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2018

5 Key IoT Trends for Developers

In 2017, IoT devices outnumbered people in the world for the first time, with around 300,000 developers supporting IoT technology. In 2020, the IoT industry will need 1,400 times that amount, or 4.5 million developers to support global growth, when over 30 billion IoT connected devices are expected to be installed worldwide.

 

But what does it mean for developers today? What are the biggest IoT trends and how will they impact your work?

 

While there’s nothing completely new and shiny on the IoT horizon, plenty of improvements are being made. Here are five emerging trends to keep an eye on.

 

Python and Java will dominate.

 

Learn python and java to code for IoT technology.

 

If you want to ride the IoT wave, make sure you know the dominant programming languages, namely Java and Python. A 2017 IoT Developer Survey conducted by the Eclipse Foundation lists Java as the top programming language for IoT development, particularly for gateways and the cloud. Python has gained traction for data-intensive applications and works well with small devices.

 

Research is paving the way for the launch of 5G.

 

Research is paving the way for the launch of 5G.

 

Looking toward the 2020 rollout, loads of research is being dedicated to 5G, including how the technology will be used, how companies will invest in infrastructure, and how network providers will maintain profitability. The speed of 5G provides an opportunity for more devices to constantly gather and interpret data, from wearable tech that tracks geolocation and biometrics, to home technology that monitors house temperature and lighting along with external weather reports, allowing for predictive actions.

 

Location, location, location.

 

Enterprises are continuing to adopt IoT for location-based businesses.

 

Enterprises are continuing to adopt IoT for location-based services, with lighting and temperature control systems being a key use case. This means that formerly low-maintenance appliances like your thermostat or floor lamp will now require management and monitoring, including firmware and software updates.

 

Healthcare and retail top the list of IoT use cases.

 

Healthcare and retail top the list of IoT use cases.

 

Use cases for IoT are growing fast, and the healthcare and retail industries are expected to see greater adoption of the technology in the coming year. The healthcare IoT market alone is forecast to reach $117 billion by 2020. Encrypting data transmission will be a priority, particularly for healthcare IoT devices.   

 

Developers will need to solve the security issues of IoT devices that power everyday technology.

 

Security remains a top concern.

One of the most important concerns is the need for solving the security issues of IoT devices that power everyday technology. Experts cite the prolific implementation of unsecured IoT devices as well as the growing availability of DDoS-for-hire services as root causes for DDoS attacks, which increased 91 percent in 2017. Developers will need to be vigilant about product security, including requiring https, and adding credential changes for secure devices.

It seems everywhere you turn technology is reshaping the way we do business. The FinTech ecosystem is encroaching on traditional banking norms and payment businesses are reeling to catch up. As merchant card services become more of a commodity, automated, client-focused onboarding has become a strategic differentiator for continued growth.

 

Know your customer to balance risk with reward

Traditional merchant onboarding is incredibly complex, but for good reasons. It helps to build business credibility and consumer confidence in an era of fraudulent activity and data theft. The acquirer or payment service provider must ensure the merchant is compliant with Know Your Customer (KYC) and other governmental/industry regulations.

 

KYC PayFac instant onboarding

 

With automated onboarding tools and APIs, Payment Facilitators can successfully balance demand for almost instant-onboarding while the Acquirer ensures compliance, reduced business risk and controlled costs.

      

 

More importantly to merchants is ensuring fast payment processing approval for electronic payments. Acquirers must collect, analyze and manage extensive amounts of data before allowing a merchant to start transacting payments. Even though this process is tedious, manual and extremely long, it eliminates the practice implemented by some companies to limit transaction volumes, hold funds or cancel accounts without notice.

 

Faster onboarding Can Double Your Sales Output

At the likes of payment disruptors (software companies), innovation around merchant onboarding is becoming feaverish. As a result, merchants now expect a similar experience just like consumers who can apply for a credit card and get instant approval. The ability to digitize procedures that are historically paper driven and to analyze and assess risk using advanced data analysis tools provides opportunities to dramatically improve the merchant onboarding process.

Consider the potential sales growth if your workforce had to deal with less administration, waiting, and back-office bureaucracy, and if merchant defection in the onboarding process was slashed in half.

