Internet of Things or IoT is a very commonly heard term in recent times. With technological advancements taking place on a regular basis, we are getting used to smarter technology.
IoT refers to a network of interconnected as well as embedded devices that has the capability to capture and transmit data over a wireless network without any kind of requirement of human interaction.
The entire concept or idea of IoT has two defining characteristics.
- Automation – The central idea of IoT involves direct as well as smooth communication between different devices, apparatuses, and several other hardware without the need for any kind of human interference or supervision.
- Connectivity – Enhanced and improved connections within a single network on a global scale help provide very easy and convenient access to different information.
Keeping these characteristics in mind, IoT should be employing several technologies for ensuring automatic transfer of data, appropriate analysis, and response between an array of devices.
For instance, we can say that automation is not possible without Big Data, Artificial Intelligence, and Machine Learning, while connectivity is significantly propelled by wireless communication technologies and cloud computing.
To make the best use of the same, it would be ideal to hire a professional IoT development company to get the most appropriate solutions in this regard.
Applications of IoT are in our daily lives that include smart wearables, smart devices, traffic monitoring, smart health monitoring, IoT in agriculture, and the list goes on.
The innumerable applications as well as the benefits offered by IoT makes it readily adoptable among the users.
To understand IoT in a better and detailed manner, to see how these characteristics result in various advantages of IoT.
Benefits of IoT
Here are a few major advantages of IoT discussed below.
Better and Efficient Utilization of Resources
When we have a clear idea about the functionality and the way of working of IoT devices, we can certainly enhance the efficiency of utilization of resources as well as assets.
Automation in monitoring and scheduling can be very easily implemented by the use of interconnected sensors.
These enable higher efficiency in the use of resources like improved power management, water consumption, and many more.
For example, we can consider the use of simple motion detectors that play a significant role in saving good sums of money in electricity and water bills.
This, in turn, makes both small as well as large businesses much more productive and eco-friendly in nature which proves to be quite beneficial.
Enhanced Productivity of Staff and Minimized Human Effort
As the internet of things devices communicate among themselves and carry out various tasks smoothly, the need for human effort is readily minimized to a great extent.
With the help of IoT, tedious tasks are automatically done. Therefore, the staff can be transferred to doing more complicated tasks that require personal skills, especially where creative thinking is applicable.
Hence, the productivity of staff is increased. Now, when IoT takes care of different monotonous tasks automatically, the number of workers can be minimized resulting in lowering the cost of business operations.
Increased Efficiency of Operation Management
Another major benefit offered by the IoT smart devices is that it allows automated control over several areas of operation including inventory management, shipping tracking, fuel & spare parts management, and many more.
Improvement in Work Safety
Scheduled maintenance is extremely advantageous for making sure that operational safety and compliance with the required regulations are not compromised at any cost.
Safe and secure working conditions make the businesses much more attractive for the partners, investors, and personnel, thereby readily enhancing the trust and reputation of the brand.
Smart IoT devices play a significant role in reducing the probability of human errors to a great extent during different stages of business operation.
This, in turn, helps contribute to a higher level of safety. Moreover, a network of IoT devices like motion sensors, surveillance cameras, and other monitoring devices can be readily utilized to make sure that the security of an organization is kept intact by preventing thefts and even corporate espionage.
Cost-Effective In Nature
With the use of the Internet of Things, the downtime periods are readily reduced by automatic scheduling & controlling maintenance, supply of raw materials, and various other requirements for manufacturing.
This, in turn, can prove to be beneficial in increasing the equipment’s rate of production, thereby resulting in higher profits. Moreover, IoT devices play a crucial role in facilitating management within each of the departments in an organization and throughout the entire structure of the organization.
Complete Marketing and Business Development
Smart IoT devices at homes, like voice assistants and other appliances, directly communicate with end-users regularly.
