You may have been looking at things that are happening around and noticed that the Impact of the Internet of Things (IoT) gradually is transforming and changing everything from business to life. Everything is gradually being connected wirelessly or being wired up. GIS-based visualization, participating sensing, quality of service, architecture, cloud computing and a host of other areas of industries, businesses, and people’ lives.
This is because gadgets and equipment are gradually being digitized and wireless network technology installed in these things, which is establishing networks between humans, machines and the internet. This has obviously lead to new ecosystems being created, which enable better and more efficient productivity, profitability and energy efficiency. In fact, this change is going to revolutionize the way how businesses run their business operations and the way people live their lives.
But you may not able to appreciate or comprehend the full impact of the Internet of Things until you know exactly what you are dealing with. On this note, an emphasis will be made to shed some light on the concept and take you into the heart of some outstanding benefits of IoT as it affects everyone positively (and negatively?). With this in mind, it is right to dig in and take a closer look at what IoT entails.
What is the Internet of Things?
To begin this discussion, it is proper to look at what the concept entails. So first things first, let’s look at a clear-cut definition of it. IoT is a huge network that comprised of inter-linked digital devices (also termed smart electronic devices) that receive information in a system and then share that information with other devices in the system (That is if it is a closed system. (For example, a home.))
Or share this information with other devices in other similar systems (if it is a complex system) to do specific programmed tasks assigned to them on a regular basis without human intervention or with minimal human intervention through a wireless network. In other words, it is a system that is heavily automation and use sensors a lot.
Advantages of IoT
1. Internet of Things has High efficiency and time-saving rates
The way that machines handle tasks is way faster than the way humans do them. This is why machine-to-machine interaction usually provides faster and more efficient results when compared to humans. Though most machines operate as GIGO ( Garbage In Garbage Out) which makes most processes need human intervention, deep learning or machine learning offer new prospects where that is not the case. So when it comes to higher efficiency and time-saving rates that save very valuable time, IoT is the preferred choice to make.
2. Internet of Things saves a lot of money
And there is the enormous advantage of saving money. Tagging and monitoring equipment cost a lot of money over a considerable period of time. However, the process could be effectively automated, which will cut down on cost and increase efficiency significantly because machine-to-machine interaction is faster than machine-to-human or human-to-human interactions.
3. Greater quality of results
The concept of Machine-to-machine (M2M) interaction of IoT encourages the communication between devices. Because of this, digital devices always stay connected and constantly interact with one another in a home, office or any public setting. This leads to high-quality results and clamp down on inefficiencies in the system and promotes total transparency.
4. Improve the living standard tremendously
It is very difficult to always do hectic domestic chores and couple that with very active work life, especially for breadwinners. Because of this condition, most people will prefer to use efficient domestic equipment that takes more than the edge off. So they will decide to chop for smart equipment that will connect with each other and do a task faster and better than humans will. But this is possible through IoT. So it improves the living standard of people tremendously.
With it, you can achieve quite a lot of things without doing anything. Such as the smart coffee makers making coffee all by itself or the switching on and off of the light in the rooms in your house before you enter it or after you exit it, or the air conditioning could switch itself on whenever you need it to.
Also Read: Smart Supply Chain IoT: Five Benefits
Disadvantages of IoT
1. Privacy and security issues:
Everything that has to do with the internet always faces one major problem. Lack of adequate security measures to curb the stealing of sensitive information. Such as personal and corporate confidential information that unscrupulous people with malicious intents will consistently want to lay their hands on. And since the foundation of IoT is built on receiving and transferring of data from one system to another over the internet.
This will gives hackers an opportunity to invade systems that are vulnerable. What is worse about it is that even properly encrypted systems of devices can be hacked. Since they are connected over the internet, which is obviously a major disadvantage of IoT.
2. Compatibility issues:
This is a major drawback as there is currently no international standard of compatibility for the monitoring and tagging equipment.
It is obvious that the Internet of Things is going to create life-changing conditions for everybody. Literally change the world for the better. And although this much-needed change is great, it does not come without some conspicuous shortcomings as you have seen in this post.
Notwithstanding, there are a lot of other benefits of IoT apart from a greater quality of results, improving the standard of living, and saving money; such as information and automation and control.