7 IoT Trends that CIO’s and Product Designers should Look Out For
The internet of things is changing the very fabric of our lives, and is doing so faster you can say “genesis”! While consumers exploit the interconnectivity of various devices to aid their leisurely lifestyle, traditional businesses are evolving into virtual enterprises made out of integrated software services and applications. But as businesses evolve, so do the jobs that they create. And no industry is evolving quite like the Internet of Things, allowing enterprises to fulfil their need to quick-connect applications, services and data. With digital transformation on every one’s lips at the top of the most organizations’ agendas, the IoT is going to change roles played by IT professionals and managers, especially Chief Information Officers (CIO) and Product designers. Here are some of the prevailing trends that both, CIOs and product designers should look out for:
- No established industry leadership in the Internet of Things
While the Internet of Things has been the talk of the IT town for quite a while now, that doesn’t necessarily mean that any given company has claimed a dominance over it; IT giants will find a way to seize that opportunistic white space within the online market. With competition to lead the IoT race heating up, a recent study by LexInnova revealed that while there a number of prominent players already in the market, none have managed to claim the IoT for themselves, neither have any of them turned down their aggression. So, if you’re the CIO of an up and coming technology or software company, looking for such an opportunity to make a name in this space should be your priority.
- The CIO Will Soon Have Competition
Traditionally, a CIO’s job is to focus on keeping the business information work flow as seamless as possible, both on and off the internet. This means that they already have their hands tied with other responsibilities, which has led to the quick rise in of a new job title, Chief Digital Officer. A CDO performs similar functions to a CIO, but is totally dedicated to handling the proliferation of the Internet of Things.
- Flexibility of future design
It is nearly impossible to accurately predict the future of the IoT or any other technology for that matter. Nonetheless, it is crucial that you, your company as well as your products and services are designed to adapt to the ever-changing scenario. Just as was in the case with electrical grids and telephone lines, traditional approaches will clearly be ineffective. And product designers are going to have to work harder to develop flexible product designs that will allow them to connect with each other.
- Mobile payments will Soon Become a Major Source of Revenue
What is already picking up pace as a common payment option, mobile payment providers are going to have to bolster whatever support facilities that they have if they’re going to even begin meeting the demand for mobile payments. They’re going to have to take into consideration upcoming and future payment methods as well, including Apple Pay and Paytm. All this means that CIOs will have to get their company to invest in payment infrastructure and enhanced payment security, and will also have to include new payment touchpoints for NFS or wireless payments.
- Rapid Growth Marketing IT Poses a Challenge
As the IoT grows, so does the depth and complexity of marketing IT, with 2015 being the current benchmark. The job function of a CIO over the marketing IT operations in most technology intensive companies will turn into a conflict of interest with Chief Marketing Officers, who usually prefer to make independent technology decisions.
- Cybersecurity will be a Major Threat
Because of its rapid growth and inherent vulnerabilities, cybersecurity will continue to be the overall concern of IT companies for at least another decade. Also, security investments are said to increase as the risk will become broader and more varied.
- Modular Machines
The IoT has seen widespread adoption of integrated smart machinery within the machine and equipment building industry. Manufacturers are now creating smart machines that can monitor and regulate their own work flow processes, and can do so in tandem with other machines. These cutting-edge products will be self-regulating and will also communicate useful data in real-time, which will allow for better overall decision-making. However, such advanced functionality will take some time to come into being as it is still under development.