The Internet of Things (IoT) is a network of physical devices, vehicles, buildings, and other items that contain embedded digital computer processors, sensors, and actuators. The items are made accessible over computer networks by either Wi-Fi or cellular technology.
The IoT has the potential to enable unprecedented levels of innovation in many areas including manufacturing, transportation, architecture, etc. In order to achieve this future we must invest in research into the technology today.
7 Benefits of the Internet of Things:
Internet of Things (IoT) also known as IoT or Internet of Everything is a system of objects, often with specific types of embedded technology to connect them to the online world. As more and more everyday items — from cars to refrigerators, wearables, and fitness trackers all have computer chips inside them — become connected to the internet and thus capable of data collection over time.
The following blog post will explore 5 benefits that come with being an IoT user.
1. A Time-Saver
IoT allows you to analyze and give meaningful data from multiple and different sources of information across different platforms, providing a much more comprehensive picture of your business. At the same time, it makes your business busier as an increased amount of data leads to more data analysis, which in turn will help you come up with the right decisions faster.
2. Empowered Employees
IoT also allows your employees to stay more connected to the company and their work. Because of the platform’s ability to allow data sharing, it makes it possible for your employees to complete their daily tasks more efficiently. IoT provides them with a comprehensive view of what is happening in their business and the industry as a whole, which helps them make critical decisions that affect the overall progress of the company.
3. Automated Systems
With IoT, you can automate many different business processes, including the ones that relate to monitoring and sensor data. This allows employees to do their jobs better because they don’t need to be interrupted by the more tedious, manual work anymore.
4. Increased Efficiency –
The Internet of Things can be used in a family’s home, such as having connected locks on doors so they know when the kids come home from school (and they get notified when a door is unlocked) or if someone has left the stove on.
5. Greater Security –
Another benefit is increased security for homes, vehicles, phones, and tablets when you have these things connected through IoT systems.
6. More Communication –
By having the use of the Internet of Things, you can have your home appliances or gadgets on the same page and communicate with each other. Doing this can get a lot more done in a much quicker amount of time.
7. Reduced Cost –
Things that are connected through the Internet of Things are said to lower costs and even save money, possibly by lowering energy costs or reducing security costs.
8. Improved monitoring and control
IoT devices allow for remote monitoring of systems and assets. Utilities can monitor energy usage in homes remotely. Farmers can monitor crop and livestock health from afar. This level of control and oversight creates efficiencies.
9. Enhanced customer experiences
Connected products and services powered by IoT can dramatically improve customer experiences. Smart home devices make living more convenient. Connected healthcare devices improve outcomes and quality of life. Enhanced customer experiences lead to loyalty and advocacy.
10. Optimized operations
IoT sensors provide real-time insight into operations that enable optimization. Factories can track inventory in real-time, predict maintenance needs, and maximize production efficiency. Supply chains become dynamic and responsive to changing conditions. Operational optimization cuts costs and improves productivity.
11. New revenue streams
IoT platforms open the door to innovative new products, services, and business models. Usage-based models like usage tracking and pay-per-use replace one-time sales. Tech companies pioneer digital services leveraging networked devices and data insights. IoT expands addressable markets and unlocks new monetization avenues.
Drawbacks of the Internet of things
“The Internet of Things” (IoT) is credited with the creation of a world full of “smart” and “digital-enabled” objects. However, this uncontrolled connectivity has created new challenges for computer technology. This article will explore some disadvantages of the IoT and possible solutions that could address at least some of these risks before massive adoption.
One drawback to this trend is the limited control over interconnected IoT systems. Connected devices are at the mercy of network owners, and the only real control consumers have is the ability to disconnect when they feel that security has been breached. This can lead to mass-malware attacks on users from their own IoT devices.
On the other hand, closed ecosystem approaches from big tech giants seek to lock customers into their proprietary IoT platforms and limit interoperability. This lock-in hinders competition and stifles innovation. Customers have less choice and control over their connected experiences and data. The lack of common standards results in fragmentation, limiting widespread interconnectivity and interoperability between IoT systems, especially across platforms. This friction raises adoption barriers for users and deployment challenges for enterprises.
Another issue with connected objects is that their ability to connect without considering security leads to insecure or non-existent encryption of data in transit. This makes data vulnerable to eavesdropping by third parties or tampering at any point in the network. For example, if a security camera is hacked, it can be used to monitor user behaviour. It could also be used to re-route the data from the camera and send it to someone else.
With the Internet of Things, threats will come from outside your network (such as malicious hackers) and inside your network. The issue of insiders has gained more attention in recent years and IoT is no exception. As IoT automates routine jobs, many existing occupations face obsolescence risks over time. This may displace some workers without adequate reskilling opportunities, impacting local economies and communities until new jobs emerge.
The tendency of IoT to create more “things” will also put a strain on an already overworked security team. Security is one of the most important aspects of the Internet of Things and should be addressed prior to massive adoption. This means having a security strategy in place that finds early entry points into the network and having people trained to handle these threats.
Lastly, many connected devices are produced without updates in mind, which means that they could potentially be vulnerable to known exploits for years.
The Internet of Things can help companies provide better services to their customers. An example of this is a company being able to know that one of its products is faulty. By using the Internet of Things, they will know exactly when and where the fault happened so they can recall the product and make sure that no other problems like this happen again.