Pros & Cons of IoT for Business
The Internet of Things (IoT) is a network of physical devices and appliances (from computers to coffee machines) that are connected to the internet and can be activated and controlled to help your business work smarter. In this article, you’ll learn the pros and cons of integrating IoT into your business and what to expect from it. To hear about all IoT challenges and benefits, read on.
What are the pros of IoT?
Efficiency: When it comes to the Internet of Things , devices ‘talk’ to each other seamlessly, helping to improving the efficiency of your business operations. This gives you the chance to optimise daily schedules and reduce the need to spend time on tasks that are now handled by IoT.
Decision making: IoT generates an abundance of data. This data gives you incredibly valuable insights into a variety of aspects of your business, from consumer behaviour to your overall operations. Using this information empowers you to make data-driven decisions, helping your business to grow and remain agile.
Customer experience: IoT gives you the opportunity to personalise interactions with your customers. The level of customer support the IoT offers[1] gives you a significant advantage in helping you meet their needs effectively, improving relationships and building loyalty.
Competitive edge: Implementing IoT can benefit your business by giving it an advantage. By using its power to make things easier, you can help your business stand out in busy markets and appeal to tech-savvy customers.
Savings: By automating every day tasks, IoT can help you reduce the requirement for manual input, ultimately saving you time and money. As well as helping manage your smart energy functions, IoT can help optimise other areas of business like logistics, which can be very beneficial when it comes to cost savings in the long run.
What are the cons of IOT?
Upfront costs: Adopting IoT technology can have some initial costs up front. From buying and installation, upgrades and staff training - it can be a big investment.
Implementation: The process of implementing IoT into your current business structure can be tricky. There are important factors to consider here, such as making sure you’re choosing the right devices, and building a network that can deal with the increase in data. It takes a lot of careful planning and you should be prepared in case the integration causes any disruptions.
Security concerns: As there are so many interconnected parts of IoT, this fosters concerns around IoT security. Every connected device, appliance or piece of machinery is an opportunity for cyber threats, so it’s important to make sure there are powerful measures in place to prevent potential data breaches.
Compatibility: As with most technology, IoT is constantly evolving, which could make compatibility (especially using devices from different manufacturers) a problem. To avoid this, be sure to do your research beforehand and check that the IoT solutions you have your eye on work together and communicate seamlessly.
Privacy: With IoT gathering so much data, you have a responsibility to keep it secure to safeguard privacy. Having clear policies around data and compliance with privacy regulations is essential, as well as showing your customers and employees that you take it seriously.
As you can see, IoT comes with huge advantages and opportunities for optimising efficiency, customer experience and more informed decision making. However, it doesn’t come without potential challenges. Think about the pros and cons and how embracing IoT could work in your business and help you achieve your goals.
For more information on IoT within your business, you can speak with our friendly V-Hub Digital Advisors for 1-2-1 support. You can also take a look at our handy infographic that shows how you can benefit from the Internet of Things.
