COVID-19 has brought the whole world in the eye of the storm and the impact it ha<\/span>s had<\/span>\u00a0<\/span>o<\/span>n our society and economy is unprecedented. It has driven enterprises to rethink the way they operate and work.<\/span>\u00a0<\/span><\/p>\n

According to\u00a0<\/span>McKinsey<\/span><\/i><\/b>,\u00a0<\/span>\u201c<\/span>Before the COVID-19 outbreak, 92 percent of companies had been considering digital transformation of their business models, but the crisis actually revealed how vulnerable most companies are and how urgently they require transformation.<\/span><\/i><\/b>\u00a0<\/span>COVID-19 crisis is likely to significantly accelerate the shift to digital and fundamentally shake up the business landscape.<\/span><\/i><\/b>\u201d<\/span>\u00a0<\/span><\/p>\n

The effects of the pandemic on the global economic recession are causing C<\/span>X<\/span>O<\/span>\u2019<\/span>s to\u00a0<\/span>prioritize<\/span>\u00a0spending on\u00a0<\/span>services<\/span>\u00a0and\u00a0<\/span>technology<\/span>\u00a0that are deemed \u201cmission-critical\u201d over initiatives aimed at\u00a0<\/span>transformation<\/span>\u00a0or\u00a0<\/span>growth<\/span>. Investing in connected technologies is no more a luxury, but a necessity for survival and business continuity.<\/span>\u00a0<\/span><\/p>\n

Need for resilient leadership in the face of C<\/span><\/b>OVID<\/span><\/b>-19<\/span><\/b>\u00a0<\/span><\/p>\n

It is imperative for enterprises to think ahead to be in a state of readiness to resolve the challenges due to the pandemic and protect the future of the business. As a business, there is no \u201cone size fits all\u201d solution to tackle this situation. Regardless of the extent of the virus impact on an enterprise, a typical crisis plays out over 3 phases \u2013\u00a0<\/span>\u00a0<\/span><\/p>\n

\n
• Phase 1 \u2013 Respond<\/span><\/b>\u00a0\u2013 in which an enterprise deals with the present situation and manages continuity.<\/span>\u00a0<\/span><\/li>\n
• Phase 2 \u2013 Recuperate<\/span><\/b>\u00a0\u2013 during which an organization learns and emerges stronger.<\/span>\u00a0<\/span><\/li>\n
• Phase 3 \u2013 Flourish<\/span><\/b>\u00a0\u2013 in which the company prepares for and shapes the \u201cnext normal\u201d.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

  COVID-19 has precipitated\u00a0<\/span>enterprises<\/span>\u00a0entire focus towards industry 4.0. Two things that have become\u00a0<\/span>critical<\/span>\u00a0for enterprises today are focusing on adopting digital technologies that constitute the Industrial 4.0 revolution and investing in new products and services that enable them to thrive in the fast-evolving economic environment.<\/span>\u00a0<\/span><\/p>\n

  IoT is believed to be the crucial technology of the Industrial 4.0 revolution that has a future despite facing continuous challenges in the market.<\/span>\u00a0<\/span><\/p>\n

  According to\u00a0<\/span>Vodafone\u2019s<\/span><\/i><\/b>\u00a02020 IoT spotlight research, \u201c<\/span>The Covid-19 pandemic has forced almost all businesses to change their working practices and priorities in a matter of weeks, with more than three-quarters of adopters increasing the pace of internet of things (IoT) projects.<\/span><\/i><\/b>\u201d<\/span>\u00a0<\/span><\/p>\n

  IoT is disrupting both the industrial sectors (agriculture, oil and gas, transportation, water, and manufacturing) and the consumer sectors such as retail, health care and services.<\/span>\u00a0These industries are adopting IoT with the increased use of sensors, cloud, robotics, centralized tracking, quality inspection etc., forming an ecosystem of smart manufacturing.<\/span>\u00a0<\/span><\/p>\n

  High value drivers of Internet of Things<\/span><\/b>\u00a0<\/span><\/p>\n

  Few of the compelling reasons why enterprises use IoT are \u2013\u00a0<\/span>\u00a0<\/span><\/p>\n