They are able to provide valuable source information for carrying out business analysis. IoT plays a vital role in helping businesses by gathering huge volumes of user-specific data that are suitable for formulating different business strategies, carrying out targeted advertising, fine-tuning the price policy, and several other marketing as well as management activities.
Business Opportunities are Better
The businesses using IoT solutions readily improve their effectiveness. For this reason, they can offer a wider array of products or services or are able to increase their quality as compared to their competitors, but without changing the price.
In this regard, businesses can perform more complicated tasks in terms of difficulty in production, time, or quantity. Overall, the use of smart IoT solutions makes a business much more competitive as well as attractive as a potential business partner.
Improved Customer Service and Retention
Internet of things helps in the collection of user-specific data which in turn plays a major role in allowing businesses to have a clear and better understanding of the customer expectations as well as behaviour.
At the same time, IoT brings about an improvement in customer service by proper facilitation of post-sales follow-ups like automatic tracking, reminding the customers about maintenance services, and several other things that help to build great customer relationships.
Drawbacks of IoT
Every coin has two sides and similarly, IoT comes with a few cons too. So, let us discuss the cons of IoT to present a complete picture in front of the readers.
Flaws in Security
Insufficient security or flaws in security is one of the biggest disadvantages that hinder the development of IoT.
Fear of leakage of data is always present because IoT-based smart devices tend to collect as well as transmit confidential information which can create severe problems if leaked.
These smart devices very rarely contain sufficient adequate anti-tampering means or comply with the applicable standards of data protection, encryption protocols, or other technologies & regulations designed for the prevention of any kind of unauthorized access to sensitive data.
Thus, not being able to provide sufficient data protection might lead to severe consequences such as loss of corporate secrets, identity thefts, sabotage, and a number of similar others.
Higher Associated Costs
Another drawback of the internet of things is its higher associated costs. The implementation of the appropriate IoT infrastructure requires creating an extensive network comprising multiple smart devices along with the associated infrastructure.
It is precisely the reason why such an initiative needs a considerable volume of investment for installation, maintenance, and expansion of the network as per the needs.
Though IoT can be quite beneficial it requires quite a lot of time before they become profitable because of the high initial costs.
Dependence on Power Supply
It is true that IoT implies the autonomous operation of an array of devices but such a network is highly dependent on a few of the external factors.
These external factors need to be considered for the successful implementation of IoT in business.
Smart devices are dependent on a continuous supply of electricity, along with a well-planned additional infrastructure which again proves to be a drawback.
Dependence on Network
The core characteristic of IoT is a huge volume of interconnections between different devices and access to the global network.
It is because of this that IoT needs additional infrastructure which ensures smooth as well as uninterrupted wired and wireless communication with high throughput, low latency, and constant access to the Internet.
Thus, to make the best use of IoT a whole range of networking equipment is necessary.
Skill Requirements is High
IoT solutions need experienced professionals to understand the scope as well as possible consequences of their work.
Deployment, setting up, maintenance, and changing the scale of IoT solutions require skilled admins that are quite difficult to find.
Though IoT reduces human labour, the presence of well-trained and skilled staff is necessary for operating smart devices appropriately.
Future of the Internet of Things
IoT is undoubtedly one of the most promising digital technologies that are all set to become more useful as well as widespread in the time to come.
Even at this point in time, the potential of IoT solutions is highly impressive and their benefits are extremely tempting in nature.
But at the same time, it becomes immensely important to understand that the integration of IoT needs a considerable volume of efforts, skills, and investments to make sure that the benefits are achieved without any kind of hindrance from the drawbacks or flaws.
It is expected that the drawbacks and flaws can be eclipsed in the time to come with the use of more advanced as well as secure technology.
Author Bio – Ritam
Ritam Chattopadhyay is a seasoned writer with over half a decade of experience in professional content writing. Ritam’s expertise in content writing has enabled him to work with clients globally on different projects. Presently, he is working with SoluLab, a premium blockchain, AI, and IoT development company where he handles multiple projects as a content specialist.