With near real-time MID-generation and processing, Payment Facilitators can generate MIDs for sub-merchants seamlessly and instantly. Newly boarded merchants can start processing within a few minutes of the MID creation, just as soon as automated underwriting is successfully completed.

 

More control and flexibility

The greatest benefit is the ability to simplify and streamline the merchant account enrollment and onboarding process by offering a complete, white-label payment processing solution. This leads to more control over the processing experience, higher merchant conversion rates, and the opportunity to earn more revenue from credit card processing. Integrating to an onboarding API creates the potential for greater control and flexibility to efficiently update and manage important information (complex types) about sub-merchants.

 

Instant Merchant Onboarding Process

 

Automated merchant onboarding can be a valuable selling point for Payment Facilitators, delivering a unique opportunity to showcase their value to sub-merchants. Explore the power of modern technology that automates and digitizes processes to help reduce the complexities, enable rapid, highly accurate risk decisions for both e-commerce and physical store merchants.

 

PayFac APIs

As a developer, there is probably no better brand ambassador than you.  Sounds a little daunting, right?

A 2017 Edelman Trust Barometer study reported that employees were trusted far more when it came to being a great brand ambassador--more so that company executives or CEOs.  And that same trust factor carries over for freelancer developers.  Chances are you've already been in an unfamiliar situation where you had to provide a quick, fluid explain to the question, "So what does your company do?"

If that's the case, how did it go?

We talked recently with Matt Given, CEO of Intelivideo, a Video On Demand platform, specializing in helping companies sell their videos online.  Matt is a contributor to Inc.com and shared a story in the video below about a developer in his startup that "crushed it" when mingling with upper management at a business event.

 

 

You can read Matt's entire Inc.com article, here.

 

Since you never know when your time might come, here are a few things to keep in mind should the moment present itself for you, as a developer, to become a brand ambassador for the your company/client.  Follow these steps an you'll be prepared to laud the benefits of your current employer.

  1. Practice a succinct "one-liner" explanation.  It really does make for a perfect delivery.  The more you practice, the easier it becomes.  In a way, you're giving an "elevator-speech" for your company--after all at that moment you are your company's brand ambassador.  And be prepared for a follow-up explanation to your short version.
  2. Explain your USP.  What is your unique selling proposition?
  3. Engage your audience with a question at the end of your company pitch.  This opens the door to learning more about your audience.  Great communicators find that perfect balance of speaking AND listening.
  4. Have an established knowledge of the entire company.  Read up on your company.  Know the high-level details of your website and marketing.  Understanding your corporate "voice" goes a long ways toward understanding how others actually view your business, industry--and you.
  5. Be open to gathering negative feedback. It's important to be ready for dissent, because this often provides important insight into how your company is viewed by the public.  And if others see you are open to an alternate stance, you automatically give credibility to being a person (and company) that will listen to what others have to say, regardless of their point of view.

 

Jim Roddy - Reseller & ISV Business Advisor for Vantiv’s PaymentsEdge Advisory Services advises company ambassadors to gauge early on in your pitch as to whether you are making a connection with your audience.

Be sure to speak for the audience – not for yourself – when providing an explanation about your company. Your description should be 100% clear to them and relatable to their situation. An audience with deep experience in your industry may understand your acronyms, but someone from a different vertical market will need more fundamental information. About 30 seconds into your explanation, I recommend asking a question like, “How does what we do fit into your world?” to gauge how well you’re connecting. “One-size-fits all” works for socks and hospital gowns, but not for your elevator pitch.

 

There's a message here for employers as well, when it comes to best practices companies can use to help train employees and contractors.  There are plenty of detailed tactics out there (just Google it), but gauging the level of your corporate enlightenment boils down to two common questions.

  1. Are your employees engaged?
  2. Are you actively training them to be brand ambassadors?

 

If your company is lacking in the above list, here is a fun list of some unique employee engagement tactics.  Let us know what you think.

  • Have teams create their own set of values.
  • Start a learning club.
  • Ban emails for a day.
  • Have open brainstorming sessions.
  • Start a "distracted jar" filled with quirky things to Google when you need a mind-break.

 

We'd like to hear about your unique situation where you "crushed-it" in telling the story of your company. Leave a comment or some sage words of advice below.