Are you among those who aren’t yet fully familiar with IoT? No worries, even if you don’t understand it, you might still be using it. Its application is seen in various domains already.
Understand What IoT Is…
There are so many things connected to the Internet now. In fact, we all are using the Internet right now. Fast Internet speed allows us to use the interconnect devices to their full potential. Everything that’s connected to the Internet falls under the umbrella of the Internet of Things.
If you are using a smartphone or a laptop for even some random search on Google such as “is 100 Mbps fast enough” you are using one of the IoT devices. Similarly, if you are wearing a Fitbit or you have a voice assistant (Amazon Echo/Google Home), that’s also an IoT device. Other devices include connected security cameras, door locks, kitchen appliances and so on. Even businesses use IoT devices in the form of electronic logging devices, light switches, asset tracking devices, etc.
An example of interesting use of IoT is the partnership between Disney and Microsoft for building smart birdhouses for studying purple martins. These birdhouses are loaded with sensors and HD cameras linked to the cloud. They capture high definition footage of chicks hatching and parents feeding them.
Pros of IoT
The Internet of Things has revolutionized a number of industries. It’s set to create a number of financial opportunities by reducing costs and process complexity. McKinsey’s report says that by 2025, linking the physical and digital worlds can generate up to $11.1 trillion annually in economic value.
Let’s explore the benefits of this technology:
It Saves Costs
IoT makes communication between electronic appliances seamless; saving cost and energy. It’s making systems more efficient by letting devices share data and communicate. Along with optimal utilization of resources, this technology also helps alleviate problems related to breakdowns, bottlenecks, and system damages.
Fast Access to Data
When information is available at your fingertips, you are able to make better decisions. Knowledge is power and IoT empowers you by providing all the right data.
Access real-time information is easy. This happens because of interconnected devices that allow you to extract data regardless of your location.
IoT encourages M2M communication since all devices are interconnected. This enables physical devices to stay connected plus, total transparency is available with fewer inefficiencies and better quality.
When all physical devices are connected and the communication is smooth, it creates better quality control. In other words, IoT puts you in control. As we all know, you can even tell Alexa to place an online order for you.
Automation and Control
There are so many digitally connected devices and objects in this wireless infrastructure. A huge amount of automation and control is at work. All the machines interconnected are capable of communicating with each other without human intervention leading to prompt output.
If you are a business owner, you would agree with this that productivity plays a key role in improving profitability. With IoT’s just in time training for employees can improve labor efficiency, reduce mismatching of skills and increase organizational productivity.
Businesses have started using the Internet of Things for determining the status of their inventory. Instead of manually checking and counting, the process is becoming automated. This can save time and money. plus, businesses can order new stock just in time. This would eliminate the problem of unsold stock after that.
Cons of IoT
Every coin has two sides and so is IoT. Here are some of the challenges or shortcomings of this technology:
Privacy and Security Concerns
IoT connects appliances, machines, services and so many devices in the chain making information readily available. While that’s great, it gets challenging to keep confidential information protected from unauthorized users and hackers.
There is no international standard of compatibility for IoT. This makes it harder for devices from different manufacturers to communicate with one another.
IoT is a vast and diverse network. A single failure in software/hardware can lead to complex consequences.
IoT is drastically bringing automation hence declining the need for unskilled employees in the workplace.
More Dependency on Tech
Our lives are becoming more and more dependent on technology. This means in future human interaction will reduce across society.
So Is IoT Our Friend or Foe?
The Internet of things is a compelling technology. It certainly holds some unimaginable promises for customers and businesses. Its capabilities are vast than Charter Spectrum deals. Right now, we are scratching the surface. With all great advancements comes risk. But they can be mitigated with additional security and of course, the progress in the technology itself. This boils down to the conclusion that this technology is not really anyone’s foe.