The Internet of Things or IoT has been a hot topic across industries for quite some time now. It is estimated that the number of IoT devices will increase to more than 27 billion by 2025.
However, many companies lack the special resources and skills needed to develop and deploy IoT-based solutions in their business environment. Seeking professional services is a smart and efficient way to tackle this problem.
What is IoT?
The digital and physical worlds have combined over the past few years as a basic trend underlying the digital transformation of the business and the economy. Once an idea, IoT has now become a mainstream reality worldwide. Companies and consumers are looking to employ IoT solutions to manage their physical assets and improve their operations. The IoT ecosystem is essentially a giant network with processors, sensors, and communication software embedded in web-enabled smart devices.
IoT devices collect, share, analyze data and communicate with other devices without human intervention. This enables companies to automate processes and make their workplace smarter. As appealing as it might look, there is a lot of complexity related to IoT devices. Here are some common challenges:
Challenges of IoT
There is clearly a range of possibilities in IoT, but most organizations don't have in-house experts to manage and operate its various components. Out of 75%, 30% of projects are stalled right at the proof of concept stage. It is being said that the reason behind the failure of IoT adoption is the same in most cases. Let us learn about these challenges.
Lack of Resources: With the number of IoT users increasing, companies often struggle with network capacity. A client-server model uses a centralized server to authenticate and direct traffic on the IoT networks. It is crucial for companies to find service providers that use features like intelligent switching between mobile network operators and have a strong record of service and innovation.
Compatibility Issues: An IoT environment has a diverse range of devices, applications, connections and business models. It requires constant communication and collaboration between devices. IoT devices with different firmware versions can lead to security and performance issues. Users need to ensure that they keep their devices secure and updated at all times.
Getting a Global View: IoT is an evolving area that requires the deployment of devices, networks, storage capacity and integration with the new and traditional systems. It requires complete visibility of the organizations’ IoT infrastructure to make informed and insightful business decisions.
Lack of Regulations: In the ever-changing technology sector, government regulations often take time to catch up with the latest technologies. Governments need to build and enhance regulatory frameworks to monitor IoT technologies so they are not misused.
Security Issues: Security risks in IoT are a big concern. There is an increasing need for solid and universal security standards. IoT’s vast network makes it highly prone to cyber-attacks, making it easier for cybercriminals to penetrate through these unprotected channels.
Benefits of Adopting IoT
IoT provides companies with the ability to access information from anywhere at any time, on any device. It helps improve communications between connected devices and saves time and money. It automates business processes, improves service quality, and reduces the need for human intervention.
Improved Business Insights and Customer Experience
Connected equipment in various industries creates greater potential for data streams and analytics, giving companies more significant insights into their business operations and how their customers use their products or services.
Using IoT technology for an enhanced customer experience becomes the key.
Cost and Downtime Reductions
One of the direct benefits of IoT is a significant reduction in operational expenditure and downtime. The steady emergence of digital twin technology, which includes digital models of physical assets built from real-time data, either as pure data or as 3D representations, becomes a key differentiator, especially in industrial IoT applications.
The failure of a small but critical component in an industrial installation can lead to hours or days of downtime. Imagine every part of that installation being stored in a digital twin, which would inform engineers about the failure of the component weeks in advance, and how it can be replaced. This can result in only a brief scheduled maintenance, which will ensure that the replacement part will be ordered and fitted quickly. This can help slash operational costs and system downtime significantly.
Asset Tracking and Waste Reduction
The drive to reduce operational waste is closely linked to efficiency and productivity, and IoT tracking is integral to ensure that this happens. Essentially, the more components there are in a business operation, the more they can benefit from IoT implementation. The adoption of IoT has led to significant gains in the supply chain industry.
Efficiency and Productivity Gains
Smart offices use a number of connected devices that monitor, control, and manage various operations across a business. Automating repetitive tasks through these devices can increase employee efficiency and allow them to focus on more complex work. The latest developments in IoT can also help your team perform tasks a lot more quickly and easily.
Make your Growth Definite
IoT has the potential for a limitless future. InspiriSYS has a comprehensive IoT solution portfolio. Our team of experts will ensure that your IoT project costs are under control and you get comprehensive technical support to ensure maximum uptime. Our end-to-end experience in global deployment services will help you accelerate your ideas and innovate at all times.
Get in touch with us to evolve and unlock your business efficiencies.
