The Internet of Things (IoT) has moved beyond the realm if IT geeks and has entered the domain of business professionals. It is the latter that has managed to scale the technology in order to utilize it for business advantage. IoT can be a massive business innovation when applied to the right fields by either cutting costs or increasing efficiency. Smart city solutions for example are leveraging the technology to improve timely water supply and repair physical damage to infrastructure by sourcing the right professionals at the right time. The over ROI of IoT gives holistic benefits as proven by study conducted by AT&T that because of such benefits, eighty percent of shipping firms expect to implement such systems over the next two years. Security risks are enormous as massive amounts of data gets used and further generated. This data can be used by competitors to capture critical business intelligence about the company or worse can lead to physical security risks. That is why several layers of controls have already been devised and being implemented which will make it impossible for criminals to get any foothold.

Source: http://www.itproportal.com/2016/07/16/iot-business-advantage/