Key Advantages and Disadvantages of IoT for Businesses

IoT

Jun 17

The Internet of things (IoT), the network of physical objects—devices, vehicles, buildings and other items embedded with electronics, software, sensors, and network connectivity—has been a disruptive technology for all industries. Businesses have embraced IoT to improve productivity and gain new insights to strengthen their competitive position in the market. The global IoT security market is expected to grow from $3.86 billion in 2021 to $5.09 billion in 2022 at a compound annual growth rate (CAGR) of 31.7%. As industries have pushed for digital transformation like never before in the wake of the pandemic, the demand for IT solutions have also accelerated. IT Support Joplin offers an extensive range of IoT solutions for local businesses. But like every emerging technology, IoT is replete with both incredible benefits and significant disadvantages. In this article, we will look at the top few.

Key Advantages of IoT

Little human intervention

You can use IoT to minimize the need for human intervention and effort in a business. It is not just about reducing manual labor or streamlining processes to make them more efficient, but also about doing away with redundant tasks. With automation in various aspects of your company's operations, you can take on bigger projects and increase productivity.

Get more done in less time

The time saved by IoT is one of its greatest advantages. IoT reduces the time required to do things, as well as the time required to get information and make decisions resulting in faster task completion.

Better data collection

A common myth about IoT is that it involves collecting and analyzing all of the data resulting from devices and sensors. In reality, this data is just a fraction of what’s available to you in an IoT system. The real value comes from using all of the different types of data, collected from different sources and devices over time through many channels, to create context that helps you make better business decisions. This means that your company can collect new kinds of data on every aspect of its operation: location, time (e.g., seasonality), people (e.g., employee satisfaction), perspectives (e.g., blue collar vs white collar workers), angles (e.g., customer versus industry trends).

Enhanced security

Security enhancement is one of the top advantages of IoT in business. The ability to monitor and control devices, data, users and more makes it possible to take faster and more informed action when threats arise. You can monitor network activity and user activity so you know who is using what device at any given time. You can also monitor physical environments such as sensors in a building or even weather stations outside. The network monitoring capabilities allow users to see what devices are connected on your network and where they're located geographically for building a more comprehensive picture on an informational level. Software programs will also be able to communicate with one another by sending alerts if certain events happen at the set points in the program that triggers by system administrators - so the latter know exactly what's happening with their system at all times.

Efficiency in resource utilization

IoT can be used to automate processes. Automation also has the added benefit of increasing efficiency because it frees up employees’ time so they can focus on more important tasks. For example, if an employee spends most of his/her day monitoring and optimizing processes using IoT technology (like sensors), then this frees up his/her time for other projects. IoT can also be harnessed for smart allocation of resources within an operational environment.
(For ideas on smart resource allocation through IOT implementation, please contact Managed IT Services Joplin.)

Main Disadvantages of IoT

Security issues

Perhaps the biggest disadvantage of IoT is the palpable security issues. Connected devices are vulnerable to hacking, and they are not secure enough to protect user data and network connectivity. For example, a hacker can remotely gain access to your camera and microphone, creating a potential threat to your privacy and physical safety.

In addition, IoT devices do not have adequate security features such as firewalls or intrusion prevention systems (IPS). These features are designed to protect networks from malicious attacks by blocking incoming traffic that does not conform with their policies for authorized users or networks. Similarly, cloud storage services like Dropbox are also exposed due to a lack of appropriate security measures. If you are concerned about IoT security issues, consider reaching out to security experts at IT Consulting Joplin.

Privacy concern

Privacy concern is the most common problem with IoT. Personal data can be collected and used without user consent. It also allows questionable activities such as tracking people, spying on them, stealing their personal information, and even manipulating their behavior.

One of the most common ways of collecting information is through smart devices such as smartphones, tablets, and laptops that are connected to the Internet via Wi-Fi routers or cellular networks (4G). These devices have sensors that collect information about us such as our location details when we take pictures or share posts on social channels. This data is then stored as cookies in our browsers which enables advertisers to target potential customers based on their browsing history. It's all about profiling users so marketers will know who exactly should see which adverts for what products/services!

Additionally, there are programs like Rabid Rabbit which was created by hackers at Georgia Tech University. The program uses small drones called quadrotors equipped with cameras capable of capturing 3D images at resolutions up to 100 megapixels per second! This could be used by law enforcement agencies across America for mass surveillance programs or leveraged by even less savory entities.

High internet dependency

Since your IoT device depends on the internet, it won't work if there's no connection to the outside world. For example, a smart home application that controls heating and air conditioning might stop working during a power outage or other disaster situation. You also may have concerns about whether you'll have access to reliable mobile data connections in rural areas where cell phone coverage is spotty or nonexistent. Others may be concerned with the capacity of their data plans (having enough space for their IoT devices' activity), bandwidth requirements, data loss as hackers steal information from their phones or computers through Wi-Fi connections used by their wearables/IoTs and more.

About the Author

James Richards is a serial jelly bean eater with over 30 years of experience in the Information Technology industry. Growing up around the first generation of home computers, he always had a strong interest in technology and is continually grateful to be in a profession that he honestly enjoys. James is a problem solver who’s vision to provide quality is the foundation of Stronghold Data. His goal is to deliver solutions for customers that truly impress them with the outcome. His authenticity and compassion for his team and clients extends into the community with his active leadership roles.