With the advent of the Internet of Things (IoT) and Big Data, the days of producing paper discovery are coming to an end. What has grown with the transition from paper to electronic discovery is the amount of information being produced. IoT is the network of physical objects that feature an IP address for Internet connectivity, and the communication that occurs between these objects and other Internet-enabled devices and systems. As the IoT continues to mature, the sheer magnitude and complexity of information will become more difficult to govern. As a result, it is important that businesses properly manage their data to avoid incurring unnecessary litigation costs that can consume valuable employee time, funds and other corporate resources. Through internal and external collaboration, businesses can intelligently and efficiently manage the flood of information generated by IoT to ensure that they do not drown in avoidable litigation costs.
IoT Data Is Viewed as the Key to Understanding Consumers and Achieving Increased Profits. Over the past few years there has been substantial investment in IoT by businesses because of the increased profits associated with knowing consumer behavior. As the use of and reliance on devices such as smartphones and home electronics, tablets and mobile health trackers continue to rise, the amount of data accumulated is growing exponentially. These smart objects continuously generate data that is transmitted over the Internet. Businesses use these multiple data points along with Big Data to create a more personal bond with their consumers. By strengthening their relationships with consumers, businesses believe they can create value that will result in the creation of additional revenue and corporate profits.
