As more and more devices hit the market equipped with internet capabilities, the Internet of Things (IoT) trend continues to grow. This connection of multiple devices to the internet allows our gadgets to communicate with us and each other, making our everyday life more convenient. The influence of this technology trend is expected to have major impacts on how consumers, companies, and other organizations interact with the physical world. IoT technology solutions has the potential to continue innovating and growing for years to come.
Over the past few years, we have seen IoT technology being incorporated within a variety of industries, such as manufacturing, transportation, agriculture, healthcare and homes. Despite seeing IoT technology integrated within a wides array of industries, it’s expected that businesses will be the biggest investors in IoT solutions. Businesses are anticipated to spend $6 trillion on IoT technology solutions over the next five years. As more and more companies integrate IoT capable devices within their business models, it’s important for these businesses to understand the benefits and risks of IoT technology. Here are six pros and cons to consider as IoT adoption rates continue to increase.
As mentioned before, IoT solutions can make a business’s day to day workload smoother and more efficient. These IoT objects can automate, communicate, and exchange data through the internet. Whether it’s ordering more coffee for the coffee pot or working to diagnose a patient, IoT devices can save businesses time spent on everyday tasks. Human supervision or management is no longer needed for simple tasks such as ordering supplies, tracking inventory, and more. Using IoT solutions can also allow for uniformity in the tasks being performed as well as help to maintain the quality of service performed by a business.
Due to the new nature of IoT technology, there is currently not an international standard of compatibility for companies developing IoT devices to adhere to. As businesses purchase IoT capable devices from different manufacturers, it’s possible that compatibility challenges between gadgets may arise. As devices refuse to communicate with each other, companies may choose to purchase IoT products from a single producer until an international standard has been set.
With all the data created and collected by IoT devices, businesses can analyse this information and gather insights about their consumers. Equipped with this intuition, businesses can make more informed decisions. They can be better prepared to know who to advertise to, what products to sell, and understand where their business is most likely to thrive.
IoT technology is made of a vast, diverse and complex network. As with all complex systems, the chance for errors and system failures is higher. One malfunction within the IoT network can have a major consequence. For example, a possible flaw in your IoT connected refrigerator could cause it to incorrectly detect that you are low on a product, such as orange juice. This flaw could cause your IoT refrigerator to order orange juice every day until the bug is fixed.
With our IoT capable devices being able to communicate with each other, individuals have the opportunity to personalize how their day is run. With the coffee pot turning on at 6:30am every day, the thermostat keeping the office temperature more consistent and the fridge always being stocked with the right food, an individual’s ability to personalize their daily routine is even easier. The data that IoT devices can produce and the ability to customize it has endless possibilities.
Of all the pros and cons of adopting IoT technology solutions, the main risks that IoT technology presents is its vulnerability to security threats. As more and more devices are being connected to the internet, creating data, and storing personal information, there are more routes available for a hacker to access this information and for a company to experience a security breach. As businesses look for IoT technology solutions to invest in, they need to search for devices that have integrated security systems and are capable of protecting the business’s data. However, despite these challenges and risks of potential security threats, companies are continuing to adopt IoT technology solutions at an increasing rate.
by: Rick Delgado
Bio: I’ve been blessed to have a successful career and have recently taken a step back to pursue my passion of writing. I love to write about new technologies and how it can help us and our planet.