As technology advances, so do the ways that we use it. New interconnection technology, known as the Internet of Things (IoT) is one of those advances that will make a big difference in how people use the internet in their everyday lives.
The main concept behind IoT is that any object that can turn on or off will connect to the internet in some way. This can include cell phones, washing machines, lamps, refrigerators and a wide range of other products. The possibilities of what can connect to the internet are limitless.
It’s estimated that eventually, each person who actively uses social networks will have 30 devices in their home that will utilize IoT, which is nearly 40 billion devices worldwide. With this comes large volumes of data that will be collected by IoT and analyzed. This information is expected to bring an estimated economic benefit of nearly $2 trillion in 2020.
However, while IoT has many benefits, there will also be drawbacks. Here’s a look at both the good and bad of what IoT has to offer.
Increased revenue — IoT will reduce expenses by providing efficiency, which will in turn help improve your bottom line. Not only will the efficiency of the systems save you money, but trends that are identified for your business can provide insight into other revenue options that may be available to explore..
Improved efficiency and safety — Having IoT capabilities in certain devices can help make people more productive through creating more automation. Through automation, IoT will help eliminate human errors, which can make certain environments more safe and efficient. This is especially true for assembly-line type tasks. Having IoT devices that speak with your business’s system will allow higher production levels while limiting downtime.
Smarter decision making — Since IoT devices store and share a lot of data about their users, they provide information that can be analyzed to detect trends. For business owners, IoT can provide insights into ideas for streamlining their businesses. For problems where a solution may seem complicated, having this kind of information can help make the solution easier to identify.
Systems can be hacked — Since these devices are connected to the internet, they could be subject to hacking. Potential hacks of these devices can affect your whole network. While you can place security measures, some devices may lack the necessary protocols to protect against outside attacks.
Stolen identities — Since security breaches are possible, there’s a good chance that identities of employees could be stolen and used. It’s important to make sure that measures are taken to secure personal information on these types of devices.
The data is complex — While the data these devices gather is beneficial for identifying trends, there’s a lot of information to sift through. Once the data is analyzed, you will need to recognize how the information translates to your business. Analyzing this information can take a lot of time and effort. Additionally, having excessive amounts of data can make it difficult to know where to start.
As long as the liabilities of IoT can be kept in check, this technology brings a world of remarkable possibilities to homes and businesses.