenges
3.1 Security by Design
This approach involves integrating security and governance considerations into the design and development of IoT systems from the outset. This helps minimize vulnerabilities, prevent breaches that may compromise the confidentiality, integrity, and availability of IoT data, and help maintain IoT data governance. In addition, by prioritizing security in the design phase, organizations can implement security controls and features tailored to their IoT systems' specific needs, which can help prevent unauthorized access, manipulation, or theft of IoT data.
3.2 Awareness Initiatives
IoT data governance challenges can arise due to an improperly trained workforce that may not recognize the purpose and benefits of data governance practices. Awareness initiatives can help organizations develop a culture of security and privacy. These initiatives can educate employees and stakeholders about the risks and best practices associated with IoT data governance, including the importance of data security, privacy, and ethical considerations. By raising awareness of these issues, organizations can promote a culture of responsible data management, encourage stakeholders to adhere to data governance policies and procedures, and reduce the risk of human error or intentional misconduct that could compromise IoT data.
3.3 Standardized Data Governance Policies
Collaboration between local, regional, and federal governments and businesses is essential to establishing frameworks for implementing IoT and related technologies within their jurisdictions. Cooperation between governments and enterprises is crucial for implementing a standardized IoT data governance policy. This will protect end-users by mandating basic standards in procurement processes and creating regulations and guidelines that promote responsible data governance.
4 IoT Data Governance: Future Outlook
Data is one of the most valuable resources for organizations today, and addressing the problem of IoT data governance will ensure that the IoT of enterprises is used effectively and responsibly. Straits Research reported that the worldwide data governance market had a worth of USD 2.1 billion in 2021 and is projected to reach an estimated USD 11.68 billion by 2030. IoT devices are a key driving factor behind the growth of the data governance market, and as the amount of data generated and the number of devices grows, so will the complexity of data governance. By maintaining strong data governance policies and tracking changes in policies and best practices, businesses can ensure compliance and maintain trust in the long run.
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Enterprise Iot
Article | May 11, 2023
Explore the world of readings on IoT security, to address complex cyber security challenges and privacy issues. It caters to a wide range of readers including industrialists, students & enthusiasts.
The Internet of Things (IoT) has revolutionized industries, enabling innovative applications and improved efficiency. However, along with the numerous benefits of the IoT comes the pressing need for robust security measures. As IoT devices become more prevalent and interconnected, their risks and vulnerabilities also increase. The experts in the domain must stay updated with the latest security practices and techniques to ensure IoT systems' integrity, confidentiality, and availability. A wide range of books has been explicitly tailored address these security concerns.
1. Analytics for the Internet of Things (IoT)
Author: Andrew Minteer
Analytics for the Internet of Things (IoT): Intelligent analytics for your intelligent devices provides a comprehensive guide for businesses aiming to make informed decisions and gain greater control over their IoT infrastructure. Written by an expert in the field, this book equips readers with the essential knowledge and techniques to solve the unique challenges associated with IoT and extract valuable insights from vast amounts of data. The book begins by tackling the complex task of extracting value from large volumes of often complex IoT data, empowering readers to make data-driven decisions. Strategies to address data quality concerns are discussed, ensuring that readers are equipped to handle the inherent challenges. It offers readers approaches to optimize business value and bring down costs. Scaling both data storage and analytics is a critical consideration in IoT deployments, and the book provides practical insights into handling scale effectively. The book covers a range of topics, including transmission protocols, data flow, value extraction, geospatial analytics, machine learning, and optimizing business value.
2. Industrial Internet of Things (IIoT)
Editors: R. Anandan, Suseendran Gopalakrishnan, Souvik Pal, Noor Zaman
One of the essential IoT security books, Industrial Internet of Things (IIoT): Intelligent Analytics for Predictive Maintenance comprehensively explores how the industrial internet is transforming through increased network agility and the ability to deploy, automate, integrate artificial intelligence, orchestrate, and secure diverse use cases at hyperscale. The adoption of industrial automation on a large scale is revolutionizing business processes, with the market for industrial robots projected to reach $73.5 billion by 2023. The book highlights how IoT industrial automation provides numerous advantages, including enhanced efficiency, high accuracy, cost-effectiveness among others. This book presents real-world case studies in IIoT, robotic and intelligent systems, and web-based applications. The content is tailored to appeal to a broad audience, including working professionals, educators, and researchers in various technical disciplines. The book provides industry leaders with valuable insights by proposing business models that revitalize the workforce.
