The Internet of Things, commonly referred to as IoT technology, has the potential to transform our society. IoT connects machines, homes and just about everything else to the web. However, while intentions are good, plenty of bad can stem from the rise of IoT.
Benefits of IoT
IoT aims to make all different aspects of life more efficient, comfortable and safe. The technology optimizes living and working environments, reduces costs, and decreases the need for human labor. It is not only homeowners who may prove happier following the implementation of IoT. Employers will also derive value from IoT as it aims to minimize downtime, improve workplace efficiency and report workflow errors such as flaws in assembly lines without delay.
It should also be noted that IoT stands to make decision-making faster, safer, and more efficient. IoT can help analyze voluminous amounts of data, reveal trends, and provide people with the data they need to make informed decisions.
Perhaps the primary driver to implement IoT in businesses will be its promise of impact on the bottom line. IoT can improve efficiency, decrease expenses, and ultimately make it easier to sell products and services. With the prudent use of IoT data, businesses will have a valuable analytical tool at their disposal. This is the competitive advantage businesses needs to excel.
The Potential Flaws of IoT
Critics of IoT point to its possible shortcomings in terms of security and privacy. After all, companies large and small are getting hacked with each passing day. Identities are stolen with regularity. There is the potential for these problems to worsen once more and more of the machines we use are connected to the web around the clock. If organizations do not implement the proper security protocols, data will be stolen in due time.
There also is concern that the sheer volume of generated IoT data will cause it to become difficult to “see the forest for the trees” meaning that actionable information will get lost in a noise of data. If organizations do not have a coordinated plan to process and study such massive amounts of data the value of the IoT system will not be unlocked.
Even if you are on board with IoT, getting others to view this technology in a similar light has the potential to prove challenging. Executives are rightly concerned about complexity and security. Decision makers are often intimidated by potential expenses and risks. Though there are numerous IoT products available to benefit consumers, these products need to be carefully planned out and mapped to a business model that will make sense for the organization that will be fronting the bill.
How to Ease into IoT
It is important to understand both the value drivers and possible risks when evaluating the feasibility of an IoT initiative for your organization. It will help to begin small. Start out with a comparably small project to show decision-makers in your organization the value of IoT. As an example, using IoT for a smart office in which water consumption or energy usage are tracked and optimized will help convince those who are on the fence to give this technology a chance.
IoT is the Wave of the Future
IoT continues to expand with each passing day. In fact, advancement is occurring so rapidly some argue there is no way to truly gauge just how much this technology has changed our society already. If managed properly, IoT technology will provide more benefits than drawbacks. It is up to us to ensure IoT is used properly.