  \n
  • Cost Reduction<\/span><\/b>:\u00a0<\/span>Enterprises<\/span>\u00a0have already started exploring more options to realize the potential of IoT by accessing untapped data and using analytics that can help ope<\/span>rators make informed decisions in real time. With this increased efficiency, opportunities are created to reduce operational costs.<\/span>\u00a0<\/span><\/li>\n
  • Revenue Growth<\/span><\/b>: Using data from interconnected systems, a customized offering can be created for end consumers to improve sales performance, reduce customer attrition, etc., leading to potential revenue boost.<\/span>\u00a0<\/span><\/li>\n
  • Security and Safety<\/span><\/b>: Remote monitoring and control of critical asset<\/span>s<\/span>\u00a0supports operators in determining patterns and trends and report<\/span>ing<\/span>\u00a0any abnormality. With the help of IoT, enterprises can realize their efforts to focus on ensuring a safe working environment and their employees wellbeing.<\/span>\u00a0<\/span><\/li>\n
  • Quality Control<\/span><\/b>: Assessing process historical data from edge devices or sensors helps operators manage the product\u2019s quality. Processing data at each stage has helped enterprises control quality and enabled operators to take corrective actions in real-time, rather than checking quality after batch production.<\/span>\u00a0<\/span><\/li>\n
  • Big Data<\/span><\/b>:<\/span>\u00a0<\/span>Generates<\/span>\u00a0humongous stats to analyze for understanding the needs and achieving customer satisfaction and assurance<\/span>.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

    According to the latest IDC report,\u00a0<\/span>\u201cAcross the world, spending on software and hardware related to IoT is projected to grow rapidly, from $726 billion in 2019 to $1.1 trillion in 2023. The report further reveals that Asia-Pacific accounted for most of the spending on IoT in 2019, with India spending $20.6 billion.\u201d<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

    The rise of connected world is also expected to bring challenges around ensuring that\u00a0<\/span>p<\/span>rivacy rights are respected while collecting and using data<\/span>, t<\/span>he captured information is used and stored securely<\/span>, and e<\/span>dge devices and\u00a0<\/span>s<\/span>ensors do not get hijacked or become a threat vector.<\/span>\u00a0<\/span><\/p>\n

    The IoT data life cycle considerations include\u00a0<\/span>d<\/span>ata collection and discovery<\/span>, d<\/span>ata confidentiality\/<\/span>l<\/span>oss prevention<\/span>, s<\/span>ecure data retention and disposal<\/span>, and c<\/span>ompliance and regulatory requirements<\/span>.<\/span>\u00a0<\/span><\/p>\n

    The IoT platform can intertwine nimbly across business sector platforms, raising security concerns pertaining to the collected information and effective management. The following are some observations per industry analysis:<\/span>\u00a0<\/span><\/p>\n

    \n
    • Weak authentication\/authorizations<\/span>\u00a0<\/span><\/li>\n
    • Lack of comprehensive management<\/span>\u00a0<\/span><\/li>\n
    • Lack of notification<\/span>\u00a0<\/span><\/li>\n
    • Periodic security upgrades and increased threat vector<\/span>\u00a0<\/span><\/li>\n
    • Limited encryption capability<\/span>\u00a0<\/span><\/li>\n
    • Insecure web interface<\/span>\u00a0<\/span><\/li>\n
    • Use of default IoT parameters<\/span>\u00a0<\/span><\/li>\n
    • Data portability and interoperability issues with vendor lock-in<\/span>\u00a0<\/span><\/li>\n
    • Diverse nature of collected data<\/span>\u00a0<\/span><\/li>\n
    • Continuous availability<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

      Privacy Challenges<\/span><\/b>\u00a0<\/span><\/p>\n

      IoT systems collect information that may be a personal or<\/span>\u00a0<\/span>business secret. Implementations need to ensure better<\/span>\u00a0<\/span>management of the following:<\/span>\u00a0<\/span><\/p>\n

      \n
      • Privacy by design<\/span>\u00a0<\/span><\/li>\n
      • Data subject rights<\/span>\u00a0<\/span><\/li>\n
      • Emerging privacy regulatory and compliance requirements.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

        Key considerations for privacy and protection in IoT<\/span><\/b>\u00a0<\/span><\/p>\n

        To counter the increasing threats in<\/span>\u00a0the<\/span>\u00a0IoT landscape,\u00a0<\/span>it is advisable for the IoT\u2019s core development and architecture design\u00a0<\/span>to\u00a0<\/span>abide\u00a0<\/span>by<\/span>\u00a0a\u00a0<\/span>\u201c<\/span>secure-by-design<\/span>\u201d<\/span>\u00a0approach.\u00a0<\/span>\u00a0<\/span><\/p>\n

