In an era of technology where things are changing in a rapid way, businesses are also keeping up the pace to get to first place.
In the present, the impact of the Internet of Things on business is huge. IoT has created the opportunity to drive business efficiently by connecting inert devices/sensors with the process and prospects to get valuable data over the internet.
Before going ahead, wait for a sec!
Let me first uncover the reasons why IoT is becoming a sensation and what is its impact on various industry vertices.
As innovation becomes noticeably less expensive and more effective, a vast part of development has moved toward empowering intelligent gadgets and smart devices to interact with each other in a bigger space.
Many travel companies started the initiative to utilize IoT devices in their operations and are trying different approaches to give the innovation something to do for their customers.
With the potential to change almost everything about the travel industry, IoT will empower these organizations to gather and coordinate huge amounts of data from various sources to customize and enhance the customer experience.
In the airline industry, for example, IoT has come up with numerous benefits. It encourages air travelers to discover what they want and industries to offer more personalized services to their customers. Airlines and passengers both are equally benefited with the blends of connected technology and connected people.
Image Source: Internetofbusiness
Industrial manufacturing is the second biggest industry to embrace IoT and digital transformation. In manufacturing, IoT is at higher peaks and is termed as IIoT (Industrial Internet of things) or smart manufacturing or Industry 4.0. Basically, IIoT is the utilization of IoT technologies to enhance the proficiency and efficiency of manufacturing and supply chain operations.
In reality, IoT is creating an environment that could fit with decisions for smart manufacturing.
Now, manufacturers across the globe are confident enough to adopt IoT in their business decisions. In a survey initiated by Industry Week, 40% of the manufacturers think that this is the right time to invest in IoT.
Source: Industry Week
The usage of the Internet of Things in healthcare means a lot. Industries can get data from medical devices to improve services for their patients. To reach a new level of efficiency, precision, patient monitoring, and safety, organizations need real-time visibility and intelligence into their data generated by sensors, wearables, and other IoT devices.
However, the actionable insights from the data are what take the organization to the next level. A study of Aruba networks reveals that, globally, 60% of healthcare organizations have adopted IoT devices into their facilities and 73% report cost saving with this technology. This indicates that the IoT wave is expanding and those who ignore it will be left behind.
The automotive industry has been entirely transformed by the unstoppable rise of the Internet of Things. Today, vehicles are not only a means of transportation but are more coupled with technology than at any other time in the recent past.
IoT empowers new plans of action. To pick up an aggressive edge, automakers, providers, and suppliers need to look at IoT as the opportunity for future transformation.
Nowadays, automotive industries are becoming more superior by utilizing mobility and IoT in their products and services. One of the best examples is the self-driving car by Google.
In a recent study, Gartner predicts that "one in five vehicles on the road worldwide will have some form of wireless network connection by 2020, amounting to more than 250 million connected vehicles."
With smart technology and IoT devices, farmers can easily collect the insightful crop data and use it in the variety of ways to get the powerful solutions.
Image source: John Deere
Recently, John Deere came up with their new concept of a Machine Health Monitoring Center (MHMC). Their agriculture and construction machines are now equipped with IoT devices and sensors, which make it possible to connect all their machines with each other. The usage of sensors provides an easy way to collect data regarding your machine’s health. All the data is being stored and further analyzed to identify the patterns and trends to predict breakdowns and downtime. The reduction in maintenance costs will result in the higher productivity.
The Eye-Catchers of IoT
If your organization is planning to get the most out of this technology, then these three points should be kept in mind.
- What do you need to know before you get started with IoT?
- What are the risks to your business and infrastructure when adopting IoT?
- How can you leverage the power of IoT with data analytics?
So, let's tackle those questions and include a look at the major advantages, consequences, and pitfalls of IoT.
1. What You Need to Know About IoT
IoT is the environment where web-enabled devices are connected with embedded sensors, communication hardware, and processors to collect and send information over a defined network.
To get the better understanding of IoT works, we break down it into three main components:
The Edge: This is the initial point, where the data originates or is collected with the help of external devices such as sensors and other hardware. Since all the devices are connected with each other, they generate a huge amount of data and Internet traffic, which makes it useful for various purposes. Many of us have dreamed about the smart homes in which you can control all your things automatically. Now think about the automotive industry, where thousands of smart vehicles are producing tons of data every second.
The Processing Platform: This is the part where raw data is processed and further sent on for operations and analysis. Since the data is accessible over the Internet, the platform plays a vital role in data privacy and security.
The User: This is the point where a human interacts with the real data and analyzes it to drive business.
2. Business and Infrastructure Risks of IoT
IoT is rapidly changing our relationship with technology. But is it safe for businesses to fully adopt it? A few of the risks are:
Modular Architecture of Hardware and Software Devices
To implement any IoT device, security is always a major concern. Devices are web-enabled, and it’s a priority to achieve better control over customer interactions. Since the devices and control segments are in modules, it makes it easy for bad actors to attack or exploit its configurations or, even worse, destroy operations at different levels.
DDoS attacks can create significant losses to a business. A few of the popular attacks types are:
- Traffic Attacks: The target is flooded with the huge volume of spam data packets. As a result, the real requests get lost. These attacks are usually operated by injecting Trojans and malware.
- Bandwidth attacks: Bandwidth attacks overburden the target with TERAbytes or even PETAbytes of garbage data. This results in lost system data transmissions, server crashes, or even complete shutdowns.
Complexity of Vulnerabilities
Various IoT devices lack advanced security in their designs, which could open the entryway for hackers to penetrate these devices by implanting malicious code and exploiting other vulnerabilities to gain access to operations. To get rid of these vulnerabilities, it’s important to implement best practices for testing IoT devices.
Scalability of Infrastructure
IT infrastructure might be something that people do not think of, but when you talk about IoT, your infrastructure plays a crucial role.
Just take a scenario when your IoT application is generating terabytes or petabytes of data every second, and your infrastructure is not scalable enough to handle it.
Planning for the monstrous take-up of devices, applications, traffic, and data will mean implementing a scalable IoT infrastructure. That could be a job for the cloud.
The usage of cloud storage and virtualization allows you to reduce the cost and improve delivery performance. A managed cloud platform allows your devices to connect securely to cloud applications and store their data over cloud data warehouses.
There are plenty of cloud-based data service providers to consider for IoT implementations, though Amazon Web Services dominates all of them. Here is a list of top service providers:
- Amazon Web Services IoT Platform
- Microsoft Azure IoT Hub
- IBM Watson IoT Platform
- Google Cloud Platform
3. Leveraging Analytics
The Internet of Things has quickly become the most hyped technology out there, so businesses are also wondering how to get the most out of this technology. But to drive business growth, one of the crucial components is advanced data analytics.
Advanced analytics allow you to become more familiar with IoT devices and their performance. Companies started storing tons of data generated by IoT devices (i.e. sensors and modules) and stepping it up further processes to analyze patterns and insights to improve their business decisions.