3. IoT and OT Security Handbook
Authors: Smita Jain, Vasantha Lakshmi, Foreword: Dr Rohini Srivathsa
IoT and OT Security Handbook: Assess risks, manage vulnerabilities, and monitor threats with Microsoft Defender for IoT is a comprehensive guide that equips industrial security, IoT security, and IT security professionals with the knowledge and tools to effectively address cybersecurity challenges in the rapidly evolving world of IoT and OT. In the era of the Fourth Industrial Revolution, where digital transformation and connected industries dominate, the book sheds light on the pressing security concerns that must be addressed to ensure data protection and operational resilience. Through a deep dive into the Purdue model of reference architecture, readers gain a solid understanding of common cyber-attacks prevalent in IoT and OT environments. The centerpiece of the book revolves around Microsoft Defender for IoT, a powerful security solution specifically designed to safeguard IoT and OT ecosystems. Furthermore, the concept of zero trust, which is crucial for establishing a robust security foundation, is thoroughly explored with practical insights on its implementation in the context of IoT devices.
4. Practical Internet of Things Security
Author: Brian Russell, Drew Van Duren
Practical Internet of Things Security: Design a security framework for an Internet connected ecosystem is an indispensable guide that navigates the complex realm of securely building and deploying systems in our IoT-connected world. The book primarily targets IT security professionals, security engineers, and individuals responsible for ensuring the security of their organization's data in the IoT landscape. However, it also serves as a valuable resource for business analysts and managers seeking to understand and address the security challenges associated with IoT deployments. Readers will gain a wealth of knowledge and practical skills, including breaking down cross-industry barriers, building a rock-solid security program, applying systems security engineering and privacy-by-design principles, and harnessing cloud-based systems. It delves into the unique security challenges associated with IoT and provides practical guidelines for architecting and deploying a secure IoT ecosystem within an enterprise.
5. IoT: Security and Privacy Paradigm (Internet of Everything (IoE))
Editors: Souvik Pal, Vicente García Díaz, Dac-Nhuong Le
IoT: Security and Privacy Paradigm is a comprehensive and authoritative resource that explores the evolution of security and privacy issues within the realm of the IoT. This book serves as a single reference point for students, researchers, and practitioners seeking to better understand the IoT security platforms and privacy landscape. The book adopts security engineering and privacy-by-design principles to design and implement robust cyber-security solutions within IoT ecosystems. It takes readers on a journey, starting with exploring security issues in IoT-enabled technologies and their practical applications. The book provides practical guidance on tackling security challenges and constructing a secure infrastructure for IoT devices. The book thoroughly discusses security challenges and solutions in areas such as RFID, WSNs, and IoT. The primary audience for this book includes specialists, researchers, graduate students, designers, experts, and engineers focused on security-related issues and research.
6. IoT Security Issues
Author: Alasdair Gilchrist
IoT Security Issues addresses the rapid proliferation of internet-connected devices, where security often takes a backseat to product development. This book delves into the inherent vulnerabilities and IoT security challenges, offering insights on how to address and mitigate these issues. By examining the root causes of these problems and emphasizing the importance of programming and security best practices, the author presents practical solutions to combat the lax security processes prevalent in the IoT landscape. This book caters to a wide range of readers, including programmers who have yet to focus on the IoT, security professionals, and individuals with a keen interest in hacking and making. While a basic programming background would be beneficial for certain chapters later in the book, the core content is explained in a manner that is approachable for readers from various backgrounds.
