“Beware of IoT” was the frightening headline from a recent article by Paul Bent in the Monitor 101 2022 issue. The article provided a quick history lesson on the “Internet of Things” as well as his perspective on protecting your company from potential liability of data collection, internet connectivity and potential threats to equipment assets in the ever-connected world of the internet.

Paul provided a good summary of the many security and privacy considerations required for good IoT and network technology deployment. But one thing that adopters should note is that the key to good, i.e., safe, deployment of technologies of this type is more about the people and their diligence than the technology itself.

Sometimes implementers are not fully aware of the capabilities of the technology, both good and bad, which can make them unaware of the diligence required for good security and hygiene. Unfortunately, there are also those that will take short cuts. As Paul advises, an awareness of the technology itself as well as expertise in safe application of the technology are keys to success.

The adoption of any new technology is directly dependent upon the value it delivers to users, society, and the economic ecosystem. IoT has deployed rapidly because of the quantity and value of the data it generates and as well as the interconnectivity upon which it rides delivers exponentially increasing value as the number of ‘things’ connected grows. The value of IoT connected devices to financing companies goes far beyond the asset itself. Users want subscriptions for the applications that the IoT supports along with access to the equipment that their lease provides. The data that equipment now generates can provide insights into the business performance of the customer, the equipment itself, and the financial performance of the contract.

The financial returns of the IoT are driving adoption and the subscription nature of the technology makes its value a natural fit for leasing. But technology this powerful can be misused and mis deployed, as Paul has stated, so diligence and appropriate deployment are warranted.

A few years ago, I did an interview on CIO.com with a security expert regarding IoT security practices that could help with this discussion. Please consider reading it if you are interested in deploying this technology.

Without question IoT has much to offer the equipment finance industry and will continue to transform it. We should go forward with our eyes open but confident that IoT will benefit EF organizations and their customers.

Written by

Scott Nelson

President & Chief Digital Officer, Board Member

Scott Nelson is the president and chief digital officer of Tamarack Technology. He has more than 30 years of strategic technology development, deployment and design thinking experience working with both entrepreneurs and Fortune 500 companies. Nelson is a sought-after speaker and contributor on topics related to IoT and digital health. His involvement in technology in the local and national technology community reflects an ongoing and outstanding commitment to technology development and innovation.


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