Internet of Things and Us - Match made for betterment?
Alexa, turn off the TV!
Alexa, switch on the fan!
Dim the lights, Alexa!
Alexa do this, do that, and now we have Alexa helping us with all the little things that we could have done by ourselves. Call it the lack of will (yes, Laziness), time, or abilities but somehow Alexa became a part of our daily lives and now we are used to it.
Have you ever wondered how Alexa or Google Home works in making our lives simpler? How are they involved in synchronizing every possible item/device that is used or installed? Or how is this even possible that everything is going as it should be just by our voice?
Well, It is all because of the Internet of Things, readily known as IoT.
The Internet is about sending and receiving information and anything that is connected to the Internet becomes smart. IoT is thereby making things smart and synchronized. IoT works with the main idea of collecting the information, processing it, analyzing the issue, and coming with an action plan to resolve the issue. Even in the most complicated scenario, IoT helps us to work efficiently like never before.
Because of such upper hand in its potentials, IoT has found its ways in a diverse arena of businesses,
Transportation and logistics
The transportation and logistics sector is the backbone of all major industries and businesses all around the world. IoT in this sector helps in evolving the entire system, starting from fleet management to keeping a check on inventory and maintaining supply chain. Tracking orders and predicting their arrivals from the time of purchase has become convenient because of the IoT. It is efficient in predicting the stocks as well as the time required for procurement.
Energy and Utility industry
The Internet of Things has a lot to offer in the monitoring and the functioning of the energy control, with the applications affecting commercial and residential energy consumption, devices, and the energy source. The optimization accessibility of IoT begins from a thorough analysis that is generally unavailable to the organizations and individuals. The use of IoT in this sector helps in cost and time effectiveness and efficiency.
Finance
Recent mobilization and digitization in the financial services and banking industry, has given businesses a chance to explore the opportunity of IoT in finance to control data and to minimize the risks that are prevalent in this sector. Even though the Internet of Things requires a tangible existence however in the finance sector even the intangible existence has powered growth in areas such as - debt collection, fraud prevention, enhanced capacity management, personalized rewards, and other offerings. Mobile banking, ATM, Smart cash points, and online money transfer are the noteworthy advancements in this sector.
Smart homes and buildings
The residential and commercial real estate industry has been greatly influenced by the IoT. The automated lighting systems, smart switches, smart locks, CCTV surveillance, air control systems, even mechanical curtain regulators, music systems are just some of the endless use of IoT in the houses these days. Sensors and the internet have changed the style of living in such a way that there seems no going back to the conventional lifestyle. Alexa and Google Home synchronize all the devices in such a competent way that no generation is unwelcoming to adopt this change.
Hospitality
The Internet of Things is becoming a reality and has been known well for cost reduction and for enhancing the experience. The hospitality sector is all about giving comforts and an unforgettable experience to the clients. The hotel check-ins and check-outs can be synchronized with the guest’s devices, customization of stay can be a new trend. Also, the automation of systems similar to that of the housing sector can also be incorporated. In order to better the experience, predictive maintenance could also be combined with other services.
With the influence of IoT flourishing in the markets and making remarkable progress its shortcomings cannot be neglected upon. The major concerns of IoT application can be listed as:
Privacy
With everything connected to the internet and constant sharing of data, the cybersecurity concerns have risen acutely. There always stands a chance that hackers break into the system and damage the data. Even though organizations provide efficient protection of data, shortcomings in cyber protection are possible at any given time. Therefore, the breach is a major concern in the use of IoT devices. And we know that cyber-attacks are now becoming quite common.
Complexity
The IoT is differentiated and is formed of an intertwined network. Any flaw or a bug in the software or hardware system can have serious consequences. Even a small event like power failure can cause a lot of instabilities. Also, constantly and rapidly multiplying data brings adherence to finding tricky and difficult.
Compatibility
Finding a perfect match for hardware and software is always a challenge. This process can be time-consuming and also require a lot of resources. The technology should have been tried and recognized to interoperate with the IoT platform you have or you are planning to use. Regular updating is also a major concern in the use of IoT, as new systems and devices are frequently launched in the markets.
"Application of IoT devices can be all fun and games
until we realize the susceptibility of the latest technology
to cybersecurity in personal as well as in professional surroundings."
But surely the Internet of things is bringing in a lot of change in the world. Various Industries are welcoming IoT and undergoing growth and expansion in sectors like connected building and homes, smart living, and more, thus, creating new high-tech business models and lifestyles.
Writer: Bhargavi Agarwal
Editor: Sonal Kamble
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