How to Adopt IoT-Friendly Strategies for Your Business
As many know, the Internet of Things (“IoT”) is the next big step to interconnectivity. IoT refers to the connection of everyday devices to the Internet, allowing them to transmit and receive data, making previously “dumb” appliances into “smart” devices. By 2020, IoT is estimated to have the potential to generate more than $300 billion in revenue. As such, businesses and attorneys alike should develop and adopt IoT-friendly strategies in order to best approach and profit in the new IoT-friendly business world. In order to successfully implement an IoT strategy, businesses must first understand IoT and its potential. Businesses and attorneys must grasp that the rollout of IoT will give new devices such as coffee makers or pacemakers the ability to communicate with the Internet. While most consumers and clients are used to their smartphones or computers connecting to the Internet, few understand the host of new problems that arise from having everyday objects forever “online.”
As such, businesses should first tackle the chief issue of device-security and consumer privacy. As it currently stands, most of the IoT-friendly devices available on market today are easily hackable. Due to a lack of uniform guidelines from the federal government and no real incentive to create secure devices, manufacturers may opt to implement shoddy code or cheap programming barriers as security instead of investing in proper encryption or programming that would make devices more secure. Similarly, IoT strategies should also take into account the fact that most consumers will overlook or simply be already ignorant of any accompanying terms of use or service that are included upon purchase with IoT-friendly devices or services.
As such, businesses should research how IoT will be applied or used in their specific field. By evaluating how your business can best profit from IoT-related opportunities, research can reveal how innovators or competitors in your field are looking to implement IoT. This will allow you to keep up on any trends that appear in your field and allow you either capitalize on, or avoid, them as necessary.
Next, you should settle on a specific methodology or approach to chart and illustrate your IoT strategy for easy consumption by different users, clients, or departments of your organization. This will allow those involved to answer important questions that may crop up along the way, determine analytics that may need to be collected, and make important adjustments using the proper channels and systems along the way.
The last step should be to formalize your IoT strategy into words. By actually committing your IoT goals and vision into a company or firm policy, you can ensure that all of your organization implements and approaches IoT in the same, organized manner. John Rossman, former Amazon executive, refers to this step as the “roadmap,” noting that you should always “think big, but bet small.” Simply put, while Rossman encourages entrepreneurs to see the overall big picture, he still recommends that you avoid unnecessary risk and use beta testing to test new strategies for future endeavors.
By implementing a smart, focused IoT-friendly strategy, companies and attorneys alike will be better equipped to profit and adapt to the next big step of Internet interconnectivity when it lands.
For more information on this topic, please visit our Internet Business & eCommerce service page, which is part of our Internet & eCommerce Practice.
Klemchuk LLP is an Intellectual Property (IP), Technology, Internet, and Business law firm located in Dallas, TX. The firm offers comprehensive legal services including litigation and enforcement of all forms of IP as well as registration and licensing of patents, trademarks, trade dress, and copyrights. The firm also provides a wide range of technology, Internet, e-commerce, and business services including business planning, formation, and financing, mergers and acquisitions, business litigation, data privacy, and domain name dispute resolution. Additional information about the Internet & eCommerce law firm and its Internet & eCommerce attorneys may be found at www.klemchuk.com.
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