Benefits and challenges of implementing IoT into your business:

Current Scenario advances in technology and consumers want to enhance customer experience.

The Internet of things (IoT) empower is becoming part of daily life both at home and in business

There were 8.7 billion IoT linked devices at the end of 2020, with that number likely to increase over the next decade.

Today, that technology is being developed for a wide range of applications, and we’ll look at a few of them here, as well as the advantages and problems of IoT for business.

IoT devices will be available to the majority of consumers in industrialized countries. Energy meters, voice-activated speakers (Alexa, Google Home) wearables, such as fitness watches, and the expanding number of connected appliances, such as kettles and refrigerators, are all examples of smart items.

Their inter-connectivity offers us useful information, makes life easier and allows us to engage in more interesting and delightful activities. To meet our expanding demand, an increasing number of businesses are attempting to develop and deploy their own smart gadgets.

Businesses don’t just make IoT gadgets to sell; they use them to improve their products and services as well.

Daimler’s vehicles employ IoT technology to maintain safe distances; Ericsson uses it to track ship whereabouts and cargo temperatures; and Virgin Atlantic utilises it to collect in-flight component data.

It’s in Disney’s theme park wristbands to track attraction popularity, and it’s in Johnny Walker Whisky bottles to send messages to the owners’ smartphones when they’re opened.

The benefits of IoT:

Rich data insights:

The Internet of Things allows businesses to collect massive amounts of customer and product data, allowing them to get insight into how things are used and how they can be changed to improve the consumer experience.

For example, an IoT-enabled car tyre may track performance in various driving conditions, allowing for better tyre design that is safer, lasts longer, and emits less carbon.

IoT data could also be utilised to assist customers in selecting the best tyres for their needs and alerting them to any flaws that needed to be addressed.

Improved customer relations:

IoT device data can be utilised to initiate automated conversations via digital channels or even to display on the device’s screen (or voice) to help improve the customer experience.

IoT lighting, for example, might send messages to users via its control app reminding them to switch off lights in empty rooms, while food packaging could alert users when its contents were about to expire.

Manufacturers of consumables, such as printer ink, might identify when customers require a replacement and immediately deliver replacements before they run out.

Stock and resource management have improved:

IoT device data gives businesses a precise, real-time picture of their inventory and resource usage. This enables them to track down products and determine what has been sent, damaged, or utilised.

This data analysis also yields insights that lead to increased efficiency, the prevention of stock and consumables running out, and the reduction of the financial costs of over-ordering.

Enhancing the security:

To improve business security, IoT-enabled access control and CCTV systems are being used. It can now detect and track suspicious behaviour, as well as send automated alerts to security firms and the police.

At the same time, security personnel can view CCTV footage remotely and in real time over the internet.

The Internet of Things (IoT) access control technology extends beyond simply regulating and restricting access to a business’s premises. It’s being used by businesses to track attendance and punctuality, reserve rooms and resources, and even manage parking. It also allows firms with multi-site operations to administer access control remotely or from a single control centre because it is internet-based.

Challenges in Internet of things (IoT):

IoT security challenges:

It’s critical to double-check the security of IoT devices before acquiring them. Some don’t allow users to alter default passwords, which renders them vulnerable to hacking, as you may have read in newspaper headlines.

Encryption, network security, user anonymity, data storage and access, and other security considerations must all be considered.

Simultaneously, businesses must verify that their usage of IoT technologies and the data they acquire is compliant with legislation such as the General Data Protection Regulation (GDPR).

Lack of encryption

Encryption is a terrific way to keep hackers out of your data, but it’s also one of the biggest IoT security issues.

These drives have the same amount of storage and processing power as a standard computer.

As a result, there has been an increase in attacks in which hackers have been able to simply change security algorithms.

There isn't enough testing and updating done:

As the number of IoT (internet of things) devices grows, IoT producers are more eager to build and distribute their products as quickly as possible, without giving security any thought.

Most of these gadgets and IoT goods are not thoroughly tested or updated, making them vulnerable to hackers and other security threats.

The dangers of brute forcing and using default passwords:

Due to weak passwords and login details, nearly all IoT devices are vulnerable to password cracking and brute force assaults.

Any firm that uses factory default credentials on its devices exposes both their business and its assets, as well as their customers and their sensitive data, to a brute force attack.

Internet of Things (IoT) malware and ransomware:

Ransomware uses encryption to lock individuals out of a variety of devices and platforms while getting access to their personal data and information.

A hacker can take control of a computer camera and snap images with it.

Using virus access points, hackers might demand a ransom to unlock the device and return the data.

A cryptocurrency-focused IoT botnet:

Data privacy can be manipulated by IoT botnet employees, posing significant threats to an open Crypto market. Malicious hackers could jeopardise the exact value and development of cryptocurrency code.

Companies using blockchain technology are seeking to increase security. The blockchain technology is not inherently dangerous, but the app development process is.

Design Challenges in IoT:

Although the technology has many advantages, there are a few distinct hurdles that developers must overcome when developing IoT systems.

Battery life is a limitation:

Packaging and integration issues for a tiny chip with minimal weight and power consumption.

If you’ve been following the mobile sector, you’ve probably noticed that the display screen size appears to be unrestricted every year. Take, for example, the rise of ‘phablets,’ which are phones that are nearly as large as tablets.

Although beneficial, larger monitors are not necessarily for convenience; rather, display screen sizes are expanding to accommodate larger batteries.

Computers have become thinner, yet battery energy has remained constant.

Cost and time to market have increased:

In embedded systems, cost is a minor limitation.

The demand for new ways to cost modelling and cost optimization with digital electronic components arises from the need to drive better techniques when creating IoT devices.

Designers must also address the issue of design time in order to deliver the embedded device to market on time.

The system's safety:

Systems must be developed and implemented in such a way that they are both robust and reliable, as well as secure, using cryptographic methods and security protocols.

From prototype to deployment, it comprises a number of methods for protecting all embedded system components.

IoT deployment challenges:

For most industries, the creation of the Internet of Things was a game-changer. Recent advancements have allowed firms to enhance output, obtain more detailed data, and improve overall procedures.

However, the IoT’s growth is not without its downsides and obstacles. As more IoT devices are added to processes, the systems grow more complex and reliant on the deployment of these devices and networks.

Connectivity:

It’s the most important consideration when integrating devices, apps, and cloud platforms.

Devices that are connected and deliver helpful data and information are incredibly valuable.

When IoT sensors are used to monitor process data and supply information, however, poor connectivity creates a problem.

Ability to work across multiple platforms:

IoT apps must be built with future technological advancements in mind.

Its development demands a careful balance of hardware and software capabilities.

IoT application developers face a difficulty in ensuring that device and IoT platform drivers deliver optimal performance despite high device rates and fixes.

Data gathering and analysis:

Data is crucial in the growth of IoT. The processing or usefulness of stored data is more important in this case.

Development teams must consider how data is gathered, kept, and processed in a specific context, in addition to security and privacy.

Lack of skill set:

All of the aforementioned development obstacles can only be overcome if a qualified resource is assigned to the IoT application development.

The proper talent will always get you through the biggest obstacles and will be a valuable asset in the development of IoT applications.

Join our news Letter

The Fourth Industrial Revolution is here - are you ready?

You want real-time insights to help you make better, faster business decisions every day. Still unsure if Industry 4.0 is for you?