The Internet of Things (IoT) is growing in prominence in modern business but there is still a lot of confusion around it. In the first part of this blog series, I discussed some frequent misconceptions about IoT and the true potential of this revolutionary technology with my IoT colleagues from Denmark, Turkey, and Switzerland.
Watch the Video with our IoT Experts
Myth 1: IoT Is a Product
Often, I hear IoT referred to as a product. This is certainly not the case. IoT is not something you can just buy; it is more a methodology and enabler of automation. Yes, products we buy may be IoT-ready, but it is the whole concept of interconnectivity that gives it its power. In effect, the IoT creates its own ecosystem of connected devices with access to platforms and services. The rise of IoT isn’t just an extra product feature, it’s providing a universal collaboration platform for businesses.
Myth 2: IoT Is Mainly about Technology
We are now at the stage where technology isn’t a problem. It is still continuously developing, but we have a pretty good handle on it. Where the change really needs to come is with regard to processes. I believe IoT is, and will continue, to change important aspects of business. This means we have to adapt our processes and practices to fit in with the new technology. Once we are able to do this, businesses will leverage the power of IoT and achieve increased automation in areas such as manufacturing and logistics.
Myth 3: Collecting Data Is All You Need to Do
It’s clear that IoT can help companies reduce operating costs and increase operational efficiency by connecting key processes. However, I am a firm believer that just collecting data isn’t enough and that you can take the data to another level. It is still incredibly common that businesses are not using the technology to its full potential. IoT is still in its developing stages and some companies and decision-makers are still figuring out how to unleash the potential of this methodology at their companies. The increase in connected assets and users provides organizations with a wealth of useful information. With the help of AI, big data can be analyzed and pave the way to completely new business models and revenue streams.
Myth 4: It’s Only about Reducing Costs
Every business wants to reduce costs and the Internet of Things most certainly enables this by streamlining and accelerating core tasks. However, this isn’t its only purpose. Alongside reducing costs, a well-thought-out IoT strategy makes your business more efficient and effective. It is a catalyst for change within an organization. If you’re using detailed information correctly, you can make improvements to workforce planning and quality standards, streamline processes, and kit your company out with a more effective business model. You’re reducing costs, but potentially more importantly, you are adding true value to your business.
Myth 5: IoT Is Unsafe
A lot of people tell me that they are concerned that this new level of interconnectivity will put their devices and key data at risk of cyberattacks. In reality, if proper precautions are taken, companies can safeguard themselves against such threats. As the power of the internet continues to rise year on year, so too do the means for protecting yourself. Whether it be control systems in an industrial plant or protecting personal information on a computer, IT and cybersecurity organizations are continuously developing technology to keep you and your company safe.
I hope I’ve cleared things up with regard to IoT. Yes, businesses still have progress to make, but the tools are there. We just need to learn how to utilize them effectively and benefit from innovations, such as machine learning. Next in the series, we will look at the impact of IoT in manufacturing and the emerging trends.
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