Merging the physical and virtual world has been a target the human race has strives to achieve for quite a while. The Internet of Things is set to create a highly personalised, predictive connection experience. With no limit to what can be connected to the internet, practices of IOT in our day to day lives have sprung across the globe.
“Students at Writhlington School- Somerset watches and study the growth of orchids with this technology. Cows in Medria are wirelessly connected to the internet through specialized collars made by French IT and Deutsche Telecom. That’s not all. Toilets at Heathrow Airport, London, use the IOT application to report on their usage.”
Therefore, the prediction that IOT will be a thing in the near future is not from its cool factor, but rather it will change business operations at an essential level. IOT will enable smarter choices when it comes to business operations. These innovations can be attached to anything, therefore allowing for the collection of precise pointers.
Product Monitoring will further aid in explaining its use, breaking point and what will serve better in the future. An example is the Rolls Royce aircraft engine sensors that detect malfunctions before they cause aircraft disasters.
Another impact is on Improved Business Models. It’s no longer about how smart you can make your product anymore. It’s about how the information can affect your efficiency and your selling point of this data to consumers. For example, fitness trackers give us feedback about our health stats and fitness habits. Plenty of companies would love to acquire this data for marketing purposes and launches.
Of course, what we have all been yearning for years, smarter products. Companies will be forced to make products that, regardless of whether it seems unnecessary, for instance, an internet-enabled cooking pot. With the emergence of jewelry linked to our phones, smart yoga mats, and wallets, only time which will stick with us. One thing still remains, businesses will have the domineering need to make smarter and more connected systems.
The Bad And Ugly Of IOT
Something as intricate as this has equally big challenges.
- Data sharing and Privacy when it comes to personal networks is one of the most valued things in the Tech world. Even today, this is a sensitive panic button, and to imagine billions of devices linked together raises concern.
- One of the biggest shortcomings is Security. With billions of devices and things connected together on an online platform, how hard could it be to have your entire network hacked through your alarm clock or car? On a wider scope, IOT seems like something that would expose companies and firms all over the world to more security threats.
- Additionally, companies are going to be faced with Massive Amounts of Data that requires analysis, tracking, and storage. So how will they make sense of these massive amounts of data? This has been an ongoing debate for years.
The best we can do is to understand the concept, evaluate its pros and cons and brace ourselves. The Future Is Now!