        Processing large volumes of personal data may result in severe privacy implications which can be countered by\u00a0<\/span>adhering to\u00a0<\/span>stricter\u00a0<\/span>privacy\u00a0<\/span>considerations\u00a0<\/span>and\u00a0<\/span>d<\/span>ata\u00a0<\/span>g<\/span>overnance<\/span>.<\/span>\u00a0<\/span><\/p>\n

        According to leading market estimates, \u201c<\/span>The IoT market is achieving new heights and will skyrocket to reach US$ 1256.1 billion by 2025 from US$ 690 billion in 2019 growing at a CAGR of 10.53%, during the forecasted period 2020-2025. With the development of wireless networking technologies, the emergence of advanced data analytics, a reduction in the cost of connected devices, the IoT market is expected to grow at a positive rate, even after the Covid-19 pandemic.<\/span><\/i><\/b>\u201d<\/span>\u00a0<\/span><\/p>\n

        Revenue opportunities driven by IoT<\/span><\/b>\u00a0<\/span><\/p>\n

        Enterprises realize the maximum benefits of connected operations when IoT shifts from being a cost to a revenue generator. Revenue opportunities are driven typically by various data monetization models\u00a0<\/span>such as:<\/span>\u00a0<\/span><\/p>\n

        \n
        • Data as a service<\/span><\/b>: Relies on monetizing data captured in the system.<\/span>\u00a0<\/span><\/li>\n
        • Insights as a service<\/span><\/b>: Relies on selling insights obtained by data captured in the platform.<\/span>\u00a0<\/span><\/li>\n
        • Platform as a service<\/span><\/b>: Enables licensing the platform.<\/span>\u00a0<\/span><\/li>\n
        • Business as a service<\/span><\/b>: Allows enterprises to provide a business capability as a service.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

          IoT as a technology has been maturing for some time and seems poised for continuous growth globally. This growth is expected to be driven by industrial sectors such as utilities, manufacturing, agriculture, and infrastructure, that are responding to massive changes in their operating environment.<\/span>\u00a0<\/span><\/p>\n

          To further accelerate the adoption, technology providers, policy makers, and industries need to work closely to address the challenges.<\/span>\u00a0<\/span><\/p>\n

          Cigniti\u2019s<\/span>\u00a0experience in\u00a0<\/span>IoT app Testing<\/span><\/a>\u00a0as a Service (<\/span>TaaS<\/span>), a team of IoT-skilled\u00a0<\/span>assurance specialists<\/span>, and a robust IoT\u00a0<\/span>assurance<\/span>\u00a0infrastructure (labs, simulators, test racks, etc.,) support real-time\u00a0<\/span>quality assurance<\/span>\u00a0of Big Data, Compatibility, IoT Security, Performance, Pilot, Regulatory, Reliability, Upgrade, Usability, and smart devices in a dynamic environment (RFID, Sensors).<\/span>\u00a0<\/span><\/p>\n

          Need help?<\/span>\u00a0<\/span><\/p>\n

          Talk to our IoT Assurance experts. They will help provide a solution to your business and will demonstrate how to overcome several IoT challenges in a post-CO<\/span>V<\/span>ID world.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

          COVID-19 has brought the whole world in the eye of the storm and the impact it has had\u00a0on our society and economy is unprecedented. It has driven enterprises to rethink the way they operate and work.\u00a0 According to\u00a0McKinsey,\u00a0\u201cBefore the COVID-19 outbreak, 92 percent of companies had been considering digital transformation of their business models, but […]<\/p>\n","protected":false},"author":20,"featured_media":15230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[2627,1186,3272,2761,3426,2762,2760,2759,2758,336,202,1198,2625,1201,2589],"ppma_author":[3727],"authors":[{"term_id":3727,"user_id":20,"is_guest":0,"slug":"cigniti","display_name":"Cigniti Technologies","avatar_url":{"url":"https:\/\/www.cigniti.com\/blog\/wp-content\/uploads\/120X120-1.png","url2x":"https:\/\/www.cigniti.com\/blog\/wp-content\/uploads\/120X120-1.png"},"user_url":"https:\/\/www.cigniti.com\/","last_name":"Technologies","first_name":"Cigniti","job_title":"","description":"Cigniti is the world\u2019s leading AI & IP-led Digital Assurance and Digital Engineering services company with offices in India, the USA, Canada, the UK, the UAE, Australia, South Africa, the Czech Republic, and Singapore. We help companies accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership."}],"_links":{"self":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/posts\/15228"}],"collection":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/comments?post=15228"}],"version-history":[{"count":0,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/posts\/15228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/media\/15230"}],"wp:attachment":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/media?parent=15228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/categories?post=15228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/tags?post=15228"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=15228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}