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The Impact Of The Internet Of Things (IoT) On Business Operations

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  • 6 min read

The Internet of Things (usually referred to as IoT) refers to the connectivity of objects and devices in a network, which allows them to communicate with each other and the outside world.

It was originally envisioned as a way to connect utility equipment and systems, such as electric power plants or water supply supplies to buildings. However, due to its widespread use, it has quickly become an indispensable technology for a wide range of applications.

Many of these applications have seen huge growth over the last few years, due to the growing popularity of wearable tech such as headsets and monitors. The growth has continued into 2018! This is no surprise: With nearly every new gadget release, buyers are looking for ways to use it and afford it!

The IoT is expanding at an unprecedented rate, which is having an impact on existing business models and creating new ones.

Definitions of the IoT

The term “internet of things” has been around for years, and has steadily gained momentum as the next big thing. It refers to the integration of physical objects such as appliances, products, and vehicles into the global network of computer systems.

By connecting these devices via a system-wide network, users can program them to perform simple tasks or complete entire lives in parallel. For example, a smart fridge can be programmed to keep food cold andFreshly whips up drinks & snacks in seconds!

Some predict that the IoT will have a huge impact on business operations due to its ability to streamline operations and improve customer service.

Examples of the IoT

Everyday things such as lights and appliances are being connected to the internet by wireless signals. This creates the capability to monitor and control them via the web or app.

This is a very important development as it increases business volume because of added convenience. However, there is also increasing complexity in these systems due to all of the devices being connected.

There are efforts to standardize these components, which reduces efficiency and cost when working with them. It is critical for businesses to have high-level knowledge of their IoT pieces so they can manage and coordinate their operation effectively.

This article will discuss some key areas for awareness for the impact of the IoT on business operations.

Impact of the IoT on business operations

The internet of things (IOI) will change the way we work and play. It will give employees more access to information and capabilities beyond their duties, it will increase efficiency in business operations, and it may even open new business opportunities for companies.

This emerging “internet of things” network will allow objects to be connected via Wi-Fi, Bluetooth, or other transmission protocols. These “things” will include machines, robots, drones, vehicles, etc. These objects will have a unique identifier or “tag” that can be linked to a specific person or thing.

These tags can include health factors such as heart rates or movement rate data, security data like audios or images that detect motion or alerting events like accelerometer data to detect movement. These identifiers can also include demographic data like phone numbers and/or user accounts to connect the object with people.

Ways to implement the IoT

As the internet of things becomes more prevalent, businesses will be deeply affected. There are many ways the IoT will impact business operations, and each has its own benefits.

Businesses that utilize the IoT will need to update their technology to work with the new technology. Some of these updates may be upgrades to applications and devices, or new ones altogether.

Appliances such as water heaters and washing machines that were once simple devices now have extensive software packages and control centers. These control centers are usually located on a monitor or screen where the user is able to check and change settings, set alerts, and call out troubleshooting numbers.

These software packages can often be out-of-date and cause problems for a device or app to function properly. Users may not know this as they are just receiving notifications or data from their machine or app.

Complexity of implementing the IoT

As the IoT evolves, new features are added to devices and software, making it more complex for organizations to implement it.

Mostly because of the initial cost factor, many developers and vendors are still focused on IoT applications that require relatively simple integration. This can be a challenge when you look at some of the new features that have been added to devices over the past year or so.

For example, security is a major concern when introducing the IoT into an organization. If a device is not secure, then how will it be used? How will you prevent people from hacking it? Or does someone want to use it in an unsafe way?

Because of these concerns, many developers focus their attention on developing secure apps.

Security concerns with the IoT

As the IoT grows and expands, security issues will only expand in size. From being a concern to being a must-have security feature, here are some of them.

As the technology grows larger and larger, it tends to become more vulnerable to security attacks. More and more connected devices will be produced as the market increases.

Many of these devices will not have secure ways to connect or communicate with each other. This makes it easy for an attacker to gain access to your data or system.

Only having limited means of attack can help mitigate this issue. Having large sums of money required is also a factor in how secure the IoT needs to be.

Attackers are not going away, so it is important to have a backup plan in case they are unable to take down your system.

Application of the IoT in business operations

The adoption of the IoT is growing at a rapid rate. Currently, over 50% of all hardware purchases are made via online sites like Amazon or Best Buy.

IoT devices connected to each other and to websites make for a very large field of technology innovation. With this technology innovation comes also new ways to communicate and organize systems.

Some of the applications of the IoT are tracking assets, developing smart homes, developing automation systems, and developing application-based connectivity.

As this technology gets more advanced it will require more infrastructure to support it. Infrastructure providers such as cloud services companies have grown fast over the past year or so due to demand for internet-connected devices.

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