What are the concrete benefits obtainable for businesses, consumers and organizations through the Internet of Things? The advantages are numerous and affect different areas. This issue was discussed in the online conference “The Internet of Things to the test of facts: the value exists, and it shows!”. Let’s discover some of the most significant IoT-related benefits identified by experts.
Benefits Of The Internet Of Things In The Consumer Sector
Consumers who buy connected products can increasingly manage their functionality remotely and access new services. In the Consumer sector, applications for the Smart Home have, for example, demonstrated that they allow the achievement of savings linked to the reduction of energy consumption in one’s home, which amounted to between -16% and -28%. The Smart Home also guarantees various benefits for frail people and the elderly in the home, with intelligent applications for remote monitoring of vital and clinical parameters and with first aid services in case of emergency.
Another advantage that can be obtained in the Consumer field is taking out insurance policies for the home. The premium varies based on the level of “Smartness” of the house. According to a recent survey conducted by the Observatory, the presence of Smart devices for home security decreases the risk of theft. It, therefore, leads to a reduction in the insurance premium.
Internet of Things Observatory – Value of the Internet of Things: obtainable benefits. The benefit of such a proactive system in terms of Business Continuity is more than evident. Assuming a useful life of the machinery of ten years, the Observatory estimated a Pay Back Time (PBT) of 17 months for the transition to a predictive maintenance approach.
These assessments also include the advantages of subscribing to the maintenance service with a “Pay per Use” logic. The real-time monitoring and analysis of the data collected by the machinery allow the supplier to intervene promptly to reduce downtime and thus guarantee the maintenance service with a logic in which the customer pays only for the actual use of the machinery. However, the benefits that IoT technologies can enable are economical and go further, including other areas, including the environmental one.
Benefits Of The Internet Of Things In Terms Of Environmental Sustainability
A significant contribution provided by the IoT also concerns environmental sustainability. Thanks to the remote reading, such meters allow more accurate bills, reduce the number of frauds, and promptly identify faults in the pipes, optimizing the management of water networks and thus contributing to the reduction of water losses.
All this translates into economic benefits but also clear environmental benefits. As estimated by the Observatory, the amount of water saved annually through intelligent meters would be between 0.9 and 3.4 million cubic meters, equal to approximately 18-20 m3 / year protected by each family. The amount of energy saved is also quite substantial, settling, according to calculations, between 14,000 and 44,000 KWh / year.
IoT, Advantages And Disadvantages For Companies
The IoT (‘Internet of Things’), the name of “Internet of Things “, is the newest technology and main tool of industry 4.0. By “things”, we mean all those tools that aim to make our work more intelligent and easier both at home and at work thanks to Internet connectivity.
It provides the opportunity to collect, monitor, and manage data even when it is impossible to be physically present. Thanks to the IoT, it is possible to control the functions that previously required the human presence remotely. The digital transformation promoted by industry 4.0 has contributed a lot to the spread of the IoT, especially in the workplace. It is precisely for this reason that we want to propose a series of evaluations regarding their effectiveness.
The Advantages Of The IoT
Greater Productivity
IoT tools can manage, monitor and alert staff in the event of changes in the production process and contribute a lot in making smarter choices regarding the business and its management.
Some can even detect the physical stress of surrounding people, optimize their work, and prevent accidents and injuries.
Zero Waste
Smart objects provide an incredible amount of information, both internal and external, to the company. With this information, you can organize your stocks in such a way as to avoid, for example, creating too high a warehouse.
Lower Production Costs
The IoT allows you to have constant updates in real-time regarding productivity and detect the machines’ status. This way, staff can organize maintenance before it affects production.
Better Customer Experience
Last but not least is the great benefit to the customer experience. IoT helps the company track, monitor, discover and analyze customer data much faster than before. It is thus possible to predict the changes in consumer trends even before they occur. An exciting feature is that these tools detect whether a customer has already purchased at our store. They can offer discounts and concessions the moment it enters the store.
The Disadvantages
Security Issues
The more data transmitted, the greater the risk of a breach in the company’s cyber security. We know very well that the Internet involves cyber threats, and the IoT is no different. If we are talking about financial or healthcare companies (but not only), the correct treatment of customer data takes first place in ranking priorities.
Internet Addiction
As we can reasonably guess from the name, the IoT implies a constant internet connection and good electricity for proper functioning. The company must foresee in advance the possibility of a blackout, and therefore the procedures to be followed in these cases to avoid that productivity being excessively affected.
Technical Complexity
Even though the Internet of Things aims to make things easier for us, its mechanism may not be that simple. If misused, they can cause a delay, if not a complete stop, of the activity. Precisely for this reason, it is advisable to have the help of expert staff available for their configuration.
Need For Constant Maintenance And Updates
Some complexities may also be connected to the fact that IoT tools require constant updating. Furthermore, it is not always said that all the devices used are compatible with each other. Constant and high investment is therefore necessary for performing and continuous results over time.
Also Read: Internet Of Things (IoT), What Is It?