IoT is expensive! 4 Misconceptions About Using IoT Technology For Your Business
The Internet of Things (IoT) has been heralded as a game changer for industries across the board. It ties physical assets to digital infrastructure, and uses data-driven insights to promote better decision making and speed up response times. IoT technology is at the forefront of automation and possesses the ability to cut down on labour costs, reduce overheads, and maximise profits.
Despite the transformative potential of IoT, there is still friction when it comes to making the switch. Many businesses are hesitant to adopt and integrate IoT technology into their processes and harbour certain misconceptions about the Internet of Things. Here we debunk four prevailing myths about IoT and shed light on the real benefits it can bring to your business.
1. IoT Is Costly
Maybe the biggest hurdle for companies wanting to onboard IoT devices onto their systems is the upfront cost. In industries with ever tightening margins, the assumption is that switching to IoT comes with a hefty price tag. This is enough of a barrier to entry that most companies would rather stick to their current model.
However, this is a misconception that comes from short-term thinking. As IoT companies in Singapore can tell you, automating your processes with real-time monitoring devices is an investment into future-proofing your organisation. While there is a cost associated with setting up IoT infrastructure, it is a one-time expense that can potentially return dividends many times over.
Over the long-term, properly implemented IoT solutions can return savings that easily outweigh the initial investment. IoT technology possesses the capability to streamline processes, speed up laborious and time-consuming tasks, and provide invaluable insights which allow you to eliminate inefficiencies in your operations.
2. IoT Automation Will Displace Human Workers
Whenever new and disruptive technologies come to the fore, the immediate reaction is that they will ultimately replace human workers and render them obsolete. This is a powerful misconception that may slow adoption of IoT in workplaces.
Decades of technological advancements, that include the introduction of robotic workers and computers, have shown us that this is not the case. New innovations often augment human capabilities and allow them to focus their energies on more productive work. IoT technology is designed to take over the roles of managing mundane tasks like constant tracking of machines, airside vehicles, equipment, and other assets in the case of airport monitoring.
For instance, in the warehouse and logistics industry, IoT sensors can be attached to assets such as inventory, equipment, and vehicles. These sensors can provide real-time data on the location, condition, and movement of the assets. As this information readily available, companies can eliminate the burdensome process of manually locating assets, saving valuable time and reducing the chances of errors. With IoT devices handling the administrative work, human workers can use their experience and expertise to find strategic ways to value-add to the business. This becomes a win-win situation for all involved as IoT automation empowers human workers, who can then contribute to improving the bottom line for their organisation.
4.IoT Devices Can Get Hacked Easily
Questions about cybersecurity are often raised when discussing IoT. Such unfounded concerns lead to misconceptions about the downsides of investing in IoT devices. In truth, business owners have little to worry about as IoT devices have extremely robust security and encryption measures built in to ensure all information transmitted and stored is safe and secured. These top-of-the-line protocols make it significantly more challenging for malicious actors and hackers to intercept or manipulate sensitive data. To further enhance security, these device manufacturers adhere to industry standards and best practices by conducting thorough testing, vulnerability assessments, and employ security experts to ensure their devices meet the highest security standards. These measures contribute to a more secure IoT ecosystem, assuring users that their devices are built with security in mind.
IoT companies also strive to stay one step ahead and constantly update the software and firmware of IoT devices to address vulnerabilities and combat potential threats. WIth multiple layers of security safeguards, the risk of IoT devices being hacked is significantly mitigated.
4.IoT Invades Privacy
Employees may have some anxieties around invasions of privacy from IoT devices. While this is understandable, it is important to note that IoT does not actually encroach on people’s privacy.
IoT is about leveraging real-time data to improve safety, security, productivity, and ensure regulatory compliance. IoT systems collect aggregated data, focusing on patterns and trends rather than individual behaviours. Strict privacy measures, such as data encryption and user consent, are implemented to safeguard personal information.
The misconceptions that surround IoT can hinder businesses from realising its full potential. By dispelling these myths, we can better understand the value that IoT can bring to organisations. IoT AI technology represents a seismic change in the business landscape, and adopting IoT solutions sooner rather than later may allow companies to stay ahead of the curve.
As a leading real-time asset monitoring IoT company in Asia, Overdrive understands the power of IoT technology and the use cases which can greatly benefit a range of industries. Contact us today to learn more about our custom solutions and reach out to us for more information.