Advantages of IoT in SMEs

IoT, or Internet of Things, is a technology that has been around since the 1970s. It’s only in recent years that IoT has become more and more common and widespread. For example, Nest thermostats are designed to connect with other devices for home automation purposes. What does this mean? Well it means you can control your heating from another room – making life easier! Other examples include Wi-Fi enabled lightbulbs which automatically turn on when they sense motion near them; or self-driving cars (think Tesla) which use sensors to detect objects in their path.  Are you looking for advantages of IoT Assignment Help? Worry no more! We got you covered!

Advantages of IoT in SMEs
Advantages of IoT in SMEs

IoT

Before you start looking for companies with IoT technology, it’s good to know what IoT is and how it works. We want you to be able to understand what this means when you come across phrases like “IoT Platform” or “IoT enabled devices”.

Simply put, IoT is a network of physical objects (devices) connected to the internet which enables us to control them through remote access. For example, your oven at home can be connected via a wireless connection so you can turn it on from work or from another room using an app on your phone. You can even see how much power is left in your kettle before leaving home and decide whether you want to use it! Another great example of IoT is the self-driving car (which will hopefully be common place in our future). While you’re at home, your car can detect that it’s raining outside and automatically turn on the windscreen wipers before you even get into the car.

 Advantages of IoT for SMEs

There are many advantages of using IoT in your business. A few examples include:

Faster decision-making process – As data analytics provide accurate and detailed information on the state of the business, it’s easier to make an educated decision. If you’re a home owner and you see that you’re spending more money each month then usual on heating you can decide to use a different heating option or even install energy saving lightbulbs.

Increased productivity – As you only need one device for your entire business, such as an app on your phone, it’s easier and faster to complete tasks. This leads to increased productivity and efficiency in the workplace which is always good!

Improved security – You can set up different logging policies on IoT devices which mean employees only have access to the data needed to complete their task. This means there’s better security in your business and less chance of fraud or security breaches.

Improved customer service – With IoT, you can keep track of how much stock is left in your fridge at any time. By doing this you will be able to keep track of demand and adjust accordingly, providing a better customer service experience. Plus, if there’s no food in your store you can place an order before your customers leave!

Lower costs – You can improve your business processes which lead to reduced wastage and cost reduction. For example, with IoT technology you can monitor your store’s stock as mentioned above leading to less wastage.

 

Improved safety – In some cases, you can use IoT devices with safety measures such as automatic doors which open when a person comes within certain areas. This would greatly improve people’s sense of security and keep them safe from any harm.

 Disadvantages of IoT for SMEs

The majority of businesses that use IoT technology have a positive experience, however there can be drawbacks. A few examples include:

Increased risk of cyber-attacks – Although it’s more secure than most other networks, there is still a potential for security breaches if you don’t have the right policies and procedures in place. For example, it’s important to ensure that you limit access for employees to only the data they require and that you educate your team on these best practices.

Increased costs – IoT technology is more expensive than traditional networking techniques which can be a deterrent for some businesses.

Lack of knowledge of IoT technology among staff members – This could affect the use of devices and services that your business requires. For example, staff members might not be aware that their Internet connection is affecting the performance of an IoT device which could lead to missed deadlines or lower productivity. However, this disadvantage can be overcome by providing enough training to all staff members.

Unreliable devices – With any network there’s always a chance that some devices may fail, however the chance of this increases significantly with IoT as there are more devices connected to your network.

Standardization issues – This is often only an issue if you’re working with multiple organizations who don’t use similar technologies or equipment. It can be difficult to work together if everyone has different pieces of technology that they own and manage independently.

Choosing the Right Technology

Don’t jump into it – Deciding whether to use IoT technology can be difficult as there are some major advantages but some drawbacks too. Instead of deciding whether or not you want to put the time and effort into introducing IoT technology, research what’s available and see if there’s anything that would fit your business.

Limit access – It’s important to limit the amount of access your employees have to IoT devices and networks. This will reduce security risks and make it easier for you to monitor what’s going on. For example, you can give different roles different levels of access depending on how much they need in order to complete their job.

Keep an eye out for new tech – It’s important to be aware of any new devices, techniques or types of technology that are being introduced into an industry. For example, in the health industry there has been a push towards introducing IoT devices to manage chronic diseases.

Ensure you have enough storage space – IoT is much more demanding on your network than traditional networking. So, it’s important to have enough storage space in order to maintain the flow of data that’s required.

Make changes incrementally – Introducing IoT can be a major undertaking and you may actually need to hire new employees or contract specialists who know more about this type of technology. So, it’s important not to rush into implementing everything at once, instead choose your projects carefully and then keep adding to your network.

Keep energy usage in mind – It’s important to monitor the amount of power that IoT devices are using because this can have a big impact on your bill. For example, if you’re using heating sensors, they may need more power during the winter when it’s cold outside.

Get expert advice – If you’re not confident about making the right decisions on your own, it’s a good idea to talk to experts and find out what they recommend.

Use the cloud for data storage – The cloud is by far the easiest way of storing large amounts of data that comes from many sources on an IoT network. For example, if you’re using thousands of sensors in order to manage your heat and air conditioning, you’ll need a way of storing all this data. The cloud is also fast and reliable which makes it ideal for use in IoT applications.

Be aware that too much networking isn’t good – You still need to monitor the flow of data on your network in order to make sure that you’re not using too much energy or storage space. However, this isn’t as simple as keeping an eye on the amount of networking cables, it involves using software to monitor the flow of data.

Avoiding Common mistakes in IoT

Keeping up with security measures and making sure your information is safe – With so many new devices being introduced into the industry it’s difficult to keep track of all the latest threats. However, you should always try your best to research any new technology that you’re using and ensure that it has high quality security features. You also need to be aware of the risks involved with using IoT devices and make sure that you have someone on your team who is responsible for security.

Using IoT for its own sake – Sometimes companies decide to introduce IoT into their infrastructure because it’s a hot topic at the moment. However, if your company doesn’t really need this type of technology then you shouldn’t use it just for the sake of using it. In most cases you’ll need to make many changes in order to accommodate IoT and the best thing to do is only add this type of technology when you know that it’ll actually benefit your business.

Not providing enough access – It’s important to limit the amount of access employees have when working with IoT. For example, if you give everyone access to the cloud storage that’s connected to your IoT network it could create security risks. So, ensure that only employees who need certain types of access are given them and make sure they understand how this should be used responsibly.

Conclusion

The Internet of Things is a rapidly growing trend in the business world. If you are unfamiliar with this concept, it may be time to learn more about what IoT can offer your small or medium enterprise. As an experienced company that specializes in IoT, we have developed expertise in helping customers bring their ideas for products and services into reality through integration of technology solutions.

Our team is available 24/7 for any assistance on IoT assignment. Feel free to contact us.

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Advantages of IoT in SMEs
Advantages of IoT in SMEs