IoT technology is proliferating at an exponential pace. The Internet of Things is poised to disrupt several other industries and businesses. There are many ways in which the Internet of Things is impacting our economic, social and even political environment. The Internet of Things is monitoring our day-to-day objects with machine-readable identification tags. These tags collect information about the condition of these objects and those around them. Connected mobile devices have already caused some disruption by permitting small businesses and individuals to simply take payments without expensive registers or credit card processing equipment. Services from companies such as Paypal process these payments, taking a small cut of every transaction.
IoT technologies can further automate processes and increase efficiency, which can affect companies' bottom lines. With embedded technology that communicates conditions immediately, there can be great reductions in waste of destructible goods, materials lost to producing problems, time lost to unexpected machine or system breakdowns, and energy consumption, leading to cost savings. The increased access to information that may be gathered in real-time can even result in higher and more timely business decisions. companies have been known to monetize information, and now they're going to have even more.
The Internet of Things has a lot to offer in almost every domain we can think of starting with data. IoT generates a large amount of data. The more the information analyzed, the easier it gets to make the right decisions. With cognitive data insights, we are able to predict consumer patterns, which strongly impact current and future marketing strategies and customer experience. And since IoT seeks to heighten accuracy, it is set to eliminate errors while monitoring and tracking things in real-time.
This high-level of precision will facilitate the automation process of routine and repetitive tasks which would otherwise be very time-consuming. And as time is money, you will also feel it in your pocket. The Internet of Things is also set to create more financial opportunities by reducing costs and processes complexity. According to McKinsey, linking the physical and digital worlds could generate up to $11.1 trillion a year in economic value by 2025.
You are already experiencing some of its benefits with products like Google Home, Amazon Echo, Fitbit and others.
IoT technologies can be a double-edged sword. The most pressing and talked about disadvantage is the risk IoT poses to data security and privacy.
Working within a network means you are vulnerable to virtual attacks that can comprise your information and threaten your private data. Although the goal of IoT solutions is to make our world smarter, simpler and more receptive to our needs, IoT training is required to learn how to address the adoption of IoT technologies and the organizational and ethical challenges it can represent.
Getting a good understanding of IoT is not as hard as you might think especially if you are not a "digital native". At IMD Business School, we offer an Internet of Things course, which you can take individually or as a team, to help you acquire the skills necessary to successfully develop IoT solutions using a customer-centric approach.