The Internet of Things has been a frequent topic in mass media over the past few years. Its benefits, innovations, improvements and many other applications have been discussed regularly. Although the concept of automatic cooperation between millions of appliances in a global network is old, it has been rapidly developed. Although some inventors push this idea too far by suggesting that every toothbrush, toaster, and trash can be connected to the Internet, there are many benefits to this network of smart devices, which is sometimes referred to as IoT. These benefits will be discussed in detail later in this article.
IOT - ADVANTAGES
Two key features define the concept of IoT:
Automation. IoT is a direct communication protocol between devices and hardware that can communicate with each other without human intervention.
Connectivity. Access to different information is made easier by the enhanced connections in one network.
These features require that the Internet of Things employ multiple technologies to enable data transfer, analysis, response, and automatic response between devices. Automation is not possible without Artificial Intelligence and Big Data and Machine Learning. Cloud computing and wireless communication technologies greatly facilitate connectivity.
Let's look at how these features lead to many benefits of Internet of Things technology and services. It is important to note that this review focuses mainly on the IoT benefits of business, and does not mention the IoT's potential application for individuals or houses. These benefits are often interrelated, so that one leads to another, creating a chain reaction with positive effects.
1. Increased productivity and lower human labor
IoT solutions make mundane tasks easy to automate, which allows human resources to be used for more challenging tasks, such as thinking outside the box. This reduces the need for workers, which in turn results in lower business costs.
2. Efficient operation management
The interconnection of smart device is another benefit. It allows for automated control over multiple operations areas such as inventory management, shipping tracking, fuel management, and spare parts management. This approach uses RFID tags to track equipment and goods.
3. Improved use of resources and assets
Automated scheduling and monitoring with interconnected sensors allows for higher efficiency in resource use. This includes improved power management and reduced water consumption. Simple motion detectors, for example, can help to save substantial amounts of money on electricity and water bills. This makes small and large businesses more efficient and environmentally friendly.
4. Operation that is cost-effective
Equipment may be more productive due to the shorter downtime, which is ensured by automated scheduled and controlled maintenance. IoT devices are a great way to manage both individual departments and the entire enterprise.
5. Safety at work has been improved
Scheduled maintenance, in addition to providing the benefits mentioned above, is highly beneficial for operational safety and compliance with regulations. Safe working conditions are a great asset to investors, partners, employees, and increase trust in the company. The risk of human error at different stages of business operations is reduced by smart devices, which contributes to increased safety. A network of IoT devices, such as motion sensors, surveillance cameras and other monitoring devices, can be used to protect an enterprise's security and prevent thefts, corporate espionage, and ensure its safety.
6. A thorough marketing strategy and business development
The vast majority of smart devices are located at home, including voice assistants and other appliances that communicate with end-users regularly. This provides valuable information for business analysis. IoT allows enterprises to gather large amounts of user-specific data that can be used for business strategies, targeting advertising, fine-tuning prices policy, and other management and marketing activities.
7. Customer service and retention improved
Businesses can also use the above-mentioned data collection to better understand their customers' expectations and behaviors. IoT improves customer service by automating follow-ups after sales, such as automatic tracking and reminding customers about the maintenance required after the equipment's predefined use period, expiration of warranty periods, and so forth.
8. Business opportunities that are better
The company using IoT solutions can offer more services and products or improve their quality compared to its competitors. This company might also be able to perform more difficult tasks, in terms of production difficulty and time or quantity. Smart solutions make an enterprise more attractive to potential business partners.
9. A more trustworthy image of the company
High-tech solutions, such as IoT, make a good impression on investors, customers and other business partners. It is also easier to attract experienced staff when a company offers a safe and secure environment that is supported by smart devices.
DRAWBACKS OF THE IOT
While the Internet of Things has many benefits, including increased business profitability, there are also some risks. Let's not forget the drawbacks of IoT.
1. Security flaws
The biggest obstacle to the growth of IoT is insufficient security measures. Because smart devices can collect and transmit sensitive information, there is always the risk of data leaks. This could lead to severe consequences. IoT solutions are not equipped with adequate anti-tampering measures or conform to all applicable data protection standards. Insufficient data protection can lead to disastrous, costly, and even fatal consequences, such as identity theft, loss of corporate secrets, equipment, or products, sabotage, and other serious problems. Professionals must ensure that IoT solutions are implemented in businesses by ensuring that there are no weaknesses and are protected from hacking attempts.
2. 2.
In order to implement IoT infrastructure within a business, you need to build a large network that includes multiple smart devices as well as the technical infrastructure including the power supply grid. This is why it takes significant investment to build, maintain, and expand the network to meet future requirements. Although IoT solutions offer many benefits, they are not always profitable. Their financial benefits far exceed their initial costs.
3. Dependence on power supply
Although IoT allows for the autonomous operation of multiple devices at once, it is still dependent on external factors. This is something that must be taken into consideration if you want to make IoT work in your business. Smart devices require a steady and adequate supply of electricity. Therefore, additional infrastructure must also be planned. It should have sufficient UPS devices, surge protectors and other equipment that meets the relevant IP ratings.
4. Network dependence
The Internet of Things' core feature is its vast number of interconnections among devices and the access to the global network. IoT devices also require infrastructure that allows for continuous wired and wireless communication, with high throughput and low latency, as well as constant access to the Internet. To reap the IoS benefits, businesses must first provide all the necessary networking equipment, including cables, routers and hubs, as well as local data storage.
5. Requirements for high-skilled workers
IoT solutions require experienced, responsible professionals who are well-versed in the ramifications and scope of their work. High-skilled administrators are required to deploy, set up, maintain, and change the scale of IoT solution in a business enterprise. They may be difficult to find or recruit because they expect high salaries. The proper training should be given to all personnel involved in the implementation of smart devices. IoT can reduce the need for human resource, but the staff who will be responsible for managing the implemented network of smart devices must be properly trained to avoid disruptions and the "snowball effect".
CONCLUSION
You can see that IoT is rightfully considered one of the most important digital technologies and will continue to grow in popularity and use in the near future. The benefits of IoT solutions, even at their current state, are amazing. It is important to recognize that IoT integration in enterprises requires considerable effort and skill. To get an effective IoT solution, it is best to hire experienced and responsible professionals.
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