Remote wipe is like the stuff of spy movies -- "this message will self-destruct in 10 seconds," etc. -- but more practical. Enabling remote-wipe functionality allows you (or your IT team) to erase the data from a lost or stolen device. You should also wipe devices that are sold, given to someone else or recycled. Similar features include the ability to remotely locate or lock a device, or to make the phone "scream" in the hands of a thief.
If your company has a strong BYOD policy, it's likely that remote wipe is a basic requirement for using your device on the company network. If not, you can put it in place yourself. Google enables remote-wipe directly, but with a catch: You need to be using Google Sync or the Google Apps Device Policy app (pictured). Otherwise, the paid versions of most popular security apps (such as those mentioned in the previous slide) should include remote wipe, locate, lock, or scream features.