Understanding IoT and its Implementation in Business Enterprises

Oct 26, 2021
3 min read

Are you new or have doubts about the word, Internet Of things or the IoT devices. Then you have landed on the right page. By the end of the article, you will know all about IoT, its benefits, its implementation in business, and the challenge you may face while using an IoT device.

Let’s first understand what IoT is?  IoT indicates billions of gadgets or things connected to the internet worldwide and continuously sharing and collecting data without any human intervention. All smart devices like TV, AC, speakers, cars, fans, doors, or any other tangible device connected to IoT can be controlled via remote and/or voice. IoT devices not only collect and share data but also help ventures and business enterprises record, stock, and analyze their data for a much longer time and systematically. Several companies have already adopted this new technology, while many are still learning the importance and implementation of IoT devices in their organizations.

Things connected have already surpassed the number of the human population. According to the reports, by 2020, about 21 billion things were connected via IoT technology, and the number is expected to reach 41 billion by the year 2025.

IoT Implementation in Business

Big companies like Apple, Samsung, and others have already adopted the IoT technology. While some companies are at the early stages of adopting the IoT and putting it to use for its benefit. Here’s how you can  kick start your IoT strategies for business.
Data management: Companies and enterprises deal with enormous data for their business every day, and it becomes difficult to store and categorize them. The application of IoT technology helps you to categorize and stock essential and relevant data hassle-free.

Use of analytics: Once the data is collected, companies can quickly analyze them. IoT gives an in-depth report of detailed data. It provides the analysis of demand and supply and also helps to generate insights for future business.

Several device management: This technology makes devices more flexible and scalable. Businesses can sync and monitor several devices painlessly from anywhere connected to sensors or networks through IoT technology.

Carrying out the back-end task: Organizations collect and generate a massive amount of data every day. And at the back, there is a gateway responsible for refining the unimportant and harmful data out. The refined data will further be modelled and analyzed for future or present use.

Keeping track of data: With the use of IoT technology, keeping track of data becomes accessible. It tracks previous and ongoing data; with this feature, you can immediately know any topic related to your business with just a click.

Benefits of Using IoT

IoT has revolutionized the business sector by enhancing the business and customer experiences. It provides benefits by giving the customer the ease of doing things remotely from generating insights for business enterprises.
Increase in productive efficiency: Every organization wants to achieve its maximum productivity. With the implementation of IoT technology in the production sector. The manufacturing units can predict the output products and can use the inputs more efficiently. IoT technology also helps employees reduce workload by doing minimal tasks (which don’t require human intervention), increasing their work efficiency.

Understanding consumer behaviour: Companies’ main motive is to meet the consumer demands and know their preferences, needs, and wants. Thanks to IoT technology, businesses can analyze and integrate data through various consumer activities like video monitoring, internet usage, and social media.

Improve workplace security: IoT devices or things can help organizations reduce workers' risks and make the overall workplace more secure. Using devices with installed sensors can help workers working in heavy environments and could be warned before any fall. The installation of cameras at the workplace will help businesses to monitor their surroundings.

Threats & Challenges of IoT

Internet of things is the trend of the generation with several benefits, but it also comes with a set of cons that every business enterprise or individual must know before using them.
Reduced security & privacy: The Internet of things is gaining popularity but also threats. Connecting your business with IoT gives a risk of organizational data exposure on the internet. Organizations willing to implement IoT must lookout for the best way to secure their devices. Multiple layers of security must be applied to these devices to prevent data breaches. There are several ways to protect your device, like the end–to–end encryption, firewall, and other security measures.

Walk-in complexity: As the organizations get connected with IoT, the level of complexity also increases. Several devices connected together with added layers of security for data collection and sharing simultaneously can be overwhelming for the users.

All-time network support: All IoT devices are connected via the internet, and they need internet access to work. Without internet or low-speed internet could result in considerable losses to the companies.

Last Words

The Internet of Things has a scalable potential in the future. In the coming years, at least ten devices or things will be connected to a single person. Worldwide spending on IoT will reach the mark of $1trillon by the year 2022. The IoT has become a part of our lives; we share and collect data every day without even knowing it sometimes. The future is more exciting and innovative. The IoT has made the world seem smaller.