7. Security and Privacy Issues in IoT Devices and Sensor Networks
Editors: Sudhir Kumar Sharma, Bharat Bhushan, Narayan C. Debnath
This book, of all the IoT security books, delves into the critical aspects of security breaches in IoT and sensor networks, offering a comprehensive exploration of potential solutions. The book takes a two-fold approach, thoroughly examining the fundamentals and theoretical foundations of sensor networks and IoT security. It then explores the practical IoT security solutions that can be implemented to enhance the security of these elements, providing illuminating case studies to reinforce understanding. The book is an invaluable resource for industry professionals working with wireless sensor networks (WSN) and IoT systems, enabling them to elevate the security of these interconnected systems. Additionally, researchers, material developers, and technology specialists grappling with the intricate nuances of data privacy and security enhancement will find the book's comprehensive information highly beneficial.
Final thoughts
IoT security for professionals involves implementing secure communication protocols, strong authentication, device management, data encryption, access control, and regular security audits. It is crucial to stay updated, maintain a security-aware culture, and prioritize the ongoing monitoring and adaptation of security measures to address emerging threats.
The above listed books delve into various aspects of IoT security, providing insights, strategies, and practical solutions to mitigate risks and protect IoT ecosystems. This article highlights some essential IoT security books that are indispensable resources for IoT professionals striving to enhance the security posture of their organizations. They also provide real world case studies, best practices and strategies to minimize risks.
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Enterprise Iot
Article | August 3, 2022
The evolution of internet-based market models has changed the way businesses operate. Present-day businesses know that data visualization in business intelligence is integral to competitive success. Therefore, businesses are now expanding their data and intelligence retrieval capacities. As a result, IoT (Internet of Things) data visualization is gaining popularity among industrialists and researchers across various disciplines.
In corporate finance, IoT-based efficient data visualization analyses data from multiple sources with the help of corporate analytics management tools and manages data quality for business intelligence to reduce the risk of leaks.
Impact of IoT Data Visualization on Corporate Finance BI
Data is everywhere— right from a customer's first visit to your company’s website until he signs out, all the behavioral patterns and data are tracked. All this data becomes useless unless it is utilized for a particular purpose.
Analyzing this data to predict future trends is one of the significant benefits of smart data visualization tools and technologies. It helps to slice and dice the data gained from different sources of different complexity levels to the minute granular level. Business intelligence utilizes these insights and the existing database to run risk analysis.
It gives an overview of your financial performance and the risks and exposures it faces. And if you switch the KPIs at the center of any dashboard, your entire team can instantly access the most important and relevant data.
IoT data visualization can measure big data on customers more efficiently, allowing organizations to add value to their customers. Customized tools will analyze your customers’ data and produce reports according to specific customer needs to help you get a deeper insight. Corporations can also utilize this data to better understand their competitors’ benchmarks.
Customizable IoT Data to Store Millions of Data Points in One Place
IoT collects millions of data from various complex sources. The data visualization dashboard contains multiple widgets that convert this data into various forms, such as line graphs, geographical maps, bar charts, pie charts, gauges, heat maps, etc.
This information, transmitted into multiple visualizations, helps organizations to unlock every piece of data into a valuable asset.
The Benefits of Using IoT Data Visualization
Businesses can collect, analyze and monitor a variety of data using IoT, such as internet usage data, video surveillance data, mobile app usage, and social media. It helps businesses to design products and provide personalized value-added services to drive better consumer engagement. Here are some key benefits IoT data visualization offers:
Unlock multiple insights across various verticals
Addressing important financial concerns proactively
Combination of multiple data sources into a single insightful dashboard
Multi-layered visual data.
Combines new data with the existing data to analyze new business opportunities.
Better performance on IoT data flow.
Analyze multiple data correlations in real-time
Improved Collaboration
Well-coordinated and efficient performance.
Cost reduction
Accurate data interpretation
Mitigate risk factor
Better decision making
Conclusion
Hands down, IoT data visualization intelligence in a company’s business operations will lead to better decision-making. But, before you choose an IoT data visualization tool for your business, you should know what kind of data you need to analyze and if you need any additional historical data. Because IoT services offer data visualization tools and techniques to analyze and monitor the data accordingly to predict future trends. So, it’s important to identify the goals before selecting a tool for your organization.
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