The number of devices connected to the internet are increasing every day and are bringing fascinating changes in the entire industry. These changes generate a lot of curiosity among the leaders and come with various misconceptions. With one negative incident involving the IoT, businesses jump to conclusions which prevent them from deriving the benefits of IoT as a whole.
In this article we have debunked some of the common misconceptions about Internet of Things:
IoT is a new Technology: Many business leaders believe that IoT is a new technology and doesn’t guarantee success. While the term “Internet of Things” is relatively new, the underlying technology and business model has been generating tremendous value for more than a decade for businesses worldwide. A study by Boston Consulting Group revealed that small businesses that use IoT increase their revenue 15% faster than those who don’t.
It is just another Machine to Machine (M2M): With data moving between multiple connected devices, IoT seems to have similar functionalities as of M2M. However, in reality, IoT covers a lot more than that and can be called an extension of M2M. More than one host on the Internet could act as a central control system in IoT which allows remote monitoring and control of various other devices like smartphones which would have an application communicating with the common host.
Only big companies with high budgets can leverage IoT: According to a survey, nearly half of all small businesses believe IoT is expensive. They believe that only large corporations with higher budgets can implement and maintain a connected infrastructure. Whereas, in reality, smaller companies are more flexible and can better leverage the IoT-driven opportunities.
IoT is only for operational use: IoT is not only for use in background operations and has more to do with savings and improving efficiency of the organization. It allows accurate collection and reliable view of data with the help of multiple sensors on connected devices. With cheaper sensors and ways of accessing the information from these sensors, a company can increase its efficiency, improve products and discover new business models.
CONCLUSION: Do not let these misconceptions distract you from reality. The IoT is a feasible development that will take over the entire world. Those who prepare for it today will be the first ones to bring a new revolution tomorrow.