4 key IOT challenges – Will Internet of things benefit your business?
- Ayesha Nazir
- ICT, internet, internet of things, IOT, SMB, technology marketing consultants, Technology News
4 key IOT implementation challenges – Can the Internet of Things benefit your business?
This article explains 4 key challenges regarding scalability of IOT for residential, small, medium and large business trying toto increase their productivity inwith the web-connected economy.
Internet of Things has received enormous attention. Just to put things in perspective, this year’s Consumer Electronics show at Las Vegas witnessed over 900 “Internet of Things” vendors showcasing new products and services and many more at GSMA in Barcelona.
Just a few years ago when the idea of Internet of Things was nascent, the purpose was limited to simple devices to make life comfortable. Conversation was all about machine to machine. The first wave of devices were smart thermostats, parking sensors, activity trackers, etc. Soon, the widespread idea penetrated deeper into every aspect of business and economy such as traffic routing, smart grids, telematics, equipment monitoring, etc. Things got even more interesting when connected devices and services started creating “Compound Applications” within their own verticals and across industries. See just an iota of examples below:
Tech-savvy consumers are well aware of the technology and understand how Internet of Things will impact their life, but what does this latest thing in-town mean for the business world?
Based on the findings of research firm Gartner,
“4.9 billion connected ‘Things’ will be in use in 2015. In 2020, 25 billion connected ‘Things’ will be in use.” Cisco and others believe that this number by 2020 will be over 50 billion devices.
For any business, these numbers indicate the need to spend on multitude of digital assets such as CRM, automation, and data analytics and mining. Internet of Things is going to get so big, so fast that organizations that will be slow to embrace it will fall behind their rivals.
Although business executives understand the uses and needs for more sensors and connected devices, they are still struggling to anticipate how much Internet of Things will actually boost the bottom line. In reality, many organizations are investing in Internet of Things projects just to keep up with the latest trend and technology, not because they have a solid strategy of how Internet of Things will help their business. What organizations do know is that they should do something about Internet of Things, but they need to know where and how to start. The problem is quite obvious because each company seems to have its own definition of Internet of Things: the prime reason for confusion among decision makers. One thing is for sure: if/when implemented correctly, the Internet of Things can result in more efficient and real-time operations that will boost business productivity and provide a competitive advantage.
Internet of Things is here to make our lives easier – connected and more convenient, but with any new technology, there comes challenges that need to be addressed by the decision makers in the early stages. Here are some of the biggest pain points in Internet of Things implementation and ways to address them.
Challenge # 1 – Not sure where to start. No Standards.
As mentioned before, the market of Internet of Things has grown exponentially over the past few years. This new wave of technology has attracted many new players to innovate on a variety of applications. This very fact has some drawbacks as well. There is no one clear leader to follow. Few organizations are taking lead on a particular technology or line of service but still are far away from becoming ‘Apple Inc.’ of Internet of Things. This can become confusing for organizations that know what they are looking for. The best way to tackle this problem is to perform due-diligence by requesting a proposal from all potential vendors to showcase their capabilities. Doing so will provide an opportunity to understand the right technology fit for your organization and to ensure the technology addresses the problem you are finding a solution for. MarkiTech can certainly help any small, medium and enterprise clients with this challenge.
Challenge # 2 – Questions of Security and Management.
At times, the word “smart” can be dangerous. Consumers are worried that the smart home security system that records everything in their home may also be a way for hackers to override their home security system or infringe personal moments. With the Internet of Things comes billions of new terminals, all connected via IP-addresses. Although IP-addressable smartphones, tablets and computers are secured, many new devices or sensors are not completely secured. Such unsecured devices increase organizations vulnerability to cyber threats. Organizations need to put crisis plans in place to encounter such cyber attacks and to ensure no sensitive information is leaked under any circumstance.
Challenge # 3 – Scaling the Pilot Program.
The first step to ensure a fit for Internet of Things in an organization is to start with a pilot program. This will help to determine how the actual program will roll out and to understand the areas that require extreme attention during execution. A well-executed pilot program followed by a deep analysis of issues faced during execution will help develop a strong strategy, for organization-wide deployment.
Challenge # 4 – Changing Customer Experience and Interaction.
One of the prime reasons for increasing popularity of Internet of Things among consumers is improved customer experience. In some industries, Internet of Things has redefined the way customers interact with organizations and brands. Entering a room at the Armani Hotel, Burj Khalifa, Dubai becomes a fully interactive experience. Correctly wiring beds, shower, dressing, chair, entertainment system, etc. to support all interconnected devices, sensors and other digital capabilities require not only backend technology but also highly trained employees to complement those interactions.
The Internet of Things is still growing and there are more than just a few hurdles before businesses can maximize benefits, but the first step to overcome those hurdles is to identify them.
We,at MarkiTech, are more than happy to set an initial discussion to help you understand the challenges and potential benefits upfront.
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Created by Anurag Kumbhaj, Technology Marketing Manager, MarkiTech
Liked what you read? Don’t miss our infographic on IoT which provides a step-by-step guideline on how you can scale IoT for your business. Download it now to understand the areas where IoT